As soon as the water recedes from Hurricane Irene, our news will return to the topics we’ve heard for the past 4 years – changes in the world’s governments and global economics. Yes, social media has proven to have had a large impact on governmental overthrows, but what about the weak economy.
Let me hit it right away. Then I’ll get to some back up data. All of interactive marketing (including social) must be implemented in a bad economy. There are times when I have heard “social is not a priority,” and I chalk this up to pure ignorance and trepidation from old school thinking. 99 times out of 100, the “social is not a priority” statement comes from someone that does not understand how social media can be integrated into the business and marketing operations to drive measurable results. I chalk it up to fear of evolution. And if you are fearful of learning something new, you should hand it over to someone who isn’t.
If you are seeing challenges in business, you must connect with your target market deeper than ever or risk that they elect alternatives to doing business with you. Can anyone really say that not connecting with your target market, the individuals that buy your product/service, is not a priority? Let’s put the ROI question aside for a second. (If you can’t, read “Social Media ROI – Don’t Be So Short Sighted – Think Longer Term.”) Who is still questioning whether social media helps to establish increased and deeper relationships? If you truly work to first produce entertaining and/or informative content and then follow up and engage with your target market, you will create greater awareness, interest, consideration, and advocates for your brand. (Contact me directly (stevegoldner (at) optonline (dot) net) – we can discuss how.)
Now for some data … Forrester’s Shar VanBoskirk just released the “US Interactive Marketing Forecast, 2011 To 2016 – Spend Will Near $77 Billion as Interactive Gains Legitimacy in the Mix“ report. It states that “ by 2016, advertisers will spend $77 billion on interactive marketing – as much as they do on television today. Search marketing, display advertising, mobile marketing, email marketing, and social media will grow to 35% of all advertising spend within the next five years.” Mobile marketing CAGR (compounded annual growth rate) through 2016 tops the list at 38% with social media in second place at 26%. The drivers for this growth in social media are integrated campaigns on social networks, agency fees for social media, and social media management technology (in order of spend).
The reality is “that enterprises usually adopt technology much more slowly than individual consumers or the overall marketplace” as reported by Dion Hinchcliffe in his stand out article “Social Business Holds Steady Gap Behind Consumer Social Media.” But it is not just a B2C thing. Adoption for B2B is lagging as well.
So if the economy concerns you and your business, turn it up a notch. Do not take the safe charted route. Take calculated risks. Get out of your comfort zone a bit and use new strokes to swim upstream. Learn from the salmons that make it all the way to the top.
Yes, it has been a while since I have preached the importance of social media in favor of giving you implementation recommendations and best practices. But I see way too much complacency. Maybe it is just the effect of summer days. September is just around the corner and the end of summer is in sight. So as I always say, it is time to …
Make It Happen!