Facebook, Instagram, Twitter, LinkedIn!!!
Who in this digital world is unaware of these social networking sites today?
It has become the human nature today to scroll at least one of the above sites before starting their day.
They have become so much dependent on this social media that they look for all the suggestions, answers, trends and needs on these platforms.
Either they seek ideas and inspirations for their buying decisions, or they watch out for the most trending things at the present time.
The social media reliability has increased so much that around 71% of the consumers are making their buying decisions based on their social media research and referrals.
The feedback from online friends’ matters to them and the community appraisals keep them motivated.
Some related stats to know:
- More than 70% of consumers make their purchase based on social media referrals.
- 81% of users got influenced by friends and family- Forbes Research
- 78% of users got influenced by social media posts of companies- Forbes research
- 41% of consumers make buying decisions unintentionally flowing with the emotional desires of shopping.
- 44% social media savvy women say their buying decision is influenced by a trusted blogger- Business2Community
The reasons why customers are getting affected by social media for their purchasing decisions include various factors like emotions, evaluations, discretions, comparisons, etc.
Let’s dive into the detailed insights below:
- Psychological Turn– Either rational or emotional, a human being has always been influenced by choice of his peers. If the friend of higher status is using or flaunting a particular product on his social handles then somehow it is convincing the others to aim for that product too.
Celebrity Factor– If some celebrity is advertising the product, depicting the use of the same, most of the persons will automatically get attracted towards it and will imagine the same on them as being shown in the demonstration of that ad.
Trust Factor- If a friend or family member recommends a product, it makes more trust score than any other selling technique, and social media is one of the easiest and most popular media to know about the choice of the dear ones.
- Trend Setter– Social Media is being recognized as the most influential trend setter in the recent times. May you believe it or not, but the facts say, the thing that is being flaunted by your friends on their profiles becomes the trend for you most of the times.
- Price Comparison Ease– The World has become smaller because of these growing social media networks. Consumer seeks a wise advice and the best-compared price. Social Media gives it all at one single platform. The more informed will be the buyer, the wiser will be the buying decision.
- Reviews and Product Info– Nice Reviews are becoming the next major buying criteria for rising brands. People can show anger and can shower their love for the brand on the social media, which in turn got monitored by millions of other prospective buyers of that particular company.
- Modern Lifestyle– Yes, by this modern way of life, we are pointing towards the rising trend of sitting back at your place and enjoying in a virtual world of friends. The modern times demand the friend’s suggestions online as opposed to the real world physical interactions and thus, in turn, gives a significant share in the list of the reasons Why Social Media is Influencing the Consumers’ buying decisions?
Next is the Info graphic by Invesp which will support the truth behind above-given insights.
Take a look-
Now as you must have understood by now that why the consumers get influenced by social media, let’s discuss how brands can be benefitted from this particular engagement.
- Increased Number of Followers: Brands can have their own set of followers on social media, and all that we know here is- More followers’ means more fans and who in this world would not like to have a huge fan following. Social Media can do this for the brands with utmost ease.
- Influencers Pool– Brands can turn their customers into brand ambassadors with some attractive rewards and free samples etc. These strategies can create a good deal of influencers’ pool for the brand.
- Product Announcements– Reach to the customers has become easy with personal social media channels of the brands. They can now quickly announce the new product launch or any existing products information, its features, advantages, etc. through this media.
- Market Research– The research is important to keep the brand updated with the running pace of the market. The brands can know the needs, demands, problems and desires of ordinary people through social media and can proceed accordingly.
- Positive Reach– Brands can motivate the happy buyers to leave a positive feedback which in turn would leave a significant influence on prospective buyers of the product. The promotions targeted to the specific set of customers and the success stories of the brand can do real wonders.
- Competitors Cut– The brands will get the direct chance to face the competitors with the real challenge and hence, can plan the marketing strategy accordingly. Today, the customer is informed better than ever and hence; the social media deals can attract a lot of profit for your company.
This way, the field of digital marketing is growing and benefitting the whole world. Be it Brand, Influencer or the competitor, the social media has not left anyone untouched with its advantages and the unavoidable need.
All-in-all we can say that today’s customer is well-aware of the technology and knows the way to get the best out of it. Brands are making most out of this growing practice and to keep oneself updated with the dynamic market trends; the consumer and the brand should embrace this things with a smiling face.
The social media influenced buying practices not only encourage honest shopping experiences but will also make the world better in a simple, straight and advanced way.
Accept It!!Welcome it!! Get benefitted from it!!