Social media is something that within just a few years has completely changed the very idea of branding and marketing on the internet. With global social networking sites like Facebook, Twitter, LinkedIn and more, social media allows a brand to become individually acquainted with their consumers, thereby increasing the bottom line and the overall brand awareness of the company.
In recent years, social media has grown exponentially, offering a large return on investment for companies who take their Social media marketing seriously. In a study conducted by PulsePoint Group and Economist Intelligence Unit (EIU), the statistics showed that those companies utilizing social media, they received an 83% boost in marketing and sales effectiveness and an 81% increase in market share.
The brands who utilize social media to their advantage not only increase brand awareness, but gain a level of connection with their consumers through the act of allowing them to talk about their experiences with the company, whether good or bad. Even negative comments and social media buzz can offer opportunities for brands to improve their image by actively working publicly to fix or alleviate any problems or concerns that consumers may have about the brand.
Social media has distinct advantages, but that doesn’t mean that the tool is 100% effective. Like any brand marketing, there are ups and downs, bringing with them changes in the return on investment. Because social media is so new, gauging the overall effectiveness is still in its infancy. But it is clear that a brand not utilizing the technological wonder that is social media may not be as effective in truly connecting to their consumers.
Social media is here to stay and ignoring that fact will hurt your business. How is your company utilizing social media marketing to help brand your business?
About Alan Moore: Alan is an Internet Marketing Consultant with ReachLocal Baltimore. His mission is to help you increase your revenues and decrease unproductive advertising expenses through proven, online marketing strategies. He manages over $1,800,000 in yearly marketing budgets and has worked with local businesses, agencies and the US government. Give him a call at (877)655-3438 to schedule a Free Online Marketing Consultation.
To read more of the article that inspired this blog, please visit: http://www.emarketer.com/Article.aspx?R=1009011