As we close out the year, it's important to look back at what happened in social marketing in order to plan for the future. There were four key trends in 2009 that CMOs should reflect on, starting at the macro level then shifting down to micro real-time updates. They are:
The Recession Spurred Consumers to Adopt Social Technologies. Humans are social creatures and, as a result, they tend to band together in hard times. During financial crises, this same behavior is evident: People connect to one other, share, learn, and communicate. What’s more, with unemployment at record highs, those with internet access have more time--and need--to connect with others. It's evident through Facebook's 350 million global users. For brands, it's interesting to note a study by Razorfish, which indicates that 52% of consumers have blogged about a brand's product or experience. Don't expect this to change as the recession lifts, as it is the preferred method of communication for young people.
Some Brands Followed Suit With Social Marketing. Marketing budgets are pinched during tough times. Recent data from eMarketer indicates that companies are slashing print budgets by 37% and TV by 21% as a response to the recession. Yet marketers know that tough times also spur innovation, as they experiment with mediums such as social marketing. Social marketing promises lower costs and bigger returns. In fact, word-of-mouth campaigns encourage consumers to do the marketing on behalf of the brand themselves. Yet despite the opportunity, research conducted by the Altimeter Group (where I'm a partner) and Wetpaint found that while brands like
Social Networks Share Data, Spreading Social Influence. A key trend across the technology vendor space in 2009 is that social networks are connecting with other systems. Much like how
Consumers Move Faster By Sharing Real-Time Data. In August, 2009, blogger Heather Armstrong, who boasts over a million followers on Twitter was miffed about a shabby customer experience and tweeted about it. Although the company,
Takeaway: This year, consumers are more connected, and moving faster than brands. It's essential for senior marketers to use the past to plan for the future, and these four trends indicate that people are connecting and sharing with each other--at an increased pace. Brands need to develop a strategy and a plan to respond--not simply react--to the latest technology. In our next piece, we will discuss the key trends to watch in 2010 to help with strategy planning.
Jeremiah Owyang, a Web strategist, is partner, customer strategy, at Altimeter Group.
See also:
CMOs: Consumers Are Connected. You Need to Be, Too
Behind Closed Doors: What’s On The Mind of Chief Marketing Officers?
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