Recent figures released by the IAB (Internet Advertising Bureau) show that social media advertising is on the increase in the UK, and at a rapid rate.
Over the past two years more and more businesses are wised-up to the fact that social media is the perfect tool to enable them to build their brand, enhance their online reputation and directly interact with their customers and clients at a fraction of the cost of other advertising mediums, particularly offline. Social media is changing attitudes and offering businesses and consumers information and interaction that would not have been possible even 4 or 5 years ago!
The IAB’s data illustrates the rapid rate that the balance is shifting towards social media as companies invest in their online marketing. 2010 figures show that search still dominates peoples budgets, accounting for 61% of their spend however social media now accounts for 12%, more than double the 5% seen during 2009. Promoting your company through social media does not always offer the same transparent ROI reporting that other advertising mediums does but it’s worth is considerable, particularly to businesses who may have a tarnished reputation and are working hard to repair damage that may have been done many years ago. By interacting with customers quickly and transparently through social networking websites and providing them with useful information and advice that can be viewed by others is the perfect way to build your brand and enhance your reputation and client base. However, get it wrong and the damage to your reputation may be irreparable.
Companies cannot entirely control their online brand, a few bad posts on blogs and forums and they can find their online reputation and their business will suffer therefore social media provides a reactive way of responding to criticism, repairing damage and taking back some control of their online brand reputation. As more and more businesses realise its worth, social media brand promotion is set to continue its rapid growth.