Social media thriving in the downturn
The idea of social media being part of the buying process is quite new to most brands even though a lot of forward thinking people started thinking about it a few years ago.
Today the Economist has a piece about how consumers buying habits are changing during the recession, the quote below stood out for me:
The downturn will also accelerate the use of social media, such as blogs and social-networking sites, by consumers looking for intelligence on firms and their products. As trust in brands is eroded, people will place more value on recommendations from friends.
Social media make it harder for brands to pull the wool over consumers’ eyes, but they also offer canny companies a powerful new channel through which to promote their wares and test new products and pricing strategies.
Brands need to start using social media, fast.
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Patrick Altoft is Director of Search at Branded3, a Leeds SEO & Digital Agency specialising in SEO, Web Design, Development & Social Media.
Comments
Read the 7 comments below, or add your own!
Agree. most brands don’t have any clue to what the social media could do for there business, if they could only realize the benefits of social media and the impact it lend on their business…
But anyway many brands are now realizing that social media is a must to participate in.
Thanks for the nudge
I think its very easy to say “start using social media” but how many massive corps have tried using social media and have simply failed.
If the big companies are failing at social media how will the smaller companies with far smaller budgets succeed?
I think £10,000 is far better spent on something like a big Adwords campaign than any social media campaign you could come up with. Please advise if I am wrong
@Luke
It is not so much about the size of your budget but how you use it. I have seen £10k have almost no ROI with adwords because it was poorly implemented.
I am sure the same applies with social media, I bet many companies have spent tens of thousands only to see it all screw up
We are in the Social Media age for sure and yes in a down economy consumers are becoming more research savvy and more aggressive in using social media. I agree brands need to start using social media fast.
totally agree with your article.
thanks for nice articles…….the reall
Hi. Social media is also at the base of p2p lending, also called social lending.
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