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Spending on Conversational Marketing |
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Spending on social media and conversational marketing will outpace that of traditional marketing by 2012. Marketers must do to become a part of the dialogue and how to leverage conversations in ways that benefit businesses, brands and lives, according to a study by TWI Surveys.
Nearly 57% of respondents report that in 5 years time, what they spend on conversational marketing will be greater than that of traditional marketing, while another 24% believed it would be the same as traditional marketing. Significantly, 81% of marketers believe that in 5 years they'll be spending as much or more on conversational marketing vs. traditional marketing. The findings indicate that while social media adoption is still very much in its infancy, communications professionals foresee significant growth in adoption and spending over the next five years.
* 70% are currently spending 2.5% or less of their communications budgets on conversational marketing
* Two-thirds plan to increase their investment in conversation within the next twelve months
* 57% project that in five years they will spending more on conversational marketing than traditional marketing
* 23.8% believe that spending on conversational marketing will be the same as traditional marketing in five years
* In total, 81% of all respondents project that by 2012 they will spend at least as much on conversational marketing as traditional marketing
The rise of digital media continues to make significant inroads into the mainstream media pie. Conversational marketing investment will make up the third pillar of the new marketing model. Community and Conversation to the Four P's of marketing: Product, Place, Price and Promotion. The primary obstacles, currently preventing Marketers from investing more in conversational marketing include:
* Manpower restraints - 51.1%
* Fear of loss of control - 46.9%
* Inadequate metrics - 45.4%
* Culture of their organizations - 43.5%
* Difficulty with internal sell-through - 35.8%
As a reference benchmark for conversational marketing, current Nielsen data shows Myspace leading the Social Networking sites, and Blogger leads the blog sites.
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