Show me the sales. How social media impacts the bottom line
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Transcript of Show me the sales. How social media impacts the bottom line
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Where is the proof that social media drives sales?
Here are ten pieces of research evidence
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1 - We pay attention to what our friends say online
83% of consumers globally are likely to visit a website recommended by a friend
on Facebook
More than half say comments posted on retailers’ Facebook and Twitter pages,
whether positive or negative, also influence their opinions
(Global Shopping habits survey)
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2 - Consumer opinions online are trusted more than information found on TV or in newspapers (Nielsen)
70%
62%
61%
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3 - We use social media to research what we want to buy
In Europe - over 50 percent of respondents aged 16 – 64 with access to the Internet use social
networks to assist with shopping decisions (IBM)
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4 - If socially active online, we spend more
"Customers who engage with companies over social media spend 20 percent to 40 percent more money with those companies than other customers.” (Bain & Co)
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A study in South Korea (a mature social media market) found that social impacts sales among moderate and heavy users.
Recommendations shared among moderate social media users increased brand sales by 5%(Harvard Business School)
5 - There is a correlation between social media recommendations and a sales uplift
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6 - The biggest Facebook users spend the most money online
The top 20% of users spend $67 per quarter, compared to $27 for non Facebook users (Comscore)
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7 - Though smaller than Facebook, Twitter plays a big part in fostering brand recommendations
According to a Kantar Media study in the US, 35% of social media users
say Twitter has influenced their
purchasing decisions
Twitter averages
19.04 clicks per link vs 2.87 for Facebook
(SocialTwist)
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8 - It is not just about Facebook and Twitter - smaller networks can also bring commercial benefits
Radio Shack in the US found that customers checking into their stores on Foursquare spend
3.5x more than those that don't
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9 - Super-fans can become an auxiliary sales team
Super fans and advocates on your social channels are 50% more likely to create content that influences a
purchase (ComBlu)
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10 - The picture is the same when looking at individual industry sectors
60% of consumers say they factor other travellers' online reviews into their plans when booking a vacation / holiday (eyefortravel/ Simpliflying)
In the 'quick serve industry', consumers exposed to social
media have a 7x greater likelihood of 'higher
spend' (WPP / Ogilvy)
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But - is asking ‘show me the sales’ the right question to ask in isolation?
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Social media is more powerful when seen as helping to protect your brand reputation, assist the overall cycle and (ultimately) change behaviour
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If you don’t catch it, negative sentiment can harm your brand - consumers increasingly go online to complain
A single bad tweet or Facebook comment can cost you 30 customers (Convergys
Group)
‘Cyber-disinhibition’ means 20% of consumers now feel empowered to lash out at
consumers online (Euro RSCG)
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The importance of monitoring, capturing and responding to comments
(Source - Conversocial)
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Social media doesn’t impact sales in isolation
It impacts the whole sales cycle
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Social media is at its most powerful when changing consumer behaviour - one example, Movember
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• All the original links are on a blog post - liesdamnedliesstatistics.com
• Image credits via Creative Commons, thanks to the following:
• Cabbits http://www.flickr.com/photos/cabbit/113614750/• The Ticket Collector - http://www.flickr.com/photos/conversely/464062416/sizes/z/in/photostream/• Denis Dervisevic - http://www.flickr.com/photos/denisdervisevic/4745520501/• 401k - http://www.flickr.com/photos/68751915@N05/6355351769/• Kurt Christenen - http://www.flickr.com/photos/subcow/280962961/sizes/z/in/photostream/• Whisky Gone Bad - http://www.flickr.com/photos/badwsky/2110524585/sizes/z/in/photostream/• CC Harmon - http://www.flickr.com/photos/9439733@N02/2556781651/sizes/z/in/photostream/• KC Toh http://www.flickr.com/photos/36000391@N07/4446929018/sizes/z/in/photostream/Acediscovery http://www.flickr.com/photos/
acediscovery/4695798828/sizes/z/in/photostream/• TPCom http://www.flickr.com/photos/tpcom/3246111473/sizes/z/in/photostream/• HubSpot http://www.flickr.com/photos/hubspot/3111238226/sizes/m/in/photostream/• Gerard Stolk http://www.flickr.com/photos/gerardstolk/5079217358/• British Midland International (disclosure - Rabbit client) http://statigr.am/viewer.php#/detail/476473278_5810991• babyben - http://www.flickr.com/photos/babyben/4757347232/• Martin Deutsch - http://www.flickr.com/photos/teflon/5292940718/• Hans and Carolyn http://www.flickr.com/photos/hansandcarolyn/3060606530/• ehnmark - http://www.flickr.com/photos/ehnmark/463965443/• Eltman - http://www.flickr.com/photos/eltman/2155938264/sizes/z/in/photostream/• Zizzybaloobah http://www.flickr.com/photos/zizzy/51737298/• Inha Leex Hale http://www.flickr.com/photos/sixmilliondollardan/2493495506/• Thomas Quinones http://www.flickr.com/photos/tomascosauce/2478950420/sizes/z/in/photostream/
More info and resources