We have said it before and we will say it again – marketers avoid or misunderstand social media at their peril. During a recent survey of men in the key age group 18 to 34, 75% said they spend most of their time online versus less than 20% watching TV, according to lifestyle experts askmen.com. Companies who are holding fast to the more traditional methods are risking missing the boat entirely. It is no longer good enough to stand by and watch for new marketing cycles to emerge before jumping on board. Now, the laid-back marketer risks being left behind completely unless engagement is prompt.

The widely renowned Forrester Research fully estimates that at least 95% of business decision makers - globally, have taken an interest in and are working with social media in one form or another. While this is an incredible discovery, it’s certainly worth while referring to Emarketer, whose research indicates that avoidance of social media as a kind of marketing stems more from the lack of clarity surrounding its methods and the issues encountered when actually monitoring and checking its overall effectiveness.

It seems that social media is almost certain to make a significant shift in the way that we go about our daily existence. As mass consumers we will have a much more interactive say in our products and services and will be able to interact with producers and suppliers on a much more constructive basis. We can easily reference the Twitter pages of organizations like JetBlue and Comcast, both of which have developed highly interactive, two-way systems for communication between clients and their companies. Some people are amazed to see how these companies are effectively “washing their dirty laundry” in public, by engaging in this form of communication with sometimes irate customers. However, advocates suggest that this will ultimately improve the breed and that client to client interaction can help to enhance the reach of the product or service and create a kind of “social buzz.”

Will we reach a point of saturation, shortly? The meteoric growth of Facebook and Twitter appears to know no bounds, but this entire industry is so volatile that we are yet to be able to see the overall size of the playing field. Facebook usage was up 700% year-on-year during April, according to Nielsen Netview.

Of great interest is the fact that many forward thinking corporate giants are now appointing social media directors and vice presidents to help steer them. Notably, Ford Motor Company chose to center their initial marketing run-out for the new Fiesta model around a social media platform, linking hand picked bloggers with Facebook and Twitter.

Social media allows companies to build prospects and clients rather quickly, capitalize on positive word-of-mouth marketing, move their customer service to a new level and micromanage their customers. Social media seems set to completely rewrite the corporate customer service manual and there are sure to be road bumps ahead as the potential legal implications of this form of “now” communication come up against established, considered channels.

Adam Toren, Co-Founder of Young Entrepreneur, specializes in improving the profitability of under-performing businesses with a unique and ‘bottom line’ program. Adam, along with his brother, have started, bought and sold several companies over the past years. They currently own and operate a successful publishing company and several online companies.

Tags

Online Business, Promotion and Marketing