What is Social Media Marketing?

It used to be that the only reliable way to find information online was to use a search engine.  However, with the advent of what we call Web 2.0 (interactive, dynamic websites that promote or operate as social networks), people can now easily find information and websites that other human beings recommend.

SOCIAL MEDIA - THE FACTS

STATISTICS AND DEVELOPMENTS INDICATING THE NECESSITY OF SOCIAL NETWORKS FOR BUSINESS AND MARKETING

During the summer of 2006, we saw several key indicators that business executives and investors were taking keen notice of social networks and their potential impact on the online advertising and marketing arena. 

Many popular bookmarking and social networking sites have been acquired by larger corporations – the most famous of which was of course Google’s acquisition of social video network, YouTube. 

However, what is more interesting to business owners and C-level executives are the large investments now being made into advertising models and programs within social networks. 

In June, Interpublic Group announced it would be developing marketing programs on FaceBook for its agency clients to the tune of $10 million worth of ad space.

In early July, WPP Group invested $2 million into corporate social network, LiveWorld. This unique joint venture will help WPP’s agency clients, such as the skincare company Dove, deploy their own social networks.

We find it fascinating, as a company that participates in both the social networking and search optimization spaces, that Fortune 1000 companies and large advertising agencies are recognizing the importance and profitability of social networks far faster then they recognized the benefits of search marketing. 

However, to the benefit of the small business or medium-sized company, these large corporations will take time to implement their large-scale campaigns, while their smaller counterparts are moving quickly to acquire their piece of the social networking pie. 

For instance, Forrester’s December 2005 survey of marketing executives showed that 13% were marketing via blogs or social networks at the time, but 51% forecasted “total adoption” of such marketing strategies within the next 12 months.