Who needs Social Media?
Posted by Patrick Murphy on Tue, Jan 25, 2011
Fifteen years ago, the Internet transformed the way companies did business, allowing them to harness new ways to target customers and promote their services. Today, social media is transforming the way companies forge relationships with customers, creating channels for increased communication and increased sales.
Never before have marketers had access to such accurate information that not only facilitates the building of key customer profiles, it also allows companies to have direct conversations with customers and to tailor services so that they met the needs and expectation of those customers.
Who needs social media? The short answer is every company needs social media as there is no company that cannot benefit from this revolutionary way of doing business.
The power of today’s social media network is confirmed by the huge advertising spend it attracts. In 2010, social media earned $3.4 billion globally with $1.7 billion of that being spent in the United States.
With 53 percent of social media market share, FaceBook is still by far the highest earner in this category and is still considered the social media site with the strongest potential for generating business.
Some marketers argue that click-thru campaigns on FaceBook yield low results when compared to Google Ads but clearly that is not impinging upon marketers trust in the site.
Next on the list is MySpace with 17 percent of marketshare. While 16 percent is spread across other sites and 3 percent goes to Twitter, 8 percent goes to the wide variety of online games and applications. That leaves another 3 percent which accounts for some of the location-based social media pages.
Of the companies listed in the Fortune Global 100, 33 percent have corporate blogs, 50 percent have youTube channels, 54 percent have Facebook Fan pages while 65 percent have corporate Twitter accounts.
The management in these companies knows one thing, social media works.
If you would like to see how social media can transform your business relations with your customers, get in touch today for a social media review.