You certainly don’t have to search far to find information and case studies on Social Media. Everyday new articles are published telling us why we should use Social Media and how great it is. I can tell you for every success story there are 2 failures. However, in the long run, social media is probably a great tactic to incorporate in your business. The fact is it is still new, and marketers and the public is still searching on how to use it best. And by its very nature it is molded and remolded by consumers, since it is consumers who have “the say.”
Shifting your Budget Allocation for New Media – what is happening out there?
“In order to properly fund these new media formats, the study found that 55% of respondents have shifted funds from their traditional media budget, while 48% shifted funds from other marketing communications budgets. More than one-forth of marketers (26%) created an incremental budget.”
What are the Top Concerns About New Media?
Despite the growing use of social networks and viral videos, marketers do not think they are using these media in the most effective ways and are still struggling with measurement and media-mix allocation issues. The top concerns for marketers when considering newer media platforms are the inability to prove ROI (45%) and worries about not having metrics to properly allocate the mix of traditional and digital media (43%).
On the other hand, the most effective of the newer media platforms are those which marketers have been doing for longer periods of time and those for which more measurable results are available:
- Search engine marketing (SEM) (65%)
- Own website (59%)
- Search engine optimization (SEO) (55%)
- E-mail marketing (45%)
If your a B2B or B2C Marketer…
The study results also reveal that B2B and B2C marketers differ in how they use new media platforms. Some of the ways: While mobile is used by 32 percent of overall marketers, it is three times more likely to be used by B2C versus B2B marketers (52% vs. 18%).
- LinkedIn rates first among B2B marketers while Facebook is top among B2C.
- Twitter is used more by B2B marketers (70%) than B2C marketers (46%).
- B2C marketers see much more effectiveness from SEM (76%) than B2B (48%).
- Webinars are a much more effective platform for B2B marketers (48%) versus B2C (6%).
Bottom line, you do need to get involved in some manor of social media to se which media mix is right for your business. If all you get back is customer feedback, you are already ahead of the game.