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Funny that I was involved in a conversation this morning with a client who was re-branding and curious about how much "this social media thing will cost" in the end.
I'm using this post as back up :)
"Nielsen most recently surveyed consumers on their attitudes toward thirteen types of advertising – from conventional newspaper and television ads to branded web sites and consumer-generated content. The Nielsen survey found that overall, consumers trust other consumers above all else!"
http://www2.acnielsen.com/reports/documents/Tru...
Great piece on DM too, congrats. Will definitely use this in our pitches. Have to say it's frustrating some times - I've actually been able to prove that a social marketing campaign not only delivered a lower CPC than banner campaigns for a client, but delivered additional engagement, word of mouth, etc. etc. and they still came back asking how to measure ROI. This post gives me hope.
Keep the faith!
The perception seems to be that social media is cheap with no real cost. Which can be true in the sense that it costs nothing to set up a Twitter account. However, as you correctly point out the labor cost is where the investment comes in. I know there is a chart floating around on Flickr which gives an approximate estimate of how much time one needs to spend to have a good Social presence and to receive the results you desire. In some cases you're looking at upwards of 20 hours/week!
Britton Manasco
Illuminating the Future
I have heard this conversation many times in medium to large sized companies.
By taking a fraction of a large media buy and applying it to a social media initiative, marketers can create a disproportionate impact.
Done repeatedly, this can result in real traction for a brand. All it takes is a little bit of risk and a bit of creative thinking when it comes to budgets.
I thought it was especially funny.. is that the right word?... that you BOLDED the word fraction. The avg spends on traditional media continue to surprise me and many times could be spent so much more efficiently. Anyways. I thought I would share a couple links with you.
Here is one that shows research done on using social media:
http://www.marketingexperiments.com/ppc-seo-opt...
Here is one for a community you might be interested in.
www.inSocialMedia.com
I have reposted this for the marketers there to read. I hope you don't mind.
Regards,
Nelson Bruton
Of course, the Joe Averages who are at least open-minded will need to be shown the way. And for that, there are plenty of examples of companies that are committing dollars to it; all you have to do is to look at the Social Media Business Council for which large companies are engaged. If a large company can do it, a smaller more nimble company can do it too.