Social Media Marketing Trends & Statistics
Wednesday, June 30th, 2010If you’re thinking about including social media into your marketing plan, here are some great trend reports and statistics to put that thought into action. Finding the time and dollars to allocate to social media marketing is on the tip of every marketing executives tongue. One reason is that social media is trending and is not just a trend. The digital age is evolving and we are finding that we can reach out and touch someone through being a friend on Facebook, linking to them on LinkedIn or posting a blog for them read at their convenience. Through these social media networks, businesses have found a new way to communicate with their target markets to grow their business. Check out how social media is currently trending and the stats that back it up.
Social Media Marketing Is On The Rise
“The State of Small Business Report”, by Network Solutions, LLC and the University of Maryland’s Robert H. Smith School of Business, showed that the downed economy has contributed to the popularity of social media networks. The study reported that:
- Small businesses increased their use of social media from 12% to 24% in the last year.
- An estimated 1 out of 5 small businesses are involved in using social media as a part of their marketing strategy.
How Businesses Use Social Media
Small businesses reported the following:
- 75% have a company page listed on a social networking site.
- 69% post updates or articles on social media sites .
- 57% build out a professional network through a site like LinkedIn.
- 54% closely observe the feedback they receive about their business.
- 39% have set up and maintain a blog.
- 26% tweet about their area of expertise.
- 16% use Twitter as a service channel.
Social Media Expectations
The report showed businesses who have worked with social media as part of their marketing plan had mixed reviews on how it met their expectations.
- 58% felt that social media had met their expectations.
- 25% felt that social media had fallen short of what they had hoped for.
- 12% reported that social media network sites had exceeded their expectations.
For businesses that reported social media had fallen short of their expectations:
- 50% said that social media had used more time than they had expected.
- 19% thought social media had lost them money.
- 17% felt that social media networks allowed people/customers to criticize their business.
Messages Sent Through Social Media
eMarketer showed that social media marketing does not choke innovation out of existence. Instead some of the most successful small businesses are able to compete by offering superior services. The small business model has embraced social media as a means to keep themselves tied to their customers. Businesses felt that they could engage their audiences through social media. They also reported to use social media to tap into knowledgeable resources.
How Social Media Budgets Will Rise
Over the last several months marketing professionals have been found to be leaning towards the importance of creating a budget for social media marketing. Duke University’s Fuqua School of Business and the American Marketing Association, “The CMO Survey” reported that social media marketing budgets are on the rise. The report showed that businesses currently budget 6% of their marketing dollars to social media. They expect this amount to increase 10% in the next year and 18% over the course of the next 5 years.
In August 2009 marketing professionals had also been found to have planned to incorporate a higher budget dedicated to social media marketing efforts. In February 2010, those marketers had reported that they would be budgeting one-fifth of their dollars to social media marketing over the next 5 years. Current social media marketing budget trends are:
- August 2009: 3.5% budget allowance was spent on social media marketing.
- February 2010: Social media marketing budgets had risen to 5.6% .
Social Media The Big Buzz
According to the Marketing Executives Networking Group and Anderson Analytics, their report entitled “Marketing Trends 2010″ found that mastering social media was high on the priority list for marketing professionals. The number one buzzword to keep on the tip of the tongue in 2010 was Marketing ROI —rate of return on marketing efforts.
- 58% of marketing executives thought social media was a trend to keep an eye on.
- 42% of marketing professionals chose social media as a top trend to watch which made social media marketing hit the list of the top 10 productive marketing initiatives.
- 72% of professionals in marketing reported that they work with companies that have planned a social media marketing program for 2010.
Social Media - Who Is Using It & How
The study by Anderson Analytics also showed the differences on how social media marketing was being used. Individuals and professionals were found to use social media networking sites like Facebook and LinkedIn. Companies were found to utilize the blog as their main social media tool.
The Anderson Analytics study also reported that social media marketing plans were handed to internal employees, social media consultants and interactive agencies. Marketing professionals that were in charge of carrying out social media initiatives were not found to be looking to PR or ad agencies to head their social media campaigns.
So if your business is working to plan a social media marketing program, feel confident that you are not diving into a trend that will disappear any time soon. Many studies have been performed to analyze the worth of social media marketing and have found that businesses all over are planning to incorporate social media into their marketing budgets. Reaching out to your customers, target marketed and creating an open line of communication through social media is here to stay.
The foundation of successful companies has always been to become a reliable source for their customers. Long standing businesses look to become a resource in which customers can count on and communicate with. Social media networking allows a business the open line they need to communicate the message that their customers need to hear—you can count on us and you can rely on us. A message that can now be broadcast through social media networks 24 hours a day, 365 days a year— which is more than a stamped postcard can offer.
The world of traditional marketing is ever-changing and as it leans into the digital online world, we encourage you to dig your business heels in and enjoy planning your social media efforts!
We welcome new ideas and you might inspire us for our next blog post! Share your thoughts and tips by posting comments for us. Thanks for reading!
By Sara Hassler
