Can Your Company Afford the Higher Cost of Social Media in 2014?

By: Cameron Joye

January 22, 2014

Tags:
advertising
analytics
content marketing
engagement
hiring
monitoring
social media
social media budget
social media monitoring tool
social media tool

Before social media marketing was a hot commodity, few costs were associated with running a social media strategy. Many companies still casually shrugged at the idea of a social media presence due to the the unknown power of digital.

Oh my, how things have changed! Brands now intensely compete for the attention of the seemingly infinite users social networks possess. Consequently, they put big money behind it too! Entire social media teams keep content fresh and interesting, engage with communities, and keep customers happy online across several social media networks.

Companies put a lot of brainpower and big bucks behind social. Creatives now design innovative and unique marketing campaigns around specific platforms. Brands also buy followers and likes, compete for ad placement, and develop strategies for increasing their reach. People are constantly raving about content marketing and how to appeal to people’s interest to reel them in for a sales lead.

Social is big business now, and here are 7 ways brands will open up their wallets even wider in 2014:

1. More Content: Content, content, and more content is what’s got everyone talking. Nervous marketers try to stay ahead of the curve and remain relevant. Creating new and unique ideas for content is difficult, but it’s questionably one of the most important building blocks of a successful social strategy. That’s why brands will definitely be throwing more time and money at it this year.

2. Growing Your Reach: As a brand’s audience continues to grow, there will be more pressure to keep up with that growth. What does this mean? Companies will have to pay to continue reaching the largest number of people possible with their high quality content.

3. Monitoring, Filtering, and Analyzing Conversations: With the high volume of content and engagement traffic, the purchase of a social media management tool becomes necessary. In the past, it was considered a financial luxury enjoyed by few. But, it’s time to break the piggy bank and invest in a solid tool that monitors, analyzes, and engages with people.

4. It’s Time to Hire: To meet the endless demand for content, brands will have to hire more creative minds to churn out the sort of ideas they need. But with all this data, who is going to be there to watch, measure, and analyze it? With the advent of social media marketing, several new jobs have started popping up. Expect this trend to continue for the unforeseeable future.

5. Syndicating Your Content: The rate at which content is created and distributed in the digital space is overwhelming, and brands should dedicate more money to outsourcing their ad placement. They will probably need to hire more specialized companies who will subsequently distribute their content in numerous targeted areas.

6. Pay to Play. Influencers are realizing their brand advocacy carries cachet similar to that of celebrities and, therefore, start to take advantage of potential profitability. If you want an industry player to give your brand their stamp of approval, you’ll probably shell out some cash to encourage them. All the more reason to develop a die-hard fan base who gladly does the talking for you!

7. Getting Your Content Seen: Companies can expect to cough up major funds if they want their content to reach a broader audience. Social networks are seeing dollar signs in potential advertising revenues and reward brands who aren’t afraid to spend. Brands with a stronger social presence (i.e. more likes and followers) receive a better deal from social networks like Facebook because they fit more closely with its idea of “social context”.

Via: PR Daily