Social media marketing is the fastest growing marketing channel in the world. According to industry research, the U.S. spend on rates beater marketing will increase annually at a 34% compound annual rate through 2014. According to Forrester’s 2009 report, by then social media marketing will be a $3.1 trillion industry and surpass email marketing in terms in terms of spending.
Marketers have worked tirelessly to build a social media presence for companies of all sizes, from the Fortune 100 to small businesses. Many organizations have jumped on Twitter and Facebook to capitalize on the hyperactive growth. However, they don’t know how to optimize their marketing investment.
Marketers can’t afford to wait to get the details right. Social media is a hot topic. There are many competitors. Evidence suggests that companies who have received positive reviews from social media users will reap the benefits. Marketers who can convince prospects and customers to like a company’s Facebook page have a lot to gain. Take into account:
- 67% of Twitter users who follow a brand are more likely to buy products from the brand
- 60% of Facebook users who are fans of a brand will more than likely recommend it to their friends
- 74% of respondents to a survey said that their purchasing decisions are more affected by the opinions of others after they have received feedback through social media.
What Distance Does Your Social Media Marketing Reach?
Online marketing goes beyond just creating a Facebook fan page or monitoring brand sentiment. Marketers are using social media, syndicated videos, blogs and other tools to engage customers, prospects, and more as the social gold rush continues.
- Social media sites. Facebook, LinkedIn and MySpace are all great sites because they allow advertisers to target demographically based on age, gender and interests. This is possible through the socializer’s fan pages. Marketers can also engage customers via corporate fan pages or branded apps, and start a dialog with consumers via Twitter.
- Syndicated videos. Video is becoming more popular as a way to reach a wider audience through interactive and engaging content. Videos can be hosted on YouTube, other providers, and syndicated across network networks. Or they may be featured on a company’s web property.
- Blogs. Blogs are a great way to reach a broad audience and promote your brand and products.
- Sites that allow users to review each other. There are many sites where users can share their opinions and make recommendations, including those that deal with computing or automobiles. Display ads, expert commentary, and technical guidance are all tools that marketers can use to their advantage.
Marketers are committing to social media more and have to answer the difficult question of how to measure ROI for social media assets and campaigns.
- Is social media marketing worth it in terms of revenue and conversions?
- Which channels and campaigns perform the best?
- Are social media able to outweigh other online marketing efforts?
- If the user does not click on an ad, how can we calculate ROI for a social media display ad?
- What segments of our blog readers are most likely to purchase our products?
A Hubspot search engines marketing management consultant can help you save time and money that you can use to improve your business processes.