According to a recent study on the digital economy 90% of marketers that took part indicated that social media is a key part of their marketing activity and emphasized the importance of integrating this into their marketing mix. We have seen previous reports in 2010 whereby more companies are exploring this area as part of their digital marketing strategy; however it now appears that the majority of marketers consider this to be a mainstream option. How are marketers going about social media given the fact that it is a long term investment and not just a single campaign that may only run for a short period…?
The simple answer is that it depends on the size of the organization and more obviously it depends on the nature of the industry and what weighting should be awarded to social media. The market analysis, referred to above, revealed that social media was taking a lot of resource with more than 6 hours a week on social media through the most popular networking sites such as Twitter, Facebook and LinkedIn. It seems that larger companies are investing more time and resources to social media whilst small or medium size enterprises (SME’s) are less likely to have the knowledge and resources available to them.
Marketing Communications: A Brand Narrative Approach demonstrates how larger corporations are extending beyond the traditional marketing communications (please refer to page 447 for an interesting case study on Volvo).
Marketing Week reports that 41% of UK businesses are using social networking sites. Social Media may not be mainstream as of yet for many businesses, however there is evidence that social networking activity is on the rise and certainly the majority of businesses are looking to explore more of this activity in order to remain competitive and ultimately attract new customers. Are companies therefore adopting more innovative marketing strategies in order to remain competitive…YES!