Traditional media broadcasts brand messaging to customers via interruptions in programming – TV and radio commercials, magazine ads, billboards. The expectation is that reaching customers enough times with a message will cause them to buy more products or services. While this has been the norm for a long time, it is based on one-way communication. It doesn't listen to or engage the customer by letting them participate.
Social media offers businesses an opportunity to start conversations with their customers about their brand. It lets them ask questions, get feedback, solve customer problems, and find new product ideas. It reaches the customers where they live on Facebook, MySpace, Twitter, Blogs, Wikis, RSS feeds and Podcasts. Social media allows business and customers to create a brand together. Hopefully guided by the company but not dictated.
Many companies are starting to get the message that social media is an effective way to reach more of their customers. MarketingSherpa shows that marketers are significantly increasing their spending on social media (Web 2.0) while at the same time drastically cutting their traditional media campaigns. In a down economy, the technologies in social media help companies cut costs and still see their customer base increase.
Every executive wants to know what ROI might be expected from diverting funds to social media instead of traditional media. My good friend Lewis Green of L&G Business Solutions has written a great article Don't Say ROI Unless You Mean It. It explains ROI and Value including the aspects of social media that contribute to them. We would follow that up with some data in support of it in the following Survey says: b2b marketers see ROI in social media. Request the full study.
Most executives are new to this medium. Most need expert help to get started and to create the right strategy and plans. We recommend Thought Labs, a technology innovation company, that has had great success with several social networking platforms such as Facebook and Bebo. They have translated their expertise into building a strong stable of clients who seek to utilize social media as a means to drive business success.
Social media is the wave of the present, not the future. In these tough economic times as companies struggle to get profitable and stay profitable, cost effectiveness is paramount. We can help your company cut their costs and improve the profit picture. Social media is just one way.
Maver Management Group