Any business owner who thinks that social media marketing is all about setting up a site on a few of the popular platforms and randomly interacting with users is behind the times. Marketers are now spending serious money on this platform. In many cases, they’re also paying the social networks to get their ads into the mobile world.
Analysts project social media ad spending will increase from $6.1 billion in 2013 to $11 billion in 2017. Marketers and their agencies are running social media ads in conjunction with:
- Other online advertising: 71%
- Offline advertising: 41%
The reasons they give for these investments is that consumers say that have a 55% higher recall rate than for non-social ads. In addition, these platforms are delivering. About 34% of marketers attribute leads to the marketing they do on Twitter.
There’s another reason marketers are moving funds to social advertising and it’s all about mobile. With consumers spending more time with their smartphones and tablets, marketers must find a way to connect with them on this platform. Writing for Social Media Today, Douglas Karr points out that Facebook will make $1 billion in mobile ad revenue this year. While Google is still a big player in the mobile display format with a 20% share, several social media sites own key pieces of this market:
- Facebook 29%
- Pandora 11%
- Twitter 6%
But as marketers rush to connect with consumers socially, they should be conscious of the warning issued by Mike Lewis on Social Media Today. Users aren’t feeling as much of that one-to-one engagement with brands on these platforms as they did in the early days. They’re so overwhelmed with messages and promotions that 81% of unliked a brand this year and 71% are more careful about which brands they like.
At the same time, 42% expect to see any complaint they lodge on social media to be addressed within an hour.
Marketers must walk a fine line in this space to keep consumers happy while they promote themselves.[Source: Karr, Douglas. Social Ad Spending Forecast. Socialmediatoday.com. 3 May 2013. Web. 16 May 2013; Lewis, Mike. When Did Social Lose Its Way? Socialmediatoday.com. 3 May 2013. Web. 16 May 2013]