Time to face reality: Marketing and advertising are a lot harder to do today than ever before. Half of consumers don't trust print ads or television commercials, and fewer still trust what they hear on the radio. And consumer trust level is even worse for direct mail and outdoor advertising.
What's the No. 1 trusted source of advertising? Word-of-mouth! That's a huge game changer. Before, marketers had to convince consumers to buy their product. Now, they have to convince consumers to convince other consumers to buy their product.
It's no small wonder that marketers have fixated on social media as the solution. Nearly all consumers are using social media these days to share everything with their friends (e.g., hobbies, events, humor, and, sometimes, even information about products and services).
Engagement DB, which studied the world's 100 most valuable brands, found that the level of those brands' engagement with their consumers via social media correlates with revenue. Companies with the highest level of social media activity increased revenue 18% in the previous 12 months, whereas companies with the least activity recorded a 6% drop in sales.
No wonder Nike's chief marketing officer, Davide Grasso, once noted, "Facebook is the equivalent for us to what TV was for marketers back in the 1960s. It's an integral part of what we do now."
Others also took the hint and made social media a priority for their marketing teams. For a lot of marketers, that meant setting up a Facebook page and a Twitter profile. But the results haven't worked out as planned. For many, the sales needle has moved little.
The reason for the lack of results is familiar. The same thing happened back in the day when advertisers were first told that the Internet was the place to be. Their biggest failing? A build-it-and-they-will-come mentality, which still exists. Too many marketers create accounts on Facebook and Twitter, and when nothing happens... they become disappointed.
It's as though marketers have forgotten what makes marketing and advertising really work in the first place. The problem is the lack of engagement.
Take the first step (it's free).
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