Companies are seeing a substantial cut in the experimental media budget to keep up with the tough economic market. But social applications like communities, social networking sites, and word-of-mouth marketing are proving themselves, and their dependence on an abundant resource - your customers - rather than a scarce one - advertising dollars. In a recession, social applications with measurable results are and will pay off. Why?
· Power of a well designed social application is more effective than traditional marketing tools. Social programs leverage the voice of the customer to get messages carried further than ad impressions. If your message resonates with consumers, their word-of-mouth is a more effective medium than any of the traditional media.
· Low cost of investment is a big factor. Advertising campaigns often run into millions of dollars. But Twitter, Facebook and blogs are great examples of social programs that you can start for next to nothing. Even more sophisticated programs like a full-blown customer community typically don't cost more than a quarter million get going.
· Social applications motivate consumers in the middle of the funnel and helps turn the potentials to actuals. Social applications like discussion forums are better than advertising at helping people in the consideration phase when they're on the fence about purchasing. In a recession, improving consideration will be more cost-effective than blasting awareness messages at resistant consumers.
So next time you read about Twitter or Facebook on news or a blog, hear your friend rave about them or see marketers using them as their channel, don't be surprised. The social media marketing is here to stay and will be a key participant in economic repairs.
Posted in Linkedin, Marketing Strategy, social media, Social Network Tagged: Advertisement, Marketing, social media, Social NetworkingLink to original post