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Extracting value from Social Media Marketing
A recent report from the United States indicates that
even as some businesses are watching profits crumble
before their eyes and others struggle to keep their
bottom lines in the black, that spending on social media marketing in 2009 is not predicted to decrease at the
same rate as other online spending. In fact, amongst
organisations that are faring well despite the economic
downturn, social media marketing budgets are on the
increase.
The review conducted by The National Retail Federation’s
Shop.org and Forrester Research reveals that of the 30
percent of retailers planning to reduce their online
spending this year 56 percent of them are cutting
spending on search engine marketing. Only 24 percent
will cut their social media marketing budget.
The term Social Media and social media marketing are
used pretty fast and loose. What uses are Social Media
being put to? What are the benefits and how are these
companies using social media marketing to grow their
businesses?
Key benefits include direct customer communication, the
speed of feedback, learning customer preferences, the
low cost, brand building potential, market research,
credibility, reach and customer service. That only 20%
of executives see social media marketing as being a
great sales lead tool might suggest that SMM genuinely
adding to the bottom line has a long way to go. At the
moment it is little more than a component of the overall
online marketing mix.
Whether the potential of SMM is being overlooked, under
appreciated or simply not exploited properly is unclear.
Certainly there are companies who’ve leveraged
impressive sales through SMM. One immediately thinks of
Dell and their Twitter special offers campaigns. If SMM
is to directly contribute to bottom lines unlocking its
moneymaking potential is key.
There’s plenty of scope for improvement and it’s the
challenge of winning that extra business that those
progressive companies increasing their SMM expenditure
over the next year are hoping to enjoy.
For help in putting together an effective social media marketing strategy for your business, speak to
Alex Wares on 0207 843 2261
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