10 Important Social Media Data Points, Quotes & Business Drivers

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globeblogA client recently asked me to put together a cheat sheet to show to Social Media naysayers. As I was doing the research I started asking myself, why would any brand NOT engage? Have a gander at these 10 data points:

  1. According to a global Nielsen survey of 26,486 Internet users in 47 markets, consumer recommendations are the most credible form of advertising
  2. There were nearly 116 million US user-generated content consumers in 2008, along with 82.5 million content creators. Both numbers are set to climb significantly by 2013 (eMarketer, February 2009)
  3. 86.9% of respondents said they would trust a friend’s recommendation over a review by a critic, while 83.8% said they would trust user reviews over a critic. (Marketing Sherpa, July 2007)
  4. 81% of online holiday shoppers read online customer reviews (Nielson Online, December 2008)
  5. 74% agree-including 14% who strongly agree-that they choose companies and brands based on what others say online about their customer service experiences, the survey shows. (Society for New Communications Research, May 2008)
  6. Mobile user-generated content will generate $5.7 billion worldwide in 2012, up from $576 million in 2007. (“Mobile Social Networking: Opportunities & Forecasts 2008-2013,” Juniper Research, October 2008)
  7. By 2020, 84% of marketers agree that building customer trust will become marketing’s primary objective, and 82% agree that collaboration with customers will prevail over marketing. (1to1 Media survey of the 1to1 Xchange panel, April 2008)
  8. Online businesses lose as many as 67% of consumers due to a lack of online product information. (Allurent, January 2008)
  9. In a study of online UK retailers, 59% reported that the consumer-generated activity leads to better search engine optimization. (eMarketer, 2008)
  10. 75% of people don’t believe that companies tell the truth in advertisements. (Yankelovich)

among 78% of the study’s respondents. (Nielsen, “Word-of-Mouth the Most Powerful Selling Tool”, October 2007)

    With this compelling data in mind, think about Social Media in regards helping your business fill these business objectives:

      1. Market research and business intelligence
      2.
      Customer/partner education
      3.
      User groups
      4.
      Product innovation
      5.
      Competitive analysis
      6.
      Peer‐based support, education and innovation/evolution
      7.
      Company‐wide collaboration/learning solution
      8.
      Thought leadership/leads
      9.
      Workplace alignment, communication & training
      10.
      Organic/White Hat SEO Link Building

      Now think about the data points above and these 10 business drivers above. Is there any business that is lacking in at least one of those areas? Is your business lacking? Now think about this:

      “Social Networking & Social Media Ad Spending to Rise 13.2% in 2010 to 1.3 Billion!”
      -eMarketer

      I came away from my task yesterday convinced, now more than ever, that all companies should be utilizing Social Media to some degree. I am not saying go full bore if you haven’t engaged yet, but if anything it is time to dip the toes in to the Social Media waters to see how warm it is. The data is saying now is the time, especially with the Wall Street Journal and CNN claiming the recession is at an end.

      @derekshowerman

      Comments

      2 Responses to “10 Important Social Media Data Points, Quotes & Business Drivers”
      1. I do thorough research on the net before going to purchase any product. I only get the satisfaction after reading a couple of reviews from good authority sites. I do not beleive in marketers but only genuine product reviews

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