Social Media: Marketing Myths and Universal Truths

The world of social media can be an extremely valuable tool in targeting prospects — as many marketers have discovered. According to an October 2007 survey of 116 senior marketing professionals, San Mateo, Calif.-based digital marketing optimization solutions provider Coremetrics discovered that 78 percent of respondents view social-media marketing as a way to gain a competitive edge. Yet, only 7.75 percent of total online marketing budgets are allocated to social-networking sites. This disconnect between the recognized value of social-media marketing and current budget allocation reflects the perceived risk and learning curve that marketers associate with advertising through any new medium. But a closer look at some of the myths and truths of social-media marketing shows that many of these risks can be minimized through a deeper understanding of the opportunity at hand.