Social Media Spending Predicted to Grow by 34% In 5 Years
From today’s PR 2.0 post by Brian Solis today, The Decline of Traditional Advertising and the Rise of Social Media, we see that Forrester Research is predicting strong growth in Social Media and Mobile advertising spending over the next five years.
Social Media spending is predicted to grow by 34% from $716 million in 2009 to a forcast $3,113 million in 2014. Advertising on mobile devices is expected to grow by 27% from $391 million in 2009 to $1,274 in 2014.
Why is this no surprise?
- Social media is more easily accessibly on mobile devices
- Mobile devices are more accessible (read cheaper) to own than laptops and desktop computers, so more people have them.
- What do you carry with you all the time? Your keys, your wallet and…. that’s right, your cell phone.
- People are much more accustomed to getting information anywhere anytime, than having to wait to look it up at a specific location, like a library, newspaper stand or even their own desktop computer.
- People are much more mobile, traveling more frequently, because being away from the office doesn’t mean being disconnected from work.
- Your mobile device is personal and social media keeps you connected with all your friends, colleagues and the relationships that make your world go round.
- Mobile application development is rampant.
- Smaller is better (i.e. carrying a phone instead of a laptop) and your phone is not just a phone – it’s also your email, your SMS, your Facebook, Twitter, LinkedIn, web browser, your music and almost anything else you want to use it for.
- Attention spans are getting shorter and quick messaging is en vogue
- Your mobile device is the only thing an advertiser can be pretty sure paying attention to when you’re available to receive information
- Because everything is digital it’s much easier to track usage, trends and customer behavior online than it was with traditional media and this leads to innovative ways to personalize information so that it is valuable to each consumer.
If you’re not participating in social media yet, jump right in. As Brian says “Participation is Marketing” and you have to participate first as a person (not a marketer) in order to understand the medium and how to work within it.
I highly recommend Putting the Public Back in to PR by Brian Solis and Deidre Breckenridge. The marketing field is evolving and you need to know how to keep pace with it.