Why You Want to be #1 in Social Media

Social media is more than a “nice” or cheap way to get another impression. Serious marketers understand social media needs to be an integral part of their marketing program.

The widespread reach (more than 85% of people engage in at least one social platform) and the amount of time spent daily (+3 hours on average) make social media a serious content and advertising vehicle.  Other reasons:

  • Lowest cost media
  • Build off enthusiasts (referral)
  • reach them when they searching/reading about their life interests

Some reasons why you want to be #1 in social media:

  • #1 media for referral … by design, social media is #1 in media efficiency.
    #1 in media advertising cost – lowest cost media.
  • If you are not #1 in social media, then a competitor is getting a bigger bang for their marketing dollars and gaining more referrals to their brand. However, unlike other media such as network television that requires a larger budget, virtually any brand can even the playing field in social media.

Some Recent Facts Regarding Consumers Use of Social Media:

  • The average person has 112 marketing-relevant conversations per week
  • Social networking has 3 to 5 times higher purchase action than traditional marketing techniques
  • 94% of consumers regularly or occasionally give advice about products or services they purchased
  • 91% of consumers regularly or occasionally seek advice about products and services before making a purchase
  • 65% of consumers rate their friends as the most trusted source of product recommendations –  only 27% rated experts as the most trusted source 
  • 25% of search results of large brands are links to user-generated content 

The Media of Referral:

Harvard Business Review in a compilation of research determined the number one indicator of long-term brand profitability was …. the likelihood of a company’s customers to recommend their product or service to others.   Referral.

There are lots of studies related to the value of referral, but Harvard Business Review did a nice compilation of research a few years back.  They concluded that the number one indicator of long-term brand profitability is the likelihood of a company’s customers to recommend them to their friends and family.  The higher the percentage of “zealotry” customers, the higher the company was in the black.  More referral = more profits.

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