The importance of social media and networking has never been more critical and timely. The usage of these sites is not a passing fad. This is the way consumers engage, share information, and make recommendations and shopping decisions. The average consumer mentions specific brands over 90 times per week in conversations with friends, family, and co-workers. (Keller Fay, WOMMA, 2010) Furthermore, retailers and brands should be aware that 53% of people on Twitter recommend companies and/or products in their Tweets, with 48% of them delivering on their intention to buy the product. (ROI Research for Performance, June 2010)
As a retailer or brand, if this isn’t on your radar today-you are missing a critical channel in your go to market strategy. A client of ours mentioned that a major retail brand used to promote their end of season sale via email and made $100,000, just a year ago. But this year, they made $1.4 million in the same time frame on the same end of season sale. How did they do it, you ask? Facebook.
In a study conducted by social networking site my Yearbook, 81% of respondents said they received advice from friends and followers relating to a product purchase through a social site; 74% of those who received such advice found it to be influential in their decision. (Click Z, January 2010) Now you know the power of social media and commerce.
Tags: Social Media