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Marketing in Berkshire
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Social Networking – the Marketing Tool for 2007
Despite the learning curve involved, a recent report suggests more and more marketers will be adopting social networking tactics in 2007 – a 10% rise on last year.
A study carried out by JupiterResearch indicates that 48% of marketers will be tapping into the social networking website phenomenon this year – 10% more than 2006. Some estimates expect social network advertising spending to hit the £500 million mark by the end of 2007.
The report (‘Social Networking Sites: Defining Advertising Opportunities in a Competitive Landscape’) makes a valid and interesting point about social networking as a marketing tool: most social networking sites are populated by a young demographic. These tend to be the same individuals who are put off by traditional corporate advertising. However, they are also more likely to be influenced by their peers or by word-of-mouth recommendation. It’s clear that the social networking format opens exciting opportunities for marketers to reach this audience.
An analyst for JupiterResearch said “30% of frequent social networkers trust their peers' opinions when making a major purchase decision, but only 10% trust advertisements. Consequently, brand marketers must harness brand advocates and influentials by providing additional motivation for frequent networkers to engage in social marketing.”
There is a danger that social networks will become flooded with advertising, effectively blunting their effectiveness as users become confused as to who is a genuine product advocate and who isn’t. The young may value the opinion of their peers, but they are also pretty good at spotting an ‘advert’ rather than a genuine product recommendation. Social network marketers may need to tread carefully in order to earn their trust.
www.businessinberkshire.co.uk/marketinginberkshire
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