In 2009, online media expenditure outstripped television advertising expenditure for the first time, growing by 4.6%, to £1,752.1m, in the first half of the year, according to the bi-annual online advertising expenditure study conducted by the Internet Advertising Bureau in partnership with the accountancy firm PricewaterhouseCoopers.
This trend towards online advertising, coupled with the trend for Internet users to interact via social networking sites, has led to increasing interest from marketers in engaging themselves in online communities. Social networking sites are playing an increasingly important role in marketers’ media arsenal, not only because marketers cannot afford to ignore them but because they allow a much closer relationship with their markets. As well as advertising on these sites, marketers use them to enhance brand awareness, reputation and other public-relations (PR) objectives, as well as to generate leads and even sales by driving traffic to their own websites.
Social networking sites have developed rapidly (and continue to evolve) since the launch of Friendster in 2002, followed by the development of MySpace and LinkedIn the following year. Facebook emerged from its Harvard University beginnings in 2004 and Twitter was launched in 2006. (Taken from report introduction)
This report from Key Note looks at the social media landscape, the way in which social media technologies are being employed at an enterprise level, the extent to which marketers are using social media and which social media they are using. It includes interviews with practitioners from a range of business sectors who are already using social media for marketing in the UK. Key Note has also compiled a list of ‘top ten tips’ for small businesses wishing to engage in this activity, which seems certain to increase in importance in the future.
The report is available to current London Business School staff, students and faculty from Key Note Online which can be found on the A-z list of library databases via Portal.