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An estimated $900 million will be spent on social media advertising in the United States this year, and that figure is estimated to hit $2.5 billion by 2011. This is for advertising only. Millions more are being invested in other social media marketing techniques as websites like FaceBook and MySpace offer increasing opportunities for businesses to reach potential customers.
Social media websites are only beginning to realize their full potential and are quickly offering improved advertising opportunities for businesses.
While MySpace remains the market leader, FaceBook's recently launched FaceBook Ads system has added a feature where users can recommend products to friends. It's estimated that an individual is three to five times more likely to buy a product if a friend uses and recommends it. In addition, FaceBook is also allowing corporate profiles. Microsoft, Sony, Coca-Cola and Blockbuster are already among the heavyweight names that have signed up.
There are also more traditional web advertising opportunities available on FaceBook. You can buy traditional banner ads that will be placed at the top of pages. You can also buy flyers that can be targeted at a particular university, company, or group.
These are a great way of targeting a specific audience.
FaceBook is just one example of an excellent social network marketing and advertising opportunity. YouTube and many other Web 2.0 sites are also offering opportunities for commercial ventures and offering revenue sharing opportunities to contributors.
As Web 2.0 develops, consumers are expecting a richer and more interactive internet experience. With this in mind, businesses are offering a more interactive and dynamic online experience for users, using a variety of media—text, audio, and video.
Because of the participative nature of social network marketing, you can advertise your product or service free of by online word-of-mouth, or viral marketing as it's commonly referred to. Marketers are striving to come up with original, and hopefully, popular content that will strike chords with a diverse consumer base.
Businesses of all types, large and small, can leverage this opportunity by jumping on the social network marketing bandwagon. As the effectiveness of traditional advertising and marketing techniques fade, Web 2.0 marketing is the future.
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