Social Media is Growing at an Incredible Rate
People have said it before and they’ll say it once again – internet marketers should invest their time into social media if they want to maximize their online marketing potential. During a recent survey of men in the key age group 18 to 34, 75% said they spend most of their time online versus less than 20% watching TV, according to lifestyle experts askmen.com. Companies who are holding fast to the more traditional methods are risking missing the boat entirely. It is no longer good enough to stand by and watch for new marketing cycles to emerge before jumping on board. These days, the passive marketer risks being left behind entirely unless they’re able to make decisions promptly.
The widely renowned Forrester Research fully estimates that at least 95% of business decision makers - globally, have taken an interest in and are working with social media in one form or another. While this is a very impressive finding, it is interesting to refer to Emarketer, whose own research suggests that resistance to social media as a form of marketing comes more from the confusion surrounding its methodology and the difficulties encountered when actually tracking and testing its effectiveness.
It seems that social media is almost certain to make a significant shift in the way that we go about our daily existence. As global consumers, we will continue to have a much more direct say in the quality our products and services, and we’ll also have the ability to communicate with producers and suppliers on a far more constructive basis. We can point to the Twitter pages of companies like JetBlue and Comcast, both of which have established highly interactive, two-way methods of communication between client and company. Some people are amazed to see how these companies are effectively “washing their dirty laundry” in public, by engaging in this form of communication with sometimes irate customers. However, advocates suggest that this will ultimately improve the breed and that client to client interaction can help to enhance the reach of the product or service and create a kind of “social buzz.”
Will we reach a point of saturation, shortly? The meteoric growth of Facebook and Twitter appears to know no bounds, but this entire industry is so volatile that we are yet to be able to see the overall size of the playing field. Facebook usage was up 700% year-on-year during April, according to Nielsen Netview.
Of great interest is the fact that many forward thinking corporate giants are now appointing social media directors and vice presidents to help steer them. Notably, Ford Motor Company chose to center their initial marketing run-out for the new Fiesta model around a social media platform, linking hand picked bloggers with Facebook and Twitter.
Social media allows companies to build prospects and clients rather quickly, capitalize on positive word-of-mouth marketing, move their customer service to a new level and micromanage their customers. Social media seems set to completely rewrite the corporate customer service manual and there are sure to be road bumps ahead as the potential legal implications of this form of “now” communication come up against established, considered channels.
Adam Toren, Co-Founder of Young Entrepreneur, specializes in developing the profitability of struggling businesses with a specialised and ‘bottom line’ approach. Adam, along with his brother, have created, purchased and sold a variety of companies over the years. At the moment, they own and manage a highly successful publishing company and several dedicated online enterprises.
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