Trust and Value in Social Media

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TRUST IN SOCIAL Who people trust online, and how to put a value on driving this…

Social media can be used to do many things – to engage with your existing fans, to find new customers, to drive awareness and get people excited about what you have to offer, ultimately turning them into advocates for your brand…

POWER TO THE PEOPLE

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Social media can be used to reach – and hopefully excite - a wide audience, or to create a deeper dialogue with more targeted individuals and groups.

Above all it is becoming key for decision making about what people see, buy or do.

PEOPLE TRUST EACH OTHER

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Source – Nielsen Trust in Advertising annual survey 2014

TRUST IN EACH OTHER

This year’s survey shows people trust recommendations from people they know even more (84%). Interestingly, branded websites have now overtaken wider consumer reviews as the mitigating effects of social media increase online brand trust…

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TRUST IN EACH OTHER

People trust the opinions of other people like them first, way above professional media (70%). Social media is the best forum to catalyse and share these through both formal and informal recommendations…

Source – Nielsen Trust in Advertising annual survey 2013

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People actually like talking about the brands and things they love, or those that have caught their attention. To do this effectively and cut through the rest of the noise, brands need to be consistently interesting, original and engaging.

BUYING INTO YOUR BRAND

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BRANDS, FANS & SOCIAL LOVE

People actually like talking about the brands and things they love (and do so up to 90 times per week). To be one of these brands you need to be consistently interesting, original and engaging, consistently adding value to your fans.

Brands that manage to do this will drive purchase, loyalty and advocacy – people are 71% more likely to choose a brand if referred to by a friend.

Source: Hubspot Inbound Marketing Infographic

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PURCHASING BEHAVIOUR & SOCIAL

Consumers are increasingly likely to research any purchases online they make before committing. They often do this directly on social media, looking at forums and blogger reviews or asking their friends & personal networks. Even when they look outside social platforms, the results they often find will be social media based…

Source: Initiative’s ‘Age of Social Influence’ report

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PUTTING A VALUE ON SOCIAL MEDIA

A Facebook fan is worth $174 to a brand, up 28% since 2010, according to Syncapse, a social media moderation firm.

McKinsey suggests that companies using social media or “collaborative Web 2.0 technologies” are achieving higher profits.

Using sales data during a campaign Bulmers calculated their Facebook fans were worth £3.82 more a week, or £198.64 per year.

Eventbrite estimates exposure on Facebook generates £2.25 in additional gross ticket sales, on average.

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