Consumers who are influenced by social media are four times more likely to spend more on purchases. There are four key ways in which social media can directly impact purchasing decisions. Firstly, it has shortened the customer journey, making it easier for customers to find and purchase products. Secondly, it has amplified the impact of social proof or word of mouth, allowing customers to get a better understanding of a product or service before they buy.
Thirdly, it has leveled the playing field between buyers and brands, allowing them to interact with each other more quickly and easily. Finally, it has raised awareness about particular products, allowing customers to find the best solution for their needs. When people face a problem, they start looking for a solution. But most of the time, people don't know which product or service will solve their problems. This is where social media comes in.
The initial purpose of social media was to connect people and allow them to share information. Now, it can be a powerful tool for users to express their opinion about a product or brand with a faster speed and wider reach. With 81% of consumers considering buying based on a friend's suggestions, there's no denying the influence they have on their target market. Social media content has the ability to influence people in specific ways, especially their buying behavior. Social media is a major influencer when it comes to millennial buying decisions.
In fact, 72% of them report buying fashion and beauty products based on Instagram posts. And the additional role of social media influencers goes far beyond this network. Social media platforms are not only a means to keep in touch with friends, family and colleagues, but they have also become powerful digital marketing tools to build brand awareness and customer engagement. When analyzing the marketing budget for the year, for example, smart business owners invest in new content and coupons that are posted on their social media sites. With the right social media marketing strategies, brands can leverage social media to convert visitors into customers. This places social media platforms in a prime position to execute effective digital marketing campaigns.
The Deloitte report also states that consumers who use social media during their buying process are four times more likely to spend more because of a digital shopping experience. It's no surprise that all kinds of companies have turned to social media to find and connect with their target market. One of the reasons why the Internet in general and social media in particular are so effective for consumers is that it is fast. Social marketers looking to sell their products must have strong social proof in the form of case studies, images, videos, podcast interviews, and influencers as part of their sales strategy. Companies interested in influencing millennials should use social media to address them. Eight out of ten consumers expect brands that have a social media presence to engage with their customers in a meaningful way.
For example, if the customer needs a shirt, there are hundreds of clothing brands available on the market. With this data in mind, understanding how consumer buying behavior works can help establish your best practices before investing in social media advertising and other marketing tactics.