Raymond sees 400% growth in social media ad spends

Raymond Ltd, world's largest producer of suiting fabrics today said its ad spend on social media is likely to grow by 400%.

The company had spent about Rs 35 crore on advertising and marketing last fiscal of which Rs 5 crore was on social media which was witnessing 400% growth in the first quarter of this fiscal, according to a press note issued.

The company conducted a search for a new 'Complete Man' ads through a first-of-its-kind model hunt through Facebook in Q1 FY13 and for which it attracted hundreds of responses from young male models from across India, it said.

A report 'Explosion of Social Media: Transforming the Corporate Business Scenario,' released by ASSOCHAM in late 2011 observed that majority of start-ups, leading national and international companies operating in India are embracing social media to enhance their business and on an average spending anywhere between Rs 2 lakh to Rs 50 lakh a year on social marketing campaigns.