Razorfish Report on Consumer Purchasing BehaviorTweet
Not surprisingly, our recent Razorfish Consumer Report uncovers that social media directly influences purchasing decisions. And not just that but "connected consumers" are comfortable with seeing advertising on social networks and 4 out of 10 made purchasing decisions based on the social advertising. 76% welcome advertising on social networks.
These findings are probably welcome news for the many social media platforms in the marketplace. With the slowing economy, many platforms including the social media ad networks are getting worried that fewer ad dollars will come their way. These findings tell a different story - a story about consumers pay attention to ads in social networks (even if they are not always clicking on them) and more importantly make purchasing decisions based off of what they see. Big news.
What's also interesting in the findings is that 7 out of 10 connected consumers are embracing social media like nothing before. 7 out of 10 have customized their home pages with content feeds, scheduled updates and other features. A startling 60 percent use widgets on websites. Little did we know how pervasive widgets were. It just shows much marketers need to pay attention to them. Other findings show that consumers value personalization and loyalty programs in purchasing environments - they definitely influence purchasing decisions.
Another interesting finding is that the social web has become the mainstream web. Regardless of which social media property consumers choose, they have spent a massive amount of time interacting with each other. The majority of them (75%) spend at least one hour a week on these properties with 19% spending more than seven hours a week on them. The report which also explored peer and anonymous influence showed that peer recommendations are playing a much larger role than ever before in purchasing decisions.
You can find the full report here in an interactive flash format or download the pdf if you want to print it. Don't miss my own article titled Twitterific on page 45! And lastly, here's some external coverage of the report.
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