Is Social Media Marketing Right for Your Business? Consider This
Still on the fence about whether or not marketing with social media has a place in your business?
Before you write it off, or jump in with both feet, here’s some interesting statistics you should consider.
Social Media Marketing Statistics
- 78% of 26,486 say consumer recommendations are the most credible form of advertising according to a global Nielsen survey
- Online social network users were three times more likely to trust their peers’ opinions over advertising when making purchase decisions. JupiterResearch, March 2007
- 84% said they would trust user reviews over a critic. Marketing Sherpa, July 2007
- 78% of consumers trust the advice of other consumers. Neilsen “Trust in Advertising Study”, 2007
- Social networks are the most popular sites for 18-24 year old age group – besting search engines, email, and even *cringe* porn. Time, 2008
Still Not Convinced?
Here’s some more stats to think about before you decide if adding social media marketing to your mix is right for your business. I think you’ll come to the same conclusion I have – but see for yourself.
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Great information. The statistics said it right. What I can only say about social site marketing like marketing in Facebook, twitter, etc, is that we should not only use them for the spread of our products, we must really build relationships – that’s the real thing in socializing.
@Vic
It’s all about the relationships. You have to put the time in to build them or much of the power of social media will be lost to you.
Matt
Matt,
I think social media works better for particular niches over others.
Because…All markets are not on SM sites.
As much as there is “all the rage” about these sites right now, people have to realize that social media IS NOT a silver bullet to their marketing strategy.
Instead…the way I like to think about this stuff is: this technology allows businesses to make content and memes viral quickly, and also allows them to use the platform to further make their offline advertising “stick” more and have a greater impact from a “community building and traffic driving standpoint.”
BUT…without a pre-defined marketing funnel in place before you begin to drive traffic using these mediums…you can kiss your bottom line goodbye.
Also something else to keep in mind…Driving offline ads to online properties is by far the most ideal way of using this technology for a huge corporation…but that is my opinion.
What’s yours?
Those stats make perfect sense, Matt.
While I think there are some businesses that are a natural fit, there are others that may need a tweek or two to fit the model. That’s ok, because where there is a benefit to business – ANY kind of business – things will morph to allow them to take advantage.
Cheers
George
@Scott
What I’ve been most impressed with is the customer service aspects of how businesses are using social media sites. Not only are they able to provide quicker service, but then it’s out there for the world to see and say “hey check out how cool “XYZ, LLC” is…if I buy from them I can rest assured I’ll be taken care of”.
Hard to quantify the trust and social proof being built, but it certainly drives sales. Overtime you’re building up trust and familarity equity, which is a down payment on future sales.
Agreed it isn’t a silver bullet, neither is it is “quick fix” or a “get rich quick” proposition. And yes, some businesses just aren’t suited for social media. The other day I saw a Facebook fan page for an RV Park in Oklahoma…not sure if they are getting the same benefit as Zappos.com, but hey at least they are trying stuff out to see if it works.
Appreciate you insights as always Scott.
Matt
@Tumblemoose
Social media is so pliable I think *most* businesses would benenefit but not just by hoping they fit the mold. Too often a business will give up using the tools because they aren’t seeing immediate return, or think they aren’t doing it right. What they need to figure out is that the way *they* are doing it is right because it fits them.
Thanks for chiming in!
Matt
@Matt
You definitely bring up a fantastic point about how they are using it for customer service.
I have to be frank. If a fortune 500 company isn’t on twitter I definitely think “less of them” because its like REALLY! You HAVEN’T gotten it yet?
When a company I like is on twitter its cool knowing that you can contact someone who will help you immediately.
Social media is a fantastic way to humanize a “big corporate” brand.
I love this stuff and can talk about it all day, every day.
What about you? Thoughts?
Social media is radically changing the corporate playing field! Companies need to realize they no longer can control the message consumers voices can now be heard much louder! What is important and needs to be understood by companies is they still have an opportunity to influence consumer perception. However, should this opportunity be ignored the likely outcome for their brand is dire!!!
Very interesting stuff, In today’s competitive world you need to do advertisement of your product but small businessmen have no capacity to spent this big amount. So i think for this kind of small business SMM is one of the best way. There is no other ways that provides traffic at very less cost or nil cost.
Social media marketing it’s a must for every business both online and offline, additionally having many followers and fans on twitter and facebook can be used as a social proof that you can show to new costumers
Regards Kostas
Online Opportunities´s last blog ..Social Proof – Getting Others to Generate More Business for You