Will Businesses Increasingly Turn to Social Media To Survive Economic Meltdown?

The title of the press release from Webguild for the Social Media Strategies Conference in San Francisco caught my eye today when I was browsing my daily search media news:

Businesses Embrace Social Media to Survive Economic Downturn

Will Businesses Turn to Social Media

This encompasses something I’ve been thinking a lot about as the economy has been spiraling downward, and that’s probably crossed your mind too.

In an economy that is increasingly failing, many companies are looking for easier, cheaper ways of marketing, thus turning to the online sphere.

In the current economic market, many companies have seen their marketing and advertising budgets cut, forcing them to find other less-traditional, more creative avenues for their marketing campaigns.

Enter Social Media Marketing. Whether a company decides to keep it in-house or hire out, Social Media Marketing is an effective, cheaper marketing solution to traditional marketing.

It has the added benefit of drawing a company closer to clients and potential clients and opening a pathway for businesses to communicate with clients on a more personal level, creating company and brand loyalty, a factor that is increasingly important in today’s market.

Social Media Marketing - Increasingly Important in the Market Today

Additionally, whereas you might pay, say, around 2000/mo if you’re a small to medium-sized company for a full-time Social Media Marketing campaign, you’re looking at thousands of dollars for traditional marketing campaigns, at the very least.

Just hiring a PR firm to handle your press can run higher than 5000/mo.

Business are slowly coming to this realization as well, seeing Social media as a means of surviving and thriving in the economic downturn.

As David Carrter states, Social Media Marketing supports two things you absolutely must do during economic uncertainty.