MKT 595 Week #3
This weeks blog is centered around Social Media and its current and potential impact on the world. My wife actually forwarded on the YouTube video I have embedded below and I have been moderately obsessed with it ever since. Some of the statistics that struck me the hardest:
- Gen Y's will outnumber baby boomers by 2010
- 96% of Gen Y's are part of a social network
- Facebook has more users than all but 3 countries have residents (yet China's Qzone has even more users)
It is obvious that companies that do not want to be left behind need to embrace Social Media in some way. Younger generations are using these outlets as a one stop shop for news, communicating with friends and learning about new products and trends.
A supplementary benefit of Social Media is that it is free. Companies can make millions of impressions on consumers without having to purchase media (tv, movie, radio, print) time and space. Some companies employ third parties to manage and develop their social media sites, but again this pales in comparison to the cost of a prime time 30 second tv spot.
Have you had any experiences with companies you do business with using Social Media? If so, which do you feel were the most effective and why?
Thanks for stopping by and have a great week!
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