Most of the professional service firms I observe are early in their learning curves regarding how to embrace social media -- blogging, podcasts, Internet communities. Most, except for the largest firms, still shy away from advertising. (Only 5% of the more than 375 respondents from our recent study "Increasing Marketing Effectiveness of Professional Firms" labeled Advertising as a "best results" initiative over the last three years.)
For those professional service firms considering ways to harness social media vehicles in their marketing strategies, some wrinkles are under way that should be monitored.
- The continuing shift of advertising from traditional electronic media -- in this case, television -- to the Internet, including blogs. Take a look at a recent news clip announcing ACNielsen's plans to track TV viewership of commercials (WSJ registration may be required). Pundits predict this will drive advertisers' to shift their ad campaigns even more quickly to the Internet. Blogs increasingly are incorporating advertising, even though my quick review yesterday of most professional service-oriented blogs indicates this has not happened in our arena yet.
- Big PR holding companies are making moves into providing services related to buzz marketing and social networking (WSJ registration may be required). Recently, WPP Group and Interpublic Group have both made acquisitions or investments in online communities like myspace.com.
I urge professional service firms to pay attention and consider ways to harness these shifts. We must commit to making intentional decisions about how to incorporate social media into our firms' marketing strategies.
Let's not get caught marketing with the best buggy whips, when everyone else is driving cars!
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