Graphic provided by: Northeastern University Online MBA program
The development of social media by sites such as Facebook, YouTube, and Twitter in the early 2000s has taken the business world by storm, especially in the world of business marketing. Technological innovations have marked the end of craftily place billboards, now the most efficient way of reaching customers is through social media. Marketing experts believe this so much that they are already spending eight percent of their budgets on social media outlets – a number that is gaged to rise to over 20 percent over the next five years. Marketers are now engaging with more and more customers on a more intimate level by reaching previous inaccessible communities and enabling viewers to influence web page content. This has both increased sales and customer satisfaction as well as lowered costs associated with ineffective ad placement. New advances such in content creation, video marketing, and social media use are expected to drive marketing into the future.