The social media industry has exploded since 2007 and the market value of some social media companies is now well into the billions.
By a long shot, Twitter, blogs, LinkedIn and Facebook are the top four social media tools used by marketers (in that order with Twitter leading the pack).
According to Michael Stelzner’s 2009 Social Media Marketing Industry Report, which surveyed more than 2500 people in social media (880 people participated in every part of the survey), the number-one benefit of social media marketing is gaining the all-important eyeball. A significant 81% of all marketers indicated that their social media efforts have generated exposure for their businesses. Improving traffic and growing lists was the second major benefit, followed by building new partnerships. An unexpected benefit was a rise in search engine rankings reported by more than half of participants. As the search engine rankings improve, so will business exposure, lead generation efforts and a reduction in overall marketing expenses. About one in two marketers found social media generated qualified leads.
Major findings from the Social Media Marketing Industry Report:
Helped me close business
It takes time to develop relationships that lead to actual business. However, a large percent of marketers who take the time find great results. For example, 61.62% of marketers who have been using social media for years report it has helped them close business. More than half who spend 16 or more hours per week find the same results.
Generated exposure for my business
Owners of small businesses (2 to 100 employees) were more likely than others to report greater exposure (84.8% reporting benefits). Nearly all marketers who've been doing social media marketing for years report it generates exposure for their business and a significant 64.86% strongly agree. Nearly all marketers spending 6+ hours a week on social media marketing found exceptionally positive results.
Resulted in new business partnerships
Those who invest the most time in social media marketing gain the most business partnerships.
61.83% of people who have only invested a few months in their social media marketing report new partnerships were gained.
Generated qualified leads
Many businesses are hoping that social media will be the Holy Grail for lead generation. Indeed after only a few months and with as few as 6 hours a week, more than half of marketers have generated qualified leads with social media marketing.
Reduced my overall marketing expenses
The only financial cost of social media marketing is the time it takes to gain success. However, a significant percent of participants strongly agreed that overall marketing costs dropped when social media marketing was implemented.
Helped us rise in the search rankings
Improved search engine rankings were most prevalent among those who've been using social media for years, with nearly 80% reporting a rise (and most reporting a strong improvement).
Increased my traffic & subscribers
At least 2 in 3 participants found that increased traffic occurred with as little as 6 hours a week invested in social media marketing. And those who have been doing this for years reported even better results.
