We get this question a lot, both from clients and friends. Look at all the free resources, they say! Twitter = FREEEEE! Facebook= FREEEEEE! Blogging = FREEEEEE! Time to cut your marketing budget, right? Not so, says theKbuzz (and this ISN'T just because we make money through helping clients correctly enter the social media space). It is more a matter of shifting HOW those dollars are spent.
Instead of spending hundreds of thousands of dollars on advertisements, try spending that money on resources-- resources that listen to conversation on communities, monitor, and respond. Instead of spending tens of thousands of dollars on fancy applications, focus on making your product "fancy" enough on its own.
Social media costs money. It costs money to educate yourself on how to enter the space correctly. It costs time-- time to find the right space for your brand, time to listen to what your customers are saying in that space, time set a strategy, to execute that strategy. and to monitor and respond to your customers.
The tools are often free. The social part is what really costs something.
The real question is...what's the cost of not joining the conversation?