GRM gets quite a few inquiries about social media. (Yes, we love referrals).
Often, the questions relate to how social should be budgeted – what should be eliminated from the marketing program to make way for social. As chart from dailytekk.com confirms, social has very real value in the ad marketplace.
Some facts to consider:
1. Social media is a reach vehicle at $5-7 cost per thousand, but not incredibly more efficient than good ad campaigns at some scale.
2. Social media posts are considered more credible than other forms of advertising.
3. Due to the very nature of the medium, social sites offer a tremendous pass-along value simply not there in other media.
4. Social sites offer the opportunity to test multiple messages, visuals and promotional concepts at no or little cost. With a very fast read on response.
5. Social media is measurable at a similar scale of syndicated media.