Prove it, you say? I don’t believe it, you say?
Recently, a marketing research study by the University of Massachusetts, Dartmouth revealed findings which highlight the importance of social media and the effect it has on consumers. The study focused on millennials and found that as they are liking, sharing, pinning, posting and tweeting …a large percentage are then buying the products they just shared.
Who are these “kids” you may ask? Well, these "kids" are those born after 1982 to around 2003. Many are still young and in school, but the older millennials are also in the workforce, buying homes, starting families and are raising kids. Most probably have spending money.
“It is estimated that Millennials will have a combined purchasing power of $2.45 trillion world wide by 2015. This buying will be carried out online and in stores. “ http://www.umassd.edu/cmr/socialmediaresearch/socialcommerce
What exactly are these Millennials doing and what are their buying habits?
Well, according to the study, the three most popular social media platforms for Millenials are Facebook, Twitter, and Pinterest. They are interacting with brands by following them on these social media platforms, with Facebook having the highest rate at 62% of users following a brand.
To go along with this, more trends emerge as the study found that of those surveyed, 50% make purchases on their smart phones and 25% report using a tablet to make purchases. That is a big % of online shoppers using their mobile devices for making purchases. This isn’t just to read about the products, or view the product reviews, this percentage shows actual purchases.
Check it out:
Crazy to think about, but the brands and products these young people are sharing on social media really do influence what they do off of social media. Now can you start to imagine the answer to “Why is Social Media Important?”
Well, if you are in a business that likes to make a profit, your imagination could start running wild, so here are a few stats from the study put together by Emarketer.comthat may just spark your interest:
Depending what industry your brand is in, you can leverage social media as an important part of your internet marketing strategy. Reaching new potential customers on social media could have a big impact on your business. But knowing your target audience can help you focus your marketing even more.
A blog by Emarketer.com talks a bit more in depth about the type of social media user that is likely to make purchases:
According to January 2014 polling conducted by Harris Interactive for The Webby Awards, 68% of 18-to-34-year-old social media users surveyed were at least somewhat likely to make a purchase after seeing a friend’s post.
Dissimilarly, 78% of social media users 65 and older said they were not at all likely to make a purchase based on what they saw on their friends’ feeds.
The study found that the majority of posts on social networks about new products and services came from women, especially those 44 and younger.
Last but not least, you may be thinking, “But I don’t have an ecommerce website and I don’t sell online. I need customers to walk into my store.”
According to the study, a large percentage of social media users make their purchases online as well as offline. The study noted “All three platforms contribute to both online and in-store purchasing. Seventy-seven percent of Facebook users purchase both online and in-store as well as 66% of Twitter users and 63% of Pinterest users. When it comes to ecommerce conversions triggered by social media, both online and in-store retailers benefit.”
Want to find out how you can leverage Social Media to promote your brand and increase your business? Want to talk a bit more about why social media is important as a part of your internet marketing strategy. We would love to chat so contact us today!
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