Social media’s proliferation into seemingly all facets of society will buoy the marketing industry in the decade ahead.
Marketing management opportunities are expected to grow at a 14% pace by 2020, despite losing one of its longtime cornerstones, U.S. Bureau of Labor Statistics data shows.
“Newspaper publishers, one of the top-employing industries of advertising and promotions managers, are expected to decline 22 percent from 2010 to 2020. However, advertising and promotions managers are expected to see employment growth in other areas, as they will be needed to plan the digital advertisements that replace print ads,” the BLS reports.
Growth in the digital platform is good news for marketers, because the social media audience is among the most captive of consumers. Nielsen reported that in July 2012, American users spent a combined 121 billion minutes on various social media platforms. That translates to 6.5 hours plugged into social media, per user.
And the most popular social medium outlets bring marketers’ messages global. Facebook membership exceeds an estimated 830 million worldwide, with growing reach into Asia. Twitter’s estimated usage in the summer of 2012 ranged from 140 to 170 million activate participants. These are new and innovative ways of tapping into the consumer market, but social media is also giving traditional marketing techniques a 21st Century platform to continue.
Pre-roll ads on YouTube -- which reports over 800 million unique visitors per month –fill the growing void traditional television advertising has experienced in recent years with the advent of digital video recorders and on-demand services. One report estimated YouTube’s ad revenue earnings in 2012 would exceed $3.6 billion, more than doubling the company’s 2011 earnings.
The benefits are seen in multiple ways. YouTube was running on losses in nine digits before adopting a more aggressive strategy with advertisers. For the marketers who channel YouTube’s vast global reach, they touch a huge audience. And for viewers, advertising dollars not only keep the service free for use – it encourages the crowd-sourced engagement that gives YouTube its content. The company gave all video uploaders the option of monetizing content in August 2012, and it has paid off big time.