In the scheme of things, social media marketing is a small drop in the bucket compared with the $450 billion global advertising market and the $50-billion online advertising market.
But given the growing interest in social media marketing as a powerful and effective way to connect and engage with consumers, does this mean seismic changes in the advertising world are only a matter of time?
Here’s another take: if social media advertising let companies:
– engage and build strong relationships with consumers
– gives consumers ways to share information, content and recommendations about products and services
– makes it easier for companies to measure the impact of their efforts
…..does this mean it’s only a matter of time before social media rules the roost?
We’re starting to see many companies (include large players such as P&G and Uniliver) allocate more of their advertising budgets to social media, although in the scheme of things, it’s still a small piece of the overall pie.
But there’s little doubt social media will become a bigger part of the pie. So the question is what other advertising vehicles will surrender turf?
Newspapers are already suffering as more advertising dollars move online while television advertising is under threat by the a fragmented universe that includes a growing number of online competitors.
Ironically, one of the strongest traditional advertising mediums is one of the oldest – radio, which continues to hold its own.
It would be unrealistic to suggest social media and online advertising is going rule the global advertising business any time soon but as more people get their entertainment, content and education online, more dollars will flow to social media marketing, and away from the old guard advertisers mediums.
For another take on the impact of social media on advertising, check out this post, which argues the outdoor ads will be the only platform to survive social media.