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Impact of Social Media on Consumer Behaviour

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on 10 February 2014

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Transcript of Impact of Social Media on Consumer Behaviour

Influence of Social Media on Consumer Behaviour
SOCIAL MEDIA
&
Consumer Behaviour

Why Social Data is Important?
Let’s discuss facts:
Top 4 Reasons – Why Consumer or
Brands on Social Media?
Top 5 Reasons – Why Consumer or Brands on Social Media?
Overview
Social Media & Consumer Behaviour
Influence of social media on consumer behaviour
Why Social data is important?
Research facts
Top 5 reasons why consumers like or follow brands on social media
Top 4 reasons why consumer unlike or un-follow brands on social media
The Survey
Trends in consumer behaviour
Proven facts
7 Step Process of going Social
Two broad disciplines
where is the connect?
Consumer Behaviour was relatively new field of study in the mid-late 1960’s*.
Because it had no history or body of research of its own, marketing theorists borrowed heavily from concepts developed in other scientific disciplines, such as-
Psychology (the study of the individual)
Sociology (the study of groups)
Social Psychology (the study of how an individual operates in groups)
Anthropology (the influence of society on an individual), and
Economics
Social Media is a Channel on which Consumer Behavior is reflected directly and is visible to everyone on the real time basis.
Hence, that’s the connect between Social Media & Consumer Behaviour!

SOCIAL MEDIA CONNECT
Who is the NEW Consumer ?
Influence of
Social Media on
Consumer Behaviour
Social Media gives opportunity to communicate with customers.
It allows greater ‘Reach’ with ‘targeted communication’ that guaranties company’s message is received by the consumers.
Social Media has given power to consumers resulting in to ‘Empowered Consumerism’
Two way communication – creating interactivity – direct effects on consumer behaviour:
1. New voice of consumer
2. Consumers are now “Researchers”
3. Consumer’s Loyalty
Consumer’s rapport with the company
E.g. personal experience with ‘Things Remembered’
4. Consumer Advertising (WOM principle works faster here)
Provides direct access to consumers
Useful hints on What to discuss and what not to discuss
Useful in developing business
Understanding ‘Who’ is using the product/service, why and other usage behaviour
Deciding on other marketing strategies
There are four categories of Consumers:
1. Professional Networker and Explorer
Uses SM to build and maintain good relations with customers and all the work related people.
Likes to read and collect information about product and services.
Constantly look out for new things online.
2. Socialisers
Likes the feeling of being always connected to others
Likes to read about other people’s lives
Enjoy sharing reviews on social media networks
3. Pessimists
Social Media creates Nuisance
Social Media are waste of time
Social Media are misinterpretations of reality
4. Connectors with Purpose
Uses SM to communicate with limited network of people. (limited to their specific interest only.)
Likes to keep in touch with their friends & family only
Various Research groups and Industries from all over the world have done research in this area and all have come to a single consensus :-




“Social Media is Revolutionizing
Consumer Behaviour”

7 Step Process of going Social

Consumers have become the part of building a Brand’s Reputation


Proven fact # 1

Smrtphn cultr ! (it isn't a typo error)

Trends to look out for:

Increasing trends in Online Shopping & Mobile devices results into increased power of Social Media – creating larger impact on the way consumers shop.
In-store shopping decisions are also affected by Social Media
Consumers look out for specials on foursquare as they make check-ins
Scan Bar codes to look out for product information
Use various apps at the point of sale


Trends in Consumer Behaviour

Traditional marketing still has its place, but there is a need to engage the “always-connected consumers” at every touch point & in real-time, anticipating their needs and responding at each step.


Proven fact # 4

Social Media is now an effective way to provide an excellent customer service


Proven fact # 3

Customers are your True Brand Advocates


Proven fact # 2

And that ends our presentation,
Let’s Stay Connected

SAMPLE
SETTING GOALS AND MEASURING PERFORMANCE
[ CONSUMER BEHAVIOUR OBSERVATION SHEET ]

Social
Dash
board

Apps

Email

Online
Community

Monitoring
Tools

Blogs

Micro
Blogs

Social
Networks
Profess
ional
Networks

Video
Sharing

Photo
Sharing

Ratings/
Forums

Location
based

Social
Book
marks

Awareness

Perception

Targeting

Traffic/SEO

User Content

Engagement

Purchase

Referral

Evangelism

Thought Leadership

Measurement

The Survey
52respondents
Location: college campus and residential area
Learnings from the survey
Some Interesting Facts
91% of people have gone into a store because of an online experience. (Source: Marketing Land)
89% of consumers conduct their research using search engines. (Source: PR Newswire)
62% of consumers end up making a purchase in-store after researching it online. (Source: Marketing Land)
78% of consumers say that the posts made by companies on social media influence their purchases. (Source: Forbes)
Survey conducted by Market Force – a worldwide leader in customer intelligence solutions.
Survey conducted on 12,000 consumers in the US and UK
Conclusion
Part of day-to-day life
Change in behaviour
Addictive
Easy and quick way to connect to the company
Different social media platforms
Facebook
Casual social networking site
Allows you to interact with friends, family and strangers
800,000,000 estimated monthly visitors
Twitter
Twitter is a social networking and micro-blogging service
It enables its users to send and read other users' updates known as tweets
It’s more about sharing views and spreading WOM, news, opinions
250,000,000 estimated monthly visitors
Pin board style photo sharing website
Allows users to create and manage theme-based image collections such as events, interests, and hobbies
It’s more about sharing photos in a safer way
140,000,000 estimated monthly visitors
YouTube is a video-sharing website
Allows user to upload and share videos
•YouTube is localized in 61 countries and across 61 languages
•More than 1 billion unique users visit YouTube each month
Reference Sites
Google.com
http://www.youtube.com/yt/press/statistics.html
http://www.ebizmba.com/articles/social-networking-websites
http://www.torbenrick.eu/blog/social-media/infographic-impact-of-social-media-on-consumer-behavior/
Analysis
As it is clearly visible that majority of the
people who use social media are in the age group
of 21-30years, the marketer should focus his communication to these as they are the working class and they are the ones who actually buy.
Full transcript