Ad spending is projected to increase by 2.2% this year in the U.S. While this number does not seem very significant, consider that Internet based advertising/Social Media marketing is expected to grow by 13.5%, while newspapers are projected to be down 10% and radio 2.6%.
There has been a fundamental shift in the way companies are managing their advertising/marketing. The Social media boom is here and there are no signs of it slowing down any time soon.
It took radio 38 years to reach 50 million users. It took television 13 years. The Internet reached that milestone in just four years. But that is nothing compared to Facebook, which had its 50 millionth user in only nine months and is now over 500 million users worldwide.
So how is your business utilizing social media?
The 2010 Social Media Marketing Industry Report by Michael Stelzne surveyed nearly 1900 businesses, finding that 91% are currently utilizing social media for marketing purposes. Of these companies, 43% claimed to spend 4-5 hours each week on social media activities, while 56% are using these sites 6 hours or more each week. Of the companies spending 6 hours or more on social media marketing, 30% spend more than 11 hours on social media sites per week and 12.5% devote a remarkable 20 hours each week to social media.
It’s becoming apparent that if your company, large or small, doesn’t have a well-run, effective Social Media Marketing Campaign, it is most likely losing business to your competitor that does.
Companies are flocking to social media outlets in order to increase their branding. Social media allows businesses to reach a remarkable number of people in a very short amount of time for free. So the question is why wouldn’t you utilize social media?
The goal of any marketing campaign is to reach the most number of people in the most efficient way possible. Nowadays, that means using Facebook, Twitter, etc. Social media is designed to build a community of brand followers, providing you with instant feedback. Unlike print or televisions advertisements, you will actually be able to track and analyze the effectiveness of your social media marketing efforts.
More than ever before, people are interested in learning about the companies they are doing business with. Social media outlets become more than just marketing platforms; they are places in which to nurture relationships with interested stakeholders.
People want to be able to communicate with companies. This is why Observation Baltimore has embraced the social media boom and can now be found on Facebook, Twitter and LinkedIn. So go ahead and check out our social media profiles. And be sure to leave us a message!
To contact the market research specialists at Observation Baltimore, call 410-332-0400 or click here today!
Observation Baltimore has been serving the market research industry for two decades. We are one of the top Maryland Market Research Facilities, rated “One of the World’s Best,” by Impulse Survey. Our experienced recruiting is the foundation of our mission, as well as courteous and proactive hospitality and client services.
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Sources:
Social Media Enhances Corporate Branding Strategies Blog.MarshallStrategy.com
Social Media Enhances Your Brand BrandChampionsBlog.com
Brands and Social Media: Real Life Lessons HeidiCohen.com