Spending on social media and conversational marketing will surpass traditional marketing spending by the end of 2012, according to a new TWI Survey conducted by the Society for New Communications Research.
Two-thirds of responding marketing, public relations and communications executives said they planned to increase conversational marketing spending in the next 12 months.
Seven in 10 respondents spent 2.5% or less of their communications budgets on conversational marketing.
But nearly one-quarter thought conversational marketing spending would equal traditional marketing spending in five years. More than one-half thought they would be spending more on it than on traditional marketing in five years.
Viral campaigns themselves are inherently designed and structured with grassroots online conversation sharing in mind and can greatly extend a media buy…and a media budget. The good ones have staying power. Burger King's Chicken Fight still gets press.
In fact, with so many ground breaking conversational viral video campaigns online, it's know wonder Competitrack in the U.S has just launched its Online Viral Monitoring service, consisting of a database of over 4,000 viral ads to date.
Incidentally, Joseph Jaffe's new book Join the conversation: How to engage marketing-weary consumers with the power of community, dialogue and partnership, is out now.