Research suggests a strong tidal shift in the way marketers are budgeting their dollars. Social media is becoming a bigger fish, and brands such as Converse, Lexus and Dell are responding. Are you?
Some things we can control, some things we can’t. For marketers, brand building should fall into the former category. A recent study from Forrester Research projects “search marketing, online display advertising, email marketing, social media, and mobile marketing collectively to grow to nearly $55 billion by 2014.” And another study from eMarketer estimates that social media marketing is up 42 percent since as recently as 2008. Then a few weeks ago, Ad Age reported that at its own Digital Conference, major brands such as Converse, Lexus, Dell and Best Buy revealed their current digital strategies and the reasons behind them. The universal priority: shifting dollars away from traditional marketing and embracing social opportunities. “Social media is unavoidable,” said Converse CMO Geoff Cottrill, who went on to point out that on certain platforms — such as Facebook — brand managers no longer have control over their brand’s image. Whether that’s true or not, research indicates a strong shift. The tide may be turning…but it doesn’t mean marketers should throw in the towel.
Maybe I’m just blogging out loud, but it seems like the current “social” economy — not to mention the literal “economy” economy — has produced a shift in power dynamics. Social media has created loyal and passionate consumers — “accidental” ambassadors, who can help dictate what’s hot…and what’s not.
Which begs the question: are your marketing dollars shifting with the tide? If so, how? And if not, why not?