Much has been made of the potential for advertising on social networks. With their appeal to a younger audience that fulfills the demographic fantasies of many marketers, they have been promoted as the next big profitable ground for businesses to plow.
Google's fourth quarter earnings took away some of the luster from social network advertising, as the company blamed lower than expected earnings from advertising on MySpace. Google paid $900 million for the privilege of delivering search and advertising to the site, but their Q4 2007 complaints sounded a little bit like buyer's remorse.
We see opportunities to take advantage of social network advertising, like that offered by Facebook through its ad program in the right circumstances. As a business in a college town, where the likelihood of strong Facebook participation exists, it has to be considered for a marketing campaign for a business competing for the young 20-something consumer.
Without a heavy base of college-age consumers, or being a proprietor of items that appeal to a different audience, like homeowners or parents, contextual search ads still look like the place to be. Suggestions on making a site search engine friendly will help pick up visitors in regular search results. Consider efforts on doing so time well invested in growing the business.
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Comments
Advertising on social networks
I personally think that the way to go online is not to pay to have a presence but to actively get involved, such as by setting up a page for your business on MySpace or Facebook and using that as a tool to reach out to your target audience.
I've never been convinced that paid advertising online fares much better than paid advertising in traditional media. It's much better (more credible and authentic) to get a story about your business published in the newspaper than to pay for an ad, and similarly it's better to have a page on MySpace than to pay for placement there (excluding pay per click).
One other point, these social networks are definitely not just for the 20-something, college-age crowd. All age groups are getting on in huge numbers. A couple stats I found:
Hear! Hear!
Thanks Lyn for writing the comment that I would have written. This isn't the first time I've read the "everyone's a college kid" (David you're the guilty party), and I shake my head each time.
I have an appreciation for statistics. Broad statements with no apparent basis in fact make me uneasy unless one were to clearly state at the beginning, "this is my personal belief, right, wrong, or indifferent."
Enough with the college kids already... I'll never see that day again yet I haunt social communities for the pleasure of hanging out, making friends, and yes promoting business appropriately.
Again, thanks Lyn!
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