Swaying Buyers: Considering Social’s Consumer Impact
As COVID-19 turned the world upside down, consumers resorted to social media to make connections in a socially-distanced environment. However, social media also serves as a strong platform for retailers to build trust with customers---and it has a significantly strong influence on buying decisions.
71% Users More Likely to Purchase from Social ReferralsWe all know the power of social proof, but the stats show exactly where the strongest influence comes from with social users.
For example, 71% of people are more likely to buy a product that’s based on social media referrals. This includes seeing ads from retailers or even from influences.
Influencer marketing is recognized as one of the most powerful ways to market products. This is especially the case for Twitter, as studies show that 50% of users made purchases directly because an influencer referred the product.
What Social Platforms Bring the Most Product Sales?Keep in mind that not all social platforms will yield the same results. You must consider the demographic and where your ideal customer most likely spends their time online. This is part of the bigger strategy of choosing the correct social platform for promotion.
Many product-based brands can find selling success on the following platforms:
Facebook: As the largest social platform with 1.7 billion users and growing, Facebook offers extensive reach into a range of demographics. Ad spend is considerably affordable on this platform, which improves reach to your audience. You can target new potential customers by targeting engagement patterns and other behaviors.
Instagram: Owned by Facebook, Instagram has 1 billion active monthly users. This platform is effective for reaching the teenage and college-aged demographic. Instagram also integrates easy shopping options with ads.
TikTok: One of the newer social platforms that exploded in popularity over the last several years, TikTok is a go-to with Gen Z-aged users. This platform curates its feed based on users’ interests, which makes it outstanding for brand awareness.
Twitter: The platform with the highest influencer pull, Twitter works as a fast-paced social platform with a focus on trends. It’s a network where people can chat about brand experience, while 53% of people recommend businesses and products in their tweets.
YouTube: Owned by Google, YouTube has a powerful influence on buying decisions for several reasons. First, influencer recommendations can reach hundreds to thousands of subscribers. Furthermore, product reviews can help buyers understand how products look and function in their own homes. YouTube is also the second most popular search engine in the world next to Google. It processes more than 3 billion searches per month.
Personal Connections Have the Strongest PullAside from the power of influencers, personal relationships by far have the strongest pull for determining buyer decisions. 81% of consumers’ purchase decisions are influenced and inspired by personal connections on social media.
No matter the platform you pick, social media can have an incredible influence on sales for product-based retailers. Practice consistency in publishing with quality posts to help with engagement. Over time, you can explore how your own sales are influenced by social media from buyers all over the world.