This article, sub-titled 'Getting the tastemakers on your side' has some interesting research on engaging with the blogging community. It highlights that companies are now more concerned with trying to reach those of their audience that affect others most.
The useful fact I instantly took away from this report was that:
About twice as many marketing leaders used blogs and social networks than did non-leaders.
However, caution should go hand-in-hand with optimism. You need understanding about who you are dealing with and to measure your market before & afterwards.
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