The advent of Web 2.0 has given rise to the Social Networking evolution. It has transformed web interactivity to a whole new realm. The forces and its impact are still being carefully, apprehensively and sometimes skeptically monitored by corporate marketers globally.
Factors holding back Social Network Marketing Corporate SpendingSadly, at this stage of social networking evolution, corporate marketers are merely monitoring with much inertia towards adopting some form of social network marketing. The reasons are obviously, non-existing business model and returns measurement system to convince corporate decision makers to commit big budgets.
To understand the inertia is to understand the psychology of the corporate decision making which is fundamentally financial based, to say the least. Without a convincing business model and ROI measurement system, companies who dare to venture into social network marketing is seen as shooting in air.
What Corporate Marketers Really Need for Social Networking ViabilityThe public relations professionals, corporate marketers, CMOs and CFOs of even the largest corporations are only now starting to grapple with the real impact of how the social networking platforms. Until they are able to derive a strong business model and financially viable strong business model supported by convincing ROI measurement system, corporate decision makers will be staying on the sidelines, merely monitoring the scenes and not getting their hands dirty.
This has broached an age old chicken and egg issue. One should spend in order to enable the success of social network marketing or wait at the sideline until someone develops a viable business model is developed as an industry standard and miss out on the first movers advantage on massive business opportunities. CMOs and CFOs, this is some food for thought.
While currently, there are corporate commitments in Social Networking spending, these are expenditures mainly by related industry major players or big budget spenders like IBM, Reuters, Nike, Adidas, Proctor and Gamble etc with vested interest as first movers testing the system. There is much convincing work to be harnessed before others jump onboard the bandwagon.
However, there is at least one fact which we can ascertain to be true, that Social Networking, with its more than 300 social networking sites worldwide, and cumulative membership of close to one billion people, is definitely a future if not current consumer force waiting to be mined for gold.
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