Social media has exponentially increased its presence in society. Thus, a correlation between social media usage and consumer buying behaviors can certainly be identified. Think about it like this: you just purchased a new item, attended a new restaurant, or had an especially bad experience at a particular establishment that supplies a product or service. The first place you turn to either rave or criticize your experience is social media. Individuals are so connected by social media with one another and different businesses that research has shown that many people rely solely on social media for information, reviews, and advice when planning future purchases. A specific study done by Deloitte illustrated that consumers who are influenced by social media are four times more likely to spend more money or make additional purchases. Furthermore, 29% of consumers are more likely to make a purchase on the same day they scrolled through social media than on a day where they did not open an application. These interesting conclusions can be attributed to the following three impacts that social media has on consumer buying behavior. After all, every business’s dream is to influence consumer behavior and build a road that leads to their brand.
Social media builds product awareness. In everyday life, we face simple challenges or obstacles. On these occasions, we typically turn to the internet and social media to provide us with a logical solution. Oftentimes, people do not know which product or service will be most beneficial. This causes additional searching and purchases based on information shared on social media.
Secondly, social proof plays a role in buying decisions. Social proof is the concept that people will follow the actions of the masses. It has emerged as people have a greater desire to imitate the people who have influence over them, including celebrities, bloggers, or important figures in a person’s life. When someone is pleased with a product or service, they speak highly about them on social media. Comments, likes, reviews, and tweets allow customers to interact or respond to influencers. I mean, who wouldn’t want to eat the same cereal as LeBron James or wear the same sweaters as Taylor Swift?
You cannot deny the power of a discount. Deals, promotions, contests, etc. can be effectively utilized by businesses to increase consumer interest and engagement. 64% of online consumers reported that they wait to make purchases until they go on sale. A great way for businesses to increase brand recognition and consumer respondents is through social media contests. Telling people that in order to win, they must follow your account and share it with 3 friends, just gained you 4 more potential customers.
Social media has transformed the market, and provides the perfect platform to advertise, engage with customers, and share your products or services. It is such a powerful tool that it has had an influence on consumer buying behaviors at large in recent years. If you are a business that does not currently have a social media presence, make sure to not let this become a missed opportunity and get involved today.