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Three reasons a social media strategy makes sense.

June 7, 2012

http://www.statista.com/statistics/232453/americans-who-use-social-networking-sites-several-times-per-day/

Three reasons a social media strategy today makes sense;

1. Growth

2. Cost

3. Value

According to Edison Research, the number of American who use a social media site several times per day increased a little over 48% per year since 2008. As of 2012 there are 58 million Americans accessing social media not once, but several times a day. The total number of Americans accessing a social media site each day is larger than the 58 million.

According to the US Census Bureau the population as of 2010 was estimated at 309 million. Almost 19% of the US population is actively using social media. WIth a 48% growth rate, the customer or client who is not using social media today, will very likely be on it in the near future.

For SME’s (Small Medium Sized Enterprises) this is a godsend for them. One of the barriers to entry and mobility barriers has been the expense of an advertising campaign. Today, for a substantially smaller investment, a social media strategy can be designed and executed in place of an advertising campaign. In fact, where advertising costs increase from local to global, social media cost do not escalate with increased scope.

This is uncharted territory for the most part. There are no preexisting rules or conventions. An imagination is required. Advertising is broadcasting. Social media is broadcasting and listening. Listening from the Product or service provider and user to user and potentially user to prospect.

And the strategy should include as many parts of the value chain as possible and practical. And I would include in this a social media strategy internally for the organization.

 

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