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.

  1. Collaberative Projects (Wikipedia)
  2. Blogs and Microblogs (Twitter)
  3. Content Communities (Youtube)
  4. Social and Business Networking Sites (Facebook) (LinkedIn)
  5. Virtual Game Worlds (World of Warcraft)
  6. Virtual Social Worlds (Second Life)

There are multiple social media technologies:

  • Blogs
  • Picture-sharing
  • Vlogs
  • Wall postings
  • Email
  • Instant Messaging
  • Music-sharing
  • Crowdsourcing
  • 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.