I love to read fresh local stats that show how advertising budgets are being spent and looking for the trends in the data. I know it sounds a little nerdy but I have always been interested in how businesses are communicating to their audiences and have seen over the last few years, huge changes.
The lastest stats from the Neilsen-Community Engine 2011 Social Media Business Benchmarking Study have found that more Australian businesses are allocating money to social media to foster customer relationships. In fact the study revealed that 43% of the businesses that participated are using social media to build a relationship with customers and stakeholders. The report also stated that 72% of businesses participating in social media in 2010 allocated 10% or more of their marketing budget to social media.
The way we communicate our products and services is changing so fast it is exciting! I have noticed the way our customers engage us and buy from us is changing. I say this is due to the amount of information that they have at their fingertips, no longer can a business sell on price alone as there will always be someone to undercut them. I believe social media plays an important role in the promotion of a business and is the reason it is being adapted so rapidly. It is an opportunity to share brand personality, introduce key team members, engage with customers and gleam an insight into customer behaviors that can not be found out any other way.
Social media is an incredible medium for communication and an exciting medium to use in a marketing mix.
Yours in social media