Social Media and It’s Influence on Consumer Behavior
August 29, 2010
in Social Media
Social Media has become one of the most common phenomenon’s across the world, and has been influencing the Jordanian Youth for the past couple of years. On Face book one of the world’s fastest growing and leading social media platforms globally; there is a total of 954,580 Jordanians signed up, 44.7% of which are between the ages of 18-24.
Social Media is about connecting with people, sharing thoughts, catching up and meeting new people locally and globally within a certain platform, such as face book, twitter, LinkedIn and many other platforms available online, it is also very common to find the presence of corporations on social media platforms to keep in touch with their consumers, businesses now keep a social profile online for branding purposes, keeping the customers within reach and has become a new tool to measuring the effectiveness of marketing campaigns. Social Media now offers corporations an instrument to measuring customer’s direct response and branding.
A popular approach currently used within the Social Media scope is Social Influence Marketing (SIM), it is mainly directly to employing social media and social influences to accomplish the marketing and business needs of an organization, it is about understanding the customer, and the customers decision making circles.
According to JC Williams Group, a retail consulting and retail strategy consultants, “91% of customers say that consumer content is the #1 aid to a buying decision” and that social network users are three times more likely to trust peer opinions over advertising when making purchase decision.
Social Media has a enormous authority on consumers and social media users globally, and in Jordan, with almost 50% of the Jordanian Youth present on one or multiple social media platforms, it is no surprise that social media is beginning to influence the decisions of those users as consumers. This paper is dedicated to bringing the spot light on how those various social media platforms influence decision making to those consumers, and reflecting the relationship between corporations and consumers that share social media platforms and how those factors are strongly reflected in Customer Relationship Management (CRM) and relationship marketing.
According to Business Dictionary.Com Relationship Marketing is defined as “Promotional and selling activities aimed at developing and managing trusting and long-term relationships with larger customers. Customer profile, buying patterns, and history of contacts is maintained in a sales database, and a service representative (also called account executive) is assigned to one or more major customers to fulfill their needs and maintain the relationship.”
Maintaining existing customers is crucial, but acquiring new customers is equally as important in order to increase a products market share. Although acquiring new customers is costly, with the existence of social media now a days, it has given marketers a new channel to communicate with the untouched segments of their market. Although the idea of social media is more cost effective and is enticing to reaching millions of people across the world it is important to remember that social media is an instrument to facilitate your marketing out-reach and the results can never be guaranteed, which is why when considering social media as an advertising tool, it is important to learn what social media network your target is most likely to use. The most popular sites are twitter and Facebook, but in the case of Jordan for example face book has proved to be the number one social media network to the Jordanian youth.
So, What do YOU Think?! Has Relationship Marketing and Social Media made communicating between corporations and consumers do-able and more convenient? Has Social Media mas consumer-to-consumer relationship a stronger bond with online reviews and advice on best buys and services?
Sounds more of a question rather than a blog entry, I am aware of that factor, but am doing a paper on Social Media and its influence on Consumer Behavior and would really like YOUR thoughts on this matter.
Director of Digital Marketing Strategy by Day, Blogger by Night. Mother to my lovely Hana and a food addict.
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