Nielsen’s Global Faces and Networked Places report states that two-thirds of the world’s Internet population visits a social network or blogging site which accounts for 10 percent of all Internet time.
Forrester Research released its five-year forecast in July on marketing spending by 2014. The report shows that social media spending alone will increase at a compound annual growth rate of 34% – the highest percentage gain in the marketing mix. This spending activity ranks social media as the third most prominent program behind search marketing and display advertising.
Social media is redefining public relations, marketing, communication and branding for businesses worldwide. Brand communications and advertising has evolved from a monologue to a dialogue where the consumer is now a part of the conversation.
Once a company starts talking to its customers, whether for news/announcements, customer service or deals/promotions, the dialogue is priceless.
So whom do you hire to help you with the implementation of social media and networking for your clients? Social media is changing so rapidly that you need someone who has their fingers on the pulse of these tools. It needs to be the smartest resource – the firm that is most skilled in social media.
Why not do it yourself?
The biggest mistake is not having a strategy. Without a messaging strategy you are not using the tools effectively. What are your goals and expectations and what money do you have budgeted for it and to manage it?
The second biggest mistake is not having a full understanding of the social media medium well enough to capitalize upon the many opportunities it offers.
And last but not least, because it takes time away from what you do best and time costs you money. So to hire an expert will bring the results you plan for and will save you money in the long run.