Do you think social media is a waste of time when it comes to marketing your product? Most large companies are jumping on the social media bandwagon as they are seeing the benefits for their products or brands. A recent Burson-Marsteller study found that 79 percent of the largest 100 companies in the Fortune Global 500 index are using at least one of the most popular social media platforms: Twitter, Facebook, YouTube or corporate blogs. But, interestingly enough, only 20 percent of the major international companies are utilizing all four platforms to engage with stakeholders.
Here are some statistics that got my attention on the power of word of mouth marketing and social media marketing:
- In a study conducted by social networking site myYearbook, 81 percent of respondents said they’d received advice from friends and followers relating to a product purchase through a social site; 74 percent of those who received such advice found it to be influential in their decision. (Click Z, January 2010)
- 90% of consumers online trust recommendations from people they know; 70% trust opinions of unknown users. (Econsultancy, July 2009)
- Consumers say that word of mouth is still the number one influence in their electronics (43.7%) and apparel (33.6%) purchases. (Retail Advertising and Marketing Association/BIGresearch Study, December 2009)
- Recommendations from family and friends trump all other consumer touch points when it comes to influencing purchases, according to ZenithOptimedia. (AdAge, April, 2008)
- 61% of people rely on user reviews for product information or research before a buying decision is made. (Razorfish, 2008)
- “Person like me” still most trusted source for information about a company and, therefore, products. (Edelman Trust Barometer, November 2007)
- Consumers trust friends above experts when it comes to product recommendations (65% trust friends, 27% trust experts, 8% trust celebrities). (Yankelovich)
- According to a global Nielsen survey of 26,486 Internet users in 47 markets, consumer recommendations are the most credible form of advertising among 78% of the study’s respondents. (Nielsen, “Word-of-Mouth the Most Powerful Selling Tool”, October 2007)
- Online social network users were three times more likely to trust their peers’ opinions over advertising when making purchase decisions. (“Social Networking Sites: Defining Advertising Opportunities in a Competitive Landscape,” JupiterResearch, March 2007)
Imagine if you had a really robust social media platform, fully search engine optimized, ready to have customers and clients read all about your products or services and communicate with each other and market your brand for you… Now that’s powerful – and that’s when we do here at One World Social Media – contact us today!