While one CEO recently told me that the Internet is “fantasy land”, the reality and surging success of social networking driving big business. My company, Prescient Digital Media, landed its first client from our activity on Facebook. Yes, that means a company contacted us through Facebook and we signed them as a new client.
While social media is not yet as well used as say news sites, 37% of the US adult Internet population used online social networking at least once a month this year. That figure will rise to 49% in 2011, according to eMarketer. Frankly, I think they’re vastly underestimating the potential growth.
”The continued growth of social networking seems assured,” says Debra Aho Williamson, eMarketer Senior Analyst and author of the new report, Social Network Marketing: Ad Spending and Usage, “unless teens stop social networking as they become adults.”
“By 2011, one-half of all online adults and 84% of online teens in the US will use social networking each month,” says Ms. Williamson.
Additional predictions from eMarketer:
• Worldwide online social network ad spending will grow from $1.2 billion in 2007 to $2.2 billion in 2008, 82%.
• Worldwide spending will top $4 billion in 2011.
• In the US, spending is projected to rise to $1.6 billion in 2008, from $920 million in 2007.
Most companies are now using social media now in some form. Those that aren’t risk falling far behind the competition and being differentiated to the scrap heap.
