With spending for social media advertising set to reach record levels in 2010, brands need to weigh up the balance of being the first in their market to move online compared to waiting for competitors to make the first move, according to PR company Punch Communications.
The figures, collated by eMarketers, suggest spending of social media advertising will reach $1.68bn during 2010, a 20.3% rise on $1.40bn spent the previous year. This news backs up previous reports from earlier in the year that a number of Facebook’s largest advertisers were increasing their spending ten-fold.
These figures highlight the importance of social media in the modern age, not least in terms of spending. With brands’ online PR and advertising budgets continually increasing, social networks are a clear target for brands to vie over for exposure.
Brands that refrain from creating online profiles are likely to find it is to their detriment. This move doesn’t necessitate the need to spend on advertising, but brands should at least create an online presence to help target social networks. With certain brands prepared to spend such a large amount on reaching users through advertising, social media is clearly an important medium for brands to use to maximise exposure and consumer engagement.
Pete Goold, Managing Director of Punch Communications, said: “Social media advertising is already a colossal market, but the projected spending is set to mostly cover a small number of sites, with brands rapidly adapting their marketing strategies to incorporate the leading social networks.
“Not all brands need to spend money on advertising through these networks, but should instead focus on using their online presence to engage with more consumers and markets. Buying advertising space may help raise brand awareness, but the possible benefits of utilising social media are far greater.”
Punch Communications is an integrated Search and Social Media PR agency at the forefront of presenting its clients with online PR to help maximise brand awareness through digital means. Through its focus on tech PR, Punch ensures its clients are kept up to date with the latest advances in digital marketing to help maximise their online reach and reputation.
For more information, please visit punchcomms.com or call 01858 411600