In 2006, the total marketing spend on social media was $350 million, the forecast spend, according to Aaron Barnes, for 2011 is more than $2.5 billion.

The 2008 Cone Business in Social Media Study says almost 60% of Americans interact with companies on a social media web site, 25% interact more than once per week. 93% of Americans believe a company should have a presence in social media, while an overwhelming 85% believe a company should not only be present but also interact with its consumers via social media. 56% of American consumers feel both a stronger connection with and better served by companies when they can interact with them in a social media environment.

Check out this video by Socialnomics which answers the question is social media a fad or is social media the biggest shift since the Industrial Revolution!

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