Web 3.0: Leveraging Social Networking
Column: In light of the current economy, many companies are reassessing their budgets and looking for ways to market their products more efficiently and cost effectively. The recent downturn in the economy, coupled with the rise in popularity of social networking, has driven companies to look at the potential of social networking sites as business and marketing tools.
Social media offers great possibilities for branding, engaging customers and giving them a new, unique voice. However, social networking does not make sense for every company. Before you dive in, you must first assess if and how social networking might work for you.
A recent survey of marketing professionals showed that 68 percent expect their advertising budgets to remain the same or decrease in the coming year. But 75 percent of those respondents said they want to increase the budget they allocate to digital marketing programs. (Manning Selvage & Lee Survey, July 2008). This, along with the fact that shoppers are now increasingly researching and buying products online, makes social networking tools an appealing option for consumer brand manufacturers.