What is social media?
This term refers to the use of web-based technologies that turn communication into interactive dialogue.
According to the 2011 Social Media Marketing Industry report, 49% of businesses have less than 1 year of social media marketing experience.
- In 2010, only 31% of marketers were using social media for 1 or more years.
- In 2011, that number has grown to 50%, a 20% increase in just one year.
The industry is exploding and most business owners are at a loss on where to start!
According to Kaplan and Haenlein in a 2010 article published in the Business Horizons Magazine, there are 6 different types of social media.
- Collaberative Projects (Wikipedia)
- Blogs and Microblogs (Twitter)
- Content Communities (Youtube)
- Social and Business Networking Sites (Facebook) (LinkedIn)
- Virtual Game Worlds (World of Warcraft)
- Virtual Social Worlds (Second Life)
There are multiple social media technologies:
- Wall postings
- Instant Messaging
- Voice Over IP
Social media is more cost-effective and more effective than traditional marketing.
- More than 50% of Americans are online and 75% of U.S. adults are online.
- The average budget spent on company blogs & social media has nearly doubled in two years.
Companies report that they continue to generate leads that turn into clients.
- 57% have obtained new clients via their company blog
- 57% through LinkedIn
- 48% through Facebook
- 42% through Twitter
Source: Wikipedia.com, Pew Research May 2010, HUBspot State of Inbound Marketing Report 2011
If you’re not utilizing social media, you’re simply no longer in the GAME.