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November 20, 2007

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Jim Tobin at Ignite Social Media

You're right. Lots of hype. Folks saying things like "social media will replace advertising." Nonsense. They serve two separate purposes, but the corporate types who want to stick their head in the sand and ignore social media as a game changer are equally nutty...

Thanks for the mention.

~Jim

Jim Nail

I'd like to see more debate on the topic, too! Thanks for stirring things up some more.

WOMMA weighed in last week with the release of their study about the size of WOM Marketing: $1 billion this year, http://www.womma.org/blog/2007/11/word-of-mouth-marketing-one-billion-dollar-industry-in-2007-expected-to-grow-to-37-billion-by-2011/ This is far short of the 7.8% figure cited above (I'll check that report in more detail). Disclosure: I am on the WOMMA Board of Directors.

One correction: you seem to imply that I think it is all hype -- if I did it would be dumb for me work at Cymfony! In my latest post on the topic http://blog.cymfony.com/2007/11/im-not-the-only.html I note that the hype is in the VC/media community; but I have no doubts consumers will continue to use social media more and more.

Let's keep the conversation going!

Jim Nail

I'm back -- I missed on the first read that the 7.8% was of ONLINE budgets. If online budgets are about 8% of total marketing budgets (as Forrester states http://www.forrester.com/Research/Document/Excerpt/0,7211,42463,00.html) then 7.8% of that is about .6% of budgets, which is about in line the with WOMMA report.

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