Time cannot be bought, media space can, but the logic behind investing in both is the same. Building communities and strengthening one’s own channels have grown to be a significant competitor for traditional media, but building them takes patience and perseverance.
They say that visibility and awareness leads to business value, but without actual attention we’ll have no impact on peoples’ purchasing decisions. A big media budget is no guarantee for attention, ideas matter. This means continuously investing time into generating them.
That time is either ours or someone else’s. When the importance of our own channels and communities grows greater, the importance of used time compared to the media budget grows as well.
If time is so valuable, why not budget it as rigorously as money?
The use of social media is still on an “ad hoc” stage in many organizations. By focusing on the right things, we are able to get results. However, we concentrate solely on the media budget, even though the importance of time is growing rapidly: blogs, statuses, and tweets do not write themselves.
Modern marketing requires time and thought. We need to stay up-to-date and react. Regardless of whether we buy media or use our own, all this takes up a lot of daily planning.
We need to learn to budget time for daily social media activity. One cannot assume that the social media team wants to spend their free time working, no matter how great that might sound.
Your team’s time + media cost € = Marketing communications budget
The time function in this calculation will continue to grow in importance, which makes it even more crucial to understand and plan, how time is used now and in the future.