If it seems as though more people are “tweeting” these days, it’s because they are. Twitter currently boasts more than 4.5 million users—70 per cent of which joined in 2008 alone. So what’s driving Twitter’s exponential growth? Some believe the recession has been a main contributor to Twitter’s recent growth with many marketers cutting back on traditional media spending in favour of social media.
In a time when many marketing budgets are being trimmed, Forrester research has found that 53 per cent of marketers plan to increase their social media budget during the recession, while 42 per cent will maintain their spending on social media. Compared to most traditional media, Twitter is inexpensive and many marketers are finding real value in the word-of-mouth generated from the social media site.
Even traditional media organizations have embraced Twitter to market themselves. Of the mainstream media players on Twitter, CNN, The New York Times, and BBC currently have the greatest reach. With marketers and even traditional media outlets themselves adopting Twitter and other social media sites into their marketing plans, one can only wonder if what the impact on traditional media will be. With social media on the upswing, traditional media will likely have to adapt or get left behind.