The value of a like, share or comments in social media and how to interpret it.
The “like” debuted in 2009 serving as an indication of human connection across all social network platforms. The action of “liking” something on social media has now evolved into a metric that serves as an indication of social trends, brand awareness, potential e-commerce transactions, and monetary gains on Facebook, Instagram, Pinterest, Twitter and Google+.
As of December 2018, 3.1 billion people in the world had at least one social media account. Globally, the use of social media has increased by 13% in the past year as it continues to foster the attention of consumers worldwide.
While social media exists to enable people to interact and share their life stories, it has indirectly emerged as one of the greatest influencers on consumer buying habits. Social media is no longer just about conversations; it’s about commerce. Social factors have always played a part in consumer buying habits, but the ubiquity of smartphones and social networks have taken word-of-mouth to new heights.
In the digital world that we live in “likes”, comments and reviews of products are often shared as consumers are receiving their new products and feedback is being shared instantly through videos and pictures on social media. A positive consumer experience can influence the flow of viewers and consumers instantly making purchases.
Some additional facts illustrating the influence of social media on commerce:
- 81% of consumers’ purchasing decisions are influenced by their friends’ social media posts. (Forbes)
- Consumers are 71% more likely to make a purchase based on social media referrals. (Hubspot)
- Facebook accounts for 50% of total social referrals and 64% of total social revenue. (Business Insider)
- 31% of consumers say they are using social media channels to browse for new items to purchase. (Aimia)
- 78% of consumers say companies’ social media posts impact their purchases. (Forbes)
Establishing a social media presence, building a following and engaging them effectively with quality content is a big effort, so what benefits can you expect to glean from your investment in social media?
Here are just a few ways that social media can have a positive effect on your business:
- Creates social proof of your business through likes, comments, and online interactions.
- Boost brand awareness and SEO (search engine optimization) through brand algorithms.
- Increase awareness of trends in the segmented industry.
Social media engagement is more than just the accumulation of followers across social platforms. It’s also a measurement of how many people are paying attention to and interacting with your brand on a daily basis.
Businesses that focus on building their social media engagement can benefit from better marketing reach and greater brand awareness which makes it easier to attract new customers. Businesses can boost their social media engagement by delivering quality content, engaging with and servicing their customers and offering exclusive promotions and services.
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