Best-in-Class Companies Moving to Social Media Marketing

The downturn in the economy has increased pressure on the marketers to reduce waste and maximize Return on Investment on marketing efforts. To solve the problem of growing budgetary constraints and falling consumer demand, companies are increasingly turning to social media marketing, as indicated by Aberdeen Group’s report, “The ROI on Social Media Marketing: Why it Pays to Drive Word of Mouth”. According to the report, marketers are finding it “necessary to curtail or completely eliminate investments in traditional marketing channels” and are increasingly developing tools and methodologies to increase marketing ROI by listening to their prospects and customers and learning from them.

Companies are trying to leverage the power of social media by tapping into the rising tide of consumers flocking to blogs, social networking sites (like Facebook and Twitter) and wikis. Aberdeen’s research indicates that more than 60% of the companies surveyed (defined as best-in-class) had plans to increase their marketing spend through social media.

Best-in-Class Companies Moving to Social Media Marketing

eMarketer, which published the report, have estimated that advertising on social networks alone will increase to $2.35 billion this year, a 17% increase compared to last year, in spite of the unfavorable economic conditions.

Best-in-Class Companies Moving to Social Media Marketing

The Aberdeen research also shows that more than 20% of the companies surveyed plan to increase their social media marketing budget by 25% or more, whereas just a meager 3% have plans to actually reduce their budget.

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