If you’re not using social media as part of your recruiting efforts yet, here’s some motivation: revenue from social networking sites is expected to rise a whopping 43.1 percent this year, hitting a total of $16.9 billion.
That’s according to a new forecast on social media revenue from Gartner, which examined past revenue from sites like Facebook, Twitter, and LinkedIn, and asked analysts how that revenue will grow over the coming years.
What does this have to do with recruiting? It means that more people are going to be using social media sites and more companies are going to figure out how to monetize the actions from those users.
So it only makes sense that you establish a presence on all the popular social media sites now, so you can interact with the online community and find some great candidates by advertising your jobs or tapping into your networks’ connections.
Here are some interesting facts from the report:
- Social media revenue is expected to rise from $11.8 billion in 2011 to $16.9 billion this year, making for an increase of 43.1 percent.
- Revenue from social networking sites should reach $34 billion by 2016.
- Advertising accounts for the largest portion of revenue from social media sites, expected to hit $8.8 billion this year, followed by social gaming at $6.2 billion, and subscriptions at $278 million.
- The number of people using social media will grow at a moderate pace as competition and new technologies keeps people engaged.
- Marketing departments are going to spend more of their advertising budgets on social media sites.
“New revenue opportunities will exist in social media, but no new services will be able to bring significant fresh revenue to social media by 2016,” Neha Gupta, a senior research analyst with Gartner, said. “The biggest impact of growth in social media is on the advertisers.
“In the short and medium terms, social media sites should deploy data analytic techniques that interrogate social networks to give marketers a more accurate picture of trends about consumers’ needs and preferences on a customized basis,” she added. “In the meantime, however, they should also continue to exploit other channels of revenue like mobile advertising and social commerce.”