Raymond socmed adspend seen up 400%

Raymond's spending on social media is likely to grow by 400%.

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

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 percent growth in the first quarter of this fiscal,according to a press note issued here.

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.

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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 two lakh to Rs 50 lakh a year on social marketing campaigns.