A shift in money spent on traditional advertising mediums and the Internet is being noticed around the world. And this isn’t a slow, gradual, can-hardly-notice-it shift; this is a fast, significant, shake-the-earth shift.
A recent eMarketer study predicts that $3.08 billion will be spent on social media advertising this year. That’s up a whopping 55% from last year! These predictions are largely based on projected ad revenues on Facebook, which, according to Debra Aho Williamson, has proven to be a “major force not only in social network advertising but all of online advertising.”
But social media ad spending isn’t the only thing on the rise. More businesses are embracing a social media presence. According to another eMarketer study, 80% of businesses will be using social media tools this year—up from 73% in 2010.
These predictions serve to bolster the idea that the way to get more business and attract more clients is online.
Advertise and Engage
As more people flock to social networking sites, like Facebook, businesses are realizing the tremendous advertising potential therein. Not only can businesses target their ads to an individual’s specific likes and interests, but engage with prospective clients in a way that was and is impossible with traditional advertising mediums.
Invest in the Best
As using social networks to attract more customers gains momentum, it’s important for businesses to invest in experienced online marketing firms. While social media marketing is new, online marketing is not.
Online marketing firms can help you develop clear, measurable goals for your social media ad campaigns and help you provide an exceptional user experience that goes beyond advertising and focuses on building relationships over the long term. Truly, having a complete online package that incorporates both SEO and social media is important in this day in age.
Budget for Success
So, how much money should local businesses allocate for social media? It really depends on your business and your consumers. Putting all of your eggs in one basket has never been a good idea…so develop a budget that enables you to establish and maintain a comprehensive online marketing campaign without forsaking mediums that have been successful for you in the past.
If you enjoyed this article, you may also like: Social Media Isn’t Just Chatter—it’s an SEO Booster!, Online Advertising—You Need to Get in on the Action!, and Consumer Search Habits Changing.