This week, the Austin Business Journal reported that social media advertising revenues will grow to $8.3 billion annually by 2015! That is a compound annual growth rate of 31.6 percent over the next four years. Needless to say, if you aren’t currently involved in the social media aspect of advertising, you ought to be.
Digital media—delivered to consumers through mobile, Internet or other electronic methods—continues to gain clout with local advertisers and it is expected that by 2015, it will represent over 20 percent of all local ad spending. What does this mean for local companies and advertisers?
This means we are approaching the point where digital media will be one of the most, if not the most, dominant segments of the local advertising marketplace. Slowly but surely, clients and department heads alike are beginning to grasp the real value of digital advertising, particularly social media. Even more powerful is the combination of social media with other, “older” forms of advertising. When combined, the duo of “old” and “new” advertising strategies forms a formidable, lethal weapon for companies.
If you haven’t yet joined the rest of the world on the social media bandwagon, there is no better time than now; it is evident that social media is not just “a trend” but also a new advertising medium. As Manuel Torres, owner of AlphaGraphics, a communications and digital printing company in San Francisco points out: “Even if you have tried to avoid it as a business, social media is not going away.”
Utilizing social media begin isn’t as difficult as you may think: just do your research, develop a strategy, and push your company’s name out into the social media universe. Don’t be left out in the cold: be sure your company dives in soon to get a piece of this growing billion dollar pie.