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How Social Media Influences Consumer Behavior

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Michael Lazerow
Michael Lazerow

Social media has become a major influence on consumer behavior. Nearly 1 in 5 minutes online is spent on social networks. Facebook in particular dominates social networking, accounting for 55% of global users and 1 in 7 minutes spent online. This document discusses how brands can leverage social media to engage consumers and influence purchasing decisions. It provides data showing that when brands create engaging content on Facebook, they can gain exposure to not just fans but also fans' friends, amplifying the brand's reach. It also shows that these friends of fans often demonstrate similar behaviors to fans such as visiting the brand's website. The key is for brands to understand their fans and their friends in order to create effective social media strategies.

TechnologyBusiness
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How Social Media Influences Consumer Behavior Michael Lazerow, CEO & Founder, Buddy Media Linda Abraham, CMO & Co-Founder, comScore
1 Nearly in 5 minutes online is spent on social networks. 2008 2009 2010 2011 35 Social Networking 30 Search/Navigation Retail 25 Communications (Email/IM) Other Content Time Spent on Key Categories Online Worldwide Hours per Month (Billions) Source: comScore Media Metrix, March 2007 - October 2011
#3 Facebook’s worldwide site rank 55% Facebook’s global penetration 3 in 4 minutes on social networking sites are spent on Facebook 1 in 7 minutes spent online are spent on Facebook Source: comScore Media Metrix, October 2011
Propel Crowd-Sources Its Holiday Content © comScore, Inc. Proprietary. 4
Lexus Uses Facebook To Raise Money For Charity © comScore, Inc. Proprietary. 5
Walmart Provides Gift Recommendations From Friends © comScore, Inc. Proprietary. 6
Best Buy And Leading Retailers Made Effective Use Of Facebook To Promote Their Black Friday Doorbusters © comScore, Inc. Proprietary. 7
The Fan Page Is A Great Starting Point… But Remember That Most Brand Exposures Happen On The News Feed! 25% 10% 27% Homepage/Newsfeed Profiles 17% Photos Apps/Tools 21% All Other Share of Time Spent on Facebook Source: comScore Mediabuilder, U.S., © comScore, Inc. Proprietary. 8 May 2011
You’ve got fans. And they’ve got friends. How can you measure the impact on both?
Those you seek might be different than those who seek you Starbucks: Demographic Analysis % of Starbucks Store Visitors vs. % of Brand-Exposed Starbucks Facebook Fans Age 18-24 31% 20% Age 25-34 29% 26% Age 35-44 19% 20% Age 45-54 15% 19% Age 55-64 5% 10% Age 65+ 2% 5% % of Starbucks Fans % of Starbucks Store Visitors © comScore, Inc. Proprietary. 10 Source: comScore Social Essentials and comScore Plan Metrix, U.S., May 2011
Brands control the three basic levers that will determine social media marketing success. Many brands don’t consider these intermediary steps Brand Fans “Talk News Feed Goal: Max Get Fans Messages About” Content (Who are Reach Fans News Feed Spreads to Reach, R they?) OI in News Feed Content Friends 1. Cut-Through 2. Engagement 3. Amplification
Earned Value Can Be Significant Walmart: Paid Media vs. Earned Media Analysis Social Media Impressions (MM) vs. Display Ad Impressions (MM) Estimated Value of Earned Impressions 275.4 Based on $3.55 CPM $417,000 117.3 Walmart Earned Impressions (MM) Paid Impressions (MM) Source: comScore Social Essentials, U.S., © comScore, Inc. Proprietary. 12 October 2011
When Messages Are Good, Fans Will Tell Their Friends 2011 Holiday Retail Promotion Analysis Ratio of Friends of Fans Reached to Fans Reached for Leading U.S. Retailers 3.5x 3.4x Lift from Promotions 1.76 1.53 2.7x 2.2x 0.92 0.67 0.50 0.45 0.31 0.34 Amazon Best Buy Target Walmart Week Ending Oct. 19 Week Ending Nov. 30 Source: comScore Social Essentials, U.S., © comScore, Inc. Proprietary. 13 October and November 2011
Friends of Fans Tend to Behave Like Fans (Birds of a Feather) 2011 Holiday Retail Promotion Impact Analysis: Week Ending Nov. 30 Percentage of Brand-Exposed Fans & Friends of Fans Who Visited Retailer Website 64% 36% 27% 22% 21% 18% 13% 12% 12% 14% 8% 9% Amazon Best Buy Target Walmart Total Internet Friend of Fan Fan Source: comScore Social Essentials, U.S., © comScore, Inc. Proprietary. 14 November 2011
In Retail, Social Promise is Delivering Black Friday: Web Traffic Analysis for Leading Retailers Unique Visitors (MM) on Black Friday 2011 vs. Black Friday 2010 61% 14.5 32% 61% 9.6 11% 9.0 7.3 6.6 4.6 5.1 4.1 Amazon Walmart Best Buy Target Black Friday 2010 Black Friday 2011 Source: comScore Social Essentials, U.S., November 2011 © comScore, Inc. Proprietary. 15
So remember, to optimize social media 1. know your fans 2. know their friends 3. right creative message 4. analyze, optimize, …monetize
Thank You! Questions? Contact michael@buddymedia.com labraham@comscore.com Follow our presenters on Twitter: @Linda_Abraham | @lazerow

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How Social Media Influences Consumer Behavior

