In the current edition of The Economist (29 Nov- Dec 5 08), the enormous pulling power of social media is underlined. Referring to a report on internet trends from Morgan Stanley The Economist highlights the fact that five per cent of online time is spent at YouTube and Facebook.
Exploring this trend further, The Economist points out that advertising
has so far proved ineffective on social networking sites because people go to them to socialise and not to shop.
What The Economist does not mention is the fact that there are plenty of tools available to marketing managers that do not fall under the
traditional label of advertising which can still help them promote their
brands successfully in this online context. Marketing managers can use
their own blogging platforms, for example, to help drive awareness,
consideration and loyalty through social bookmarking and links to
dedicated Facebook pages.
Social Media in economic challenging times clearly presents opportunities for innovation which will doubtless be taken up by clever marketing managers.
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