Business marketing always embraces activities other than advertising, but there is growing evidence that some amount of advertising budgets are being shifted to other marketing channels, including various types of social media. Outsell estimates that marketing on social networks will grow 43.3 percent in 2010. Forrester Research predicts that B2B firms will spend $54 million on social media marketing in 2014, up from just $11 million in 2009.
And though some business spending is shifting to advertising on social networks, banners, text ads and search advertising, as well as the more targeted advertising being deployed by Facebook and MySpace, is a small portion of B2B marketers’ social spending.
When companies budget for social media marketing in 2010 and beyond, a substantial portion of their expenses will go toward other initiatives, such as creating and maintaining a branded profile page, managing promotions or public relations outreach within a social network, and measuring the effect of a social network presence on brand health and sales, says Evelyn Jung, eMarketer researcher.
In 2009, B2B marketers spent the largest portion of their social media budgets on customer communities, followed by podcasts and blogs. These tactics allow B2B marketers to share more relevant product or service information with their customers than they could with other social tools.
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Gary Kim has been a digital infra analyst and journalist for more than 30 years, covering the business impact of technology, pre- and post-internet. He sees a similar evolution coming with AI. General-purpose technologies do not come along very often, but when they do, they change life, economies and industries.