  • 1. How Social Media Influences Consumer Behavior Michael Lazerow, CEO & Founder, Buddy Media Linda Abraham, CMO & Co-Founder, comScore
  • 2. 1 Nearly in 5 minutes online is spent on social networks. 2008 2009 2010 2011 35 Social Networking 30 Search/Navigation Retail 25 Communications (Email/IM) Other Content Time Spent on Key Categories Online Worldwide Hours per Month (Billions) Source: comScore Media Metrix, March 2007 - October 2011
  • 3. #3 Facebook’s worldwide site rank 55% Facebook’s global penetration 3 in 4 minutes on social networking sites are spent on Facebook 1 in 7 minutes spent online are spent on Facebook Source: comScore Media Metrix, October 2011
  • 4. Propel Crowd-Sources Its Holiday Content © comScore, Inc. Proprietary. 4
  • 5. Lexus Uses Facebook To Raise Money For Charity © comScore, Inc. Proprietary. 5
  • 6. Walmart Provides Gift Recommendations From Friends © comScore, Inc. Proprietary. 6
  • 7. Best Buy And Leading Retailers Made Effective Use Of Facebook To Promote Their Black Friday Doorbusters © comScore, Inc. Proprietary. 7
  • 8. The Fan Page Is A Great Starting Point… But Remember That Most Brand Exposures Happen On The News Feed! 25% 10% 27% Homepage/Newsfeed Profiles 17% Photos Apps/Tools 21% All Other Share of Time Spent on Facebook Source: comScore Mediabuilder, U.S., © comScore, Inc. Proprietary. 8 May 2011
  • 9. You’ve got fans. And they’ve got friends. How can you measure the impact on both?
  • 10. Those you seek might be different than those who seek you Starbucks: Demographic Analysis % of Starbucks Store Visitors vs. % of Brand-Exposed Starbucks Facebook Fans Age 18-24 31% 20% Age 25-34 29% 26% Age 35-44 19% 20% Age 45-54 15% 19% Age 55-64 5% 10% Age 65+ 2% 5% % of Starbucks Fans % of Starbucks Store Visitors © comScore, Inc. Proprietary. 10 Source: comScore Social Essentials and comScore Plan Metrix, U.S., May 2011
  • 11. Brands control the three basic levers that will determine social media marketing success. Many brands don’t consider these intermediary steps Brand Fans “Talk News Feed Goal: Max Get Fans Messages About” Content (Who are Reach Fans News Feed Spreads to Reach, R they?) OI in News Feed Content Friends 1. Cut-Through 2. Engagement 3. Amplification
  • 12. Earned Value Can Be Significant Walmart: Paid Media vs. Earned Media Analysis Social Media Impressions (MM) vs. Display Ad Impressions (MM) Estimated Value of Earned Impressions 275.4 Based on $3.55 CPM $417,000 117.3 Walmart Earned Impressions (MM) Paid Impressions (MM) Source: comScore Social Essentials, U.S., © comScore, Inc. Proprietary. 12 October 2011
  • 13. When Messages Are Good, Fans Will Tell Their Friends 2011 Holiday Retail Promotion Analysis Ratio of Friends of Fans Reached to Fans Reached for Leading U.S. Retailers 3.5x 3.4x Lift from Promotions 1.76 1.53 2.7x 2.2x 0.92 0.67 0.50 0.45 0.31 0.34 Amazon Best Buy Target Walmart Week Ending Oct. 19 Week Ending Nov. 30 Source: comScore Social Essentials, U.S., © comScore, Inc. Proprietary. 13 October and November 2011
  • 14. Friends of Fans Tend to Behave Like Fans (Birds of a Feather) 2011 Holiday Retail Promotion Impact Analysis: Week Ending Nov. 30 Percentage of Brand-Exposed Fans & Friends of Fans Who Visited Retailer Website 64% 36% 27% 22% 21% 18% 13% 12% 12% 14% 8% 9% Amazon Best Buy Target Walmart Total Internet Friend of Fan Fan Source: comScore Social Essentials, U.S., © comScore, Inc. Proprietary. 14 November 2011
  • 15. In Retail, Social Promise is Delivering Black Friday: Web Traffic Analysis for Leading Retailers Unique Visitors (MM) on Black Friday 2011 vs. Black Friday 2010 61% 14.5 32% 61% 9.6 11% 9.0 7.3 6.6 4.6 5.1 4.1 Amazon Walmart Best Buy Target Black Friday 2010 Black Friday 2011 Source: comScore Social Essentials, U.S., November 2011 © comScore, Inc. Proprietary. 15
  • 16. So remember, to optimize social media 1. know your fans 2. know their friends 3. right creative message 4. analyze, optimize, …monetize
  • 17. Thank You! Questions? Contact michael@buddymedia.com labraham@comscore.com Follow our presenters on Twitter: @Linda_Abraham | @lazerow

Editor's Notes

  1. Mike:
  2. Mike:
  3. Mike:In this example, Propel uses its "Enhance your holiday" tab to crowd-source holiday photos, offering to give a $1,000 gift card to one person who submitted a photo
  4. Mike: Lexus used its holiday promotion to both raise money for a charity and promote its "December to Remember" sales event, both on the same Facebook tab
  5. Mike:Walmart delivered a personalized shopping experience.
  6. Mike:Here's an example of Best Buy, which promoted its Black Friday savings on Facebook and on its website, giving great deals on the day after Thanksgiving
  7. Linda:
  8. Linda:
  9. Linda:
  10. Linda:
  11. Linda:
  12. Linda:
  13. Linda:
  14. Mike:
  15. Mike