Television, radio, print and outdoor advertising have been staples in our marketing plans and budgets for many years. The investment and conviction in this type of marketing, also referred to as traditional media, has continued to flatten over the last few years as businesses continue to shift their advertising dollars to interactive media, especially online advertising and social media.

The investment in social media used to only be embraced by the early adopters and forward-thinkers, but has rapidly become a necessity in today’s fast-paced marketplace. A combination of the state of the economy and the shift in the way that people discover, read, and share information has increased the importance of social media to help businesses make and strengthen new sales connections by communicating directly with their customers.

One-way versus two-way conversation

One of the biggest differences between traditional and social media is the conversation. Traditional media like advertising on television, radio, print, etc. is a one-way conversation, an information-based monologue approach just telling people your message. Social media marketing is a two-way conversation, a dialogue approach that allows you to communicate with your customers, form relationships and generate feedback while also conveying your message.

Also, the feedback generated from your conversations, such as customer recommendations and opinions of your business, are considered more valuable and trustworthy than traditional media advertisements. Potential customers are more likely to value word of mouth evaluations rather than company-generated messages and sales pitches.

How much is it going to cost?

With traditional media, you can expect to pay thousands of dollars for a magazine advertisement, a billboard, or a television campaign. Here’s a few numbers to put it in perspective:

•For a local television campaign, you will spend upwards of $2,000 month for a 12 month campaign- that’s $24,000/year.

•For a full page color ad in a national industry magazine, you can plan on spending approximately $5,000 per ad. Invest in 4 full page ads and that’s $20,000.

•For a digital bulletin billboard advertisement in a small city, you are looking at $2,500/month. Invest in a 6 month campaign and that’s $15,000.

With social media, your biggest investment is in time and creativity, with typically a small monetary investment. Joining social networking sites is absolutely free, but once you join it is important to figure out how to leverage these networks to your benefit. If you don’t have the time to research and set-up these networking communities, many professional web companies provide this service for a reasonable price.

How your message is sent and received

With traditional media, the message is directly from the company, with limited space and control of the message defined by the media, reaching a very broad audience. Social media gives you unlimited space and control over your message, allowing you to adapt your message to focus on the consumer and reach a highly targeted niche market. Social media allows customers to co-create content alongside your message- becoming advocates for you!

Social Media Facts

If you’re still not convinced of the significance and necessity of social media, check out these staggering social media facts:

•As of 2008, 57% of internet users are members of a social network.

•Globally, approximately 73% of internet users are reading blogs.

•As of April 23, 2009, there have been approximately 1,585,000,000 tweets to date. For an up-to-date counter check out this site.

• There are approximately 3,000,000 tweets/day.

•As of January 2009, Facebook had 150,000,000 active users, half of which use the site daily.

•As of March 2008, YouTube had approximately 70,000,000 videos posted.

“Are you on Facebook?” is the new “Can I get your phone number?”

The shift in the way we communicate continues to adapt and change. The evolution of communication will ultimately lead to the survival of the fittest. People will continue to shift their communication methods to social networking communities rather than picking up the phone to call or even send an e-mail. This is true for both personal and business relationships.

Think about it- in a few years from now, people will no longer give out their phone number, but rather just say “Facebook Me,” and give their social networking information. This is also true for business, where there will be less reliance on communicating through e-mail and an increase in communication via social networks.

The companies who understand the significance of social media and leverage its reach and power are the ones that will survive and thrive, leaving the others to extinction.

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