Many businesses are turning back the clock and placing a greater emphasis on traditional word-of-mouth marketing and the latest social networks to grow their market share.
Whilst word-of-mouth marketing has been around since business started, companies that have cut back on marketing spend are re-educating their sales teams to increase their networks, attend events and be ‘out there’ speaking with people rather than other forms of marketing expenditure such as advertising.
This trend is not new but is being revived due to the current economic climate prompting small to medium sized businesses to sit tight, reduce expenditure and find other ways in which to market.
Social networks are also the big winner in 2009. Having come of age, businesses have seen a demand roller-coaster for social networks peak and then flatten out, only to rise again and go from strength to strength in 2009.
Businesses are using the facebook and myspace platforms for business to business marketing.
With the office junior as accomplished as that of a senior marketing manager, this cost-effective medium has gained traction.
How does social media fit into the current marketing mix of direct mail, advertising, public relations and online marketing?
Wikipedia definition is that it “describes the online technologies and practices that people use to share opinions, insights, experiences and perspectives with each other.”
Through MySpace, YouTube and FaceBook, consumers are sharing experiences through the written word, photos and video.
Marketers are now taking advantage of social networks and deepening their relationships with consumers and businesses.