Globally, these are turbulent times. Socially, economically and politically the world has undergone significant change and flux across 2011, from the Arab spring, to social reforms in the United States and from natural disasters in Asia Pacific to economic disasters across Europe. How each of these seismic events will play out is as yet unclear, but what is clear is that economically, change on so many fronts has led to significant trepidation and concern across global markets.
As a result, as we enter the autumn months of 2011, news reports suggest we are on the cusp of a double dip recession; speculation that adds further to fiscal conservatism, unless spending can be stimulated somehow.
Naturally, the effect of such things can have a dramatic impact on business sectors too. From the most recent downturn in 2008, advertising, marketing and PR agencies along with corporate departments have struggled significantly as corporate belts are tightened, spending is reduced and revenues diminish. However, as is always the case, where one door closes, another may open and whilst the digital sector was already established and growing at a fair old rate of knots pre-2008, its ability to offer clear ROI was a highly beneficial piece of DNA during turbulent times.
Similarly, whilst Social Media as a sector was established pre-2008, it was then primarily a consumer diversion, rather than a key corporate marketing channel. Again, social media's ability to offer cost effective audience acquisition and direct engagement - brands, either in-house or through their social media agencies, literally being able to talk to their customers in new and innovative ways in the public domain, were key to its success. Brand marketers were having to work harder, finding new and innovative ways to reach out to customers and Facebook, Twitter and YouTube offered opportunities to do just that.
Brand marketing through social media has come a long way since the first economic crash of 2008 and it is showing no signs of stopping. Indeed, as we stand on the cusp of another potential crash, social media is one sector that could actually increase its share of marketing spend.