Tuesday, January 02, 2007

Social Networks as Advertising Tools

Well, there's more reason to go to your boss and ask to implement your social network strategy. Why? There's cover for him or her.

VPs of Marketing are not marketers. They're primarily political animals. And, as such, they often need cover for their decisions.

 eMarketer offers a prediction for 2007 that offers the appropriate CYA for the politically minded VPoM or CMO.

Social Networks
Worldwide ad spending on online social networks should top $1 billion in 2007, up from an estimated $445 million this year. Fueling this growth will be factors such as international expansion, "niche" networks and Google's deal to supply search technology to MySpace.

$1 billion is quite a stat. They also offer this little tid-bit about word of mouth:

The influence of consumer generated content (CGC) on US consumers' purchase decisions will continue to grow in 2007. A recent study from market research firm Compete found that consumers were more likely to be swayed by CGC than by information coming directly from brand advertisers and marketers.

Come to think of it, we should have some compassion for our more conservative-minded CMOs and VPoMs. They aren't going to be able to play it safe for long.

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