Social media sites have been plumbing the possibilities of monetization via brands that want to sell in these venues.
According to new data from Adlucent, a leading digital advertising and analytics agency, it’s working for both brands and social media sites.
The company’s findings from a national survey — examining seven major social media sites (Facebook, Twitter, YouTube, Instagram, Pinterest, Snapchat, and Periscope) — reveals that “while social networks are still largely being used for socializing and product discovery, they are playing a bigger role in driving brand awareness and increasing influence on consumer purchasing decisions.”
“The way consumers engage with brands is changing and social media is one of the main drivers behind it, but many brands are still struggling with their approach to social,” said Michael Griffin, the founder and CEO of Adlucent. “We found that on social networks, consumers want to have meaningful interactions with brands through targeted messages and offers that appeal to them directly. As the desire for personalization continues to grow, brands need to focus on the relevancy of their messages.”
The research showed that while consumers usually initiate search processes on search engines or Amazon, social media is having a growing influence.
“Thirty nine percent of respondents said social media posts/ads at least somewhat influence their purchase decisions and 45 percent said product recommendations from influencers/celebrities they follow on social media at least somewhat influences their purchase decisions,” the firm says.
And it’s probably no surprise that Facebook dominates the social site sector when it comes to advertising.
“The world’s largest social network is winning the data war with their more than 1 billion users,” says the Adlucent crew. “Seventy six percent of respondents noted that they have learned about a new brand or product on Facebook, more than any other social media site, and respondents cited Facebook ads to be more relevant. In addition, nearly 10 percent of consumers have purchased products as a result of seeing Facebook ads.”