How to Waste Money on Social Media.

Marketer's want their brands to be 'social' and 'viral' more then ever and they want it to happen quickly. It's something I'm sure most of the industry is grappling with. The reality is, if you have zero presence in the space and there's no social affinity with your brand this probably isn't going to happen for you overnight.

An article published on The Australian today ran some shining PR for a "blog advertising community" claiming advertisers are spending $100,000 per campaign to tap into bloggers. The IAB continues to announce year on year growth in digital spends (Mumbrella) which is great for online, but it doesn't equate to investment.

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Scratch the surface on almost Social Media success case study and you will inevitably find some pre-existing social engagement and interaction (i.e. Sportsgirl Forums, Best Job in the World, Fiesta Movement). They are built on a deeper foundation and an environment that fosters ongoing exploration. On the other hand when you look at the stuff ups (i.e. iSnack 2.0, Toyota) you find the opposite... a grab for headlines in a new medium.

The best way to squander money on Social Media is to focus on only short term gains.

11 comments:

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Cayleigh Parker said...

I am grateful for the hundreds of hours each of you put into your blogs. Much success to all of you in the future! ). I recently read a great post by Andrew Hunt about how to drive actual revenue from social media for B2B companies, Is Your B-2-B Social Media Strategy Full of B.S.?, check it out.

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Victor Deloach said...

It is unwise to be spending thousands of dollars on social media alone. That is why, businesses should hire marketing consultancy to help them utilize this technology and be able to maximize its benefits at cost-benefit ratio.

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