If I could gaze into my crystal ball, or use my massive super brain to predict the future I would say marketing budget devoted to social media will double over the next five years.. Thank god 500 Chief Marketing Officers agree with me (convenient coincidence I'm sure you WILL AGREE).
http://wallblog.co.uk/2013/02/27/social-media-spend-by-marketers-set-to-more-than-double-led-by-consumer-goods/
Now I hate to be a buzz kill but it sounds more impressive then it actually is. Even if you were to quadruple investment in social media it won't bring the amount spent anywhere near the investment in traditional forms of advertising. Makes you wonder what the big hesitancy is especially when you consider social media investment can cost little to no moolah.
If you are like me and your time wasn't taken up saving old ladies from falling off the sofa or rescuing cats from trees you probably think you could do a good job of managing a companies social image, but unfortunately it ant all pokes and likes you silly mortal. There is lots to think about including, but not limited to the platforms you will use, who you are looking to communicate with and if the campaign is standalone or best suited as part of a integrated media proposition. And if you are going to do it right you might as well throw in some online metrics to measure your investment as well!
Think about what some of the biggest bands like Nike could do with the savings taken from some of the millions and millions of pounds spent every year on the traditional methods. Investing in Tout, Twitter and Foursquare guarantees you engagement without having to worry about McIlroy's toothache, Wood's wandering golf club or Lance Armstrong's consistent cheating. Seems to me the bold and not always beautiful world of celebrity endorsement, TV advertising and print ads could be in trouble when Nike realise the value in the cheaper and more effective methods. Probably why Nike has taken social media investment in-house.
http://www.marketingweek.co.uk/sectors/sport/nike-takes-social-media-in-house/4005240.article
So what's the counter argument? I might be able to cook microwave meals with my laser vision eyes, fly through the air at lightening speed (not a good idea when walking a dog) or pee with perfect aim in the darkest of rooms even when the seat is down (a talent which is yet to be classified as a super power). However I also think it's a good idea to listen when a man like Sir Martin Sorrell speaks. After all, some of WPP's best assets i.e. Ogilvy & Mather and JWT, have helped the groups he oversees generate a pre-tax profit of £1.1 billion.
http://wallblog.co.uk/2013/02/26/wpps-sorrell-says-twitter-is-a-pr-medium-not-an-advertising-one/
So what is it? PR or marketing savvy? Maybe right now it doesn't really matter. Sure, when the investment levels increase and the focus on social media intensifies companies need to get smarter. In the mean time for God sakes jump the curve and start investing now! It aint going anywhere
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