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Is Social Media During a Recession Leverageable?

January 2, 2009

When this new technology stepped on to the scene some companies and individuals began using it because either because their competition was doing it or because it looked cool. Those are good reasons to stop and rethink strategy, and know how it is going to work for you. Why have a blog or anything else web 2.0 and 3.0 related if it going to just sit there taking up space in cyberworld. In all honesty and quite biasedly, I believe that the social media revolution is quite leverageable during these times for companies and individuals.

With economic downturn, companies do not have large sums of money to allocate toward traditional marketing and public relations methods. We can not spend money on media ads, publications, columns in the local paper, etc. It’s almost like the CEO of the Big three care dealerships rolling in on their jets– wasting excessive amount of money to ask for more, except not from the government but from you. I don’t think it is wise to up your marketing expenditures to offset low customer returns or new referals, but is not wise to decrease them totally either. Obviously there needs to be some sacrifice at least until trends being to point “Northeast”. But for now, we must rely on and to a greater extent the power of Buzz (word of Mouth) or, technically speaking, Word of Direct Electronic Impulses!

The concept of Word of Mouth goes back to the beginning of time and never fails to stand the test of time. People either like what you have to offer or they do not. They will let you know! Trust me! But that is what SM is all about(…..stop thinking….you know I’m talking about social media! Although, it true that you either like it or hate it!). But beside the point… It think it will be beneficial and cost-effective and provides for valuable consumer, patient, collaborator input.

Also, I think that online direct response vehicles like search and e-mail marketing will gain further importance because marketers can tie them to sales. I love graphs and deriving data from them, instead of looking at a bunch of numbers and getting confused. But the challenge for social media is to provide those measurable results, and predict that this will be something that will be developed and very useful as we transition from this Information Age into ……….you guessed it the Age of Artificial Intelligence..sounds a bit Sci Fi, but viable.

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