Marketing in the News: Social Marketing Budgets.

    Let's get into it. In this last week of studies, one thing has stuck out to me: when we're talking social marketing budgets, most businesses and corporations aren't spending enough. Why? Reason #1: They're not willing to take the risk when it comes to remarkable ideas (Godin, Seth. Purple Cow: Transform Your Business by Being Remarkable. Portfolio, 2004). Reason #2: They're not advertising in the right places in the right way  (Vaynerchuk, Gary. Jab, Jab, Jab, Right Hook: How to Tell Your Story in a Noisy Social World. HarperBusiness, 2013). This article caught my attention because it dove into the comprehension of how business executives are becoming aware that commerce and communications is changing, and changing fast. 

    The article discussed a brief and in-depth insight into the preferred ways that consumers are conducting their communications for most, if not all of their activities. Social media is ranked as the number one way by consumers to learn, engage, and contact a brand. With most businesses already centralizing social media as the main resource to gather a better understanding of their consumers, the correspondents to the Harris Poll stated that it would play an important role within their sales, customer-service, products, and research. Looking at the pandemic, we can all agree that we've seen an increase in the usage of technology and social media platforms to conduct activities that have now become somewhat, if not entirely ritualistic in the standard of living our daily lives. This has opened a larger door for businesses, providing the option to add or increase the functionality of their platforms. 

    Given that this story encompassed many executives from many businesses, I can't pinpoint a specific value of proposition within the article. The article did reference the Harris Poll as one of its main sources for the statistical information. As its contributor, their mission: We strive to reveal the authentic values of modern society to inspire leaders to create a better tomorrow. With this company being one of the longest running firms, their goal is to take hard data through their polls & analytics and find the parallels to the human truth. They challenge accuracy, public opinion, corporate reputation, and brand strategy. Harris Poll finds its unique qualities by using their research to shift research culture and policy. From my evaluation of their site, this can be a challenge in the human aspect of their research that not every business or corporation wants to accept that there is always room for improvement even when the polls show otherwise. When it comes to Harris Poll's branding, maybe it's because I'm new to this, or maybe it's because I like their methodology behind their mission statement but... I like their approach just the way it is! 

    My takeaway from this article is that while not everyone is on board with how fast we are moving into a more advanced technological age of marketing and branding, a vast majority are willing to take the jump into a new category of risk. 

Link: https://www.marketingdive.com/news/nearly-half-of-execs-expect-social-marketing-budgets-to-double-in-next-3-ye/598012/ 

Link: https://theharrispoll.com/