I have said this line to a number of executives of late, and they are “Social Media helps make your traditional marketing more effective! It is supposed to complement and enhance your traditional marketing campaigns, not replace them!”
Look- the economy is lousy! With a lousy economy, business executives are always looking to cut costs. But cutting back on traditional marketing in favor of an engaging SM is cutting off your nose to spite your face. Social Media is an investment of resource allocation! SM takes planning! SM takes man power. It takes unique content. Traditional marketing is the vehicle by which you can deliver the good work you are doing in the social avenue.
I wanted to nip this in the bud now! Social Media is an investment, not a cost cutting maneuver! It can be a cost cutting maneuver if engaged successfully. For example; many companies have been able to shorten their speed to market with new products, within social media channels. Quick sales and new revenue in a fraction of the time traditional marketing takes! Other companies have let the users answer customer service questions, and many times been even more helpful than a normal customer service representative would be. The results? Saving on customer service costs! Again, these are not examples of successfully cutting traditional marketing, but rather enhancements to business process and marketing efforts.
For more case studies visit the fine chaps at Mashable!