Buying Decision Process: Why People Buy from Brands On Social Media 📱
Is the buying decision process influenced by social media?
With the coronavirus pandemic raging across the world, people reluctantly stay in their home to prevent the spread of the disease. Unable to go out, they turn to the web to buy their essential needs and talk to close friends. In effect, more people are turning to social media to ease their burdens.
A recent survey showed more insight on how social media users from across the web interact with brands on social platforms, and how buying decisions are influenced by those interactions.
The findings can help businesses understand how their social influences on consumer buying decisions that include boosting brand awareness, building trust, and converting followers into loyal customers.
Consumers influenced by social media affects their buying decision process
Consumers who connect with brands on social media are shown to be loyal customers. Nine out of 10 people say that they buy from companies they follow on social networks. Additionally, seventy-five per cent of people said they increased their spending with a brand they follow, a 12% increase from 2019, as per a study from a social media marketing firm called Sprout Social.
According to reports, 89 per cent of consumers stated that they prefer buying products from brands they follow on social networks.
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On the other hand, consumers will unfollow brands on social media because of the inferiority of the products and low-level customer service, two factors often outside of a social media manager’s control.
Marketers face great challenges in branding pricing guides and measuring the return on investment on their social media campaigns. Hence, there is no accurate way of gauging the customers’ response to its websites.
The traditional communication barriers between people and brands are gone because of the internet. In addition, social media offers easy access to getting in touch with businesses.
At Taylor Wells, we believe people are using social media to reach out to your business with feedback, questions, and concerns, therefore, keeping up with fashion brands by price – all key elements worth noting in your pricing strategy.
We’ll explore how businesses use social media interactions with consumers that can boost brand awareness and build trust. This can convert your followers into loyal customers.
In this post, we’ll take a look at some of the key highlights that can help businesses understand how their social media interactions with consumers can boost brand awareness, build trust, and convert followers into loyal customers.
Interact With People on Social Media to influence the buying decision process
Consumers following the brands on social media can also enrich business-customer relationships, and enable businesses to create company branding prices.
As a result of trust built through social media, 67 per cent of people indicated that they have made a purchase after seeing a social media ad, while social media also enables consumers to get a more in-depth view on unrevealed aspects of a business- ultimately humanising the brand.
Steps in establishing social media to influence the buying decision process
- Understand that men and women differ when purchasing online, but don’t generalise your pricing strategy
- Gender plays a role in people’s social media habits. With that in mind, their buying decisions stem from social media interactions
While Facebook, Instagram, and Pinterest are more influenced by females’ buying decisions, YouTube and Twitter are more likely to influence males’ decisions to make a purchase. However, it is worth noting that buying decisions are always dependent on individuals. This includes social network preferences and the types of products they want to buy.
- Classify the age bracket of the consumers to get a better picture of the consumers
Just as men and women have different social media habits, so too are different generations.
Millennials (ages 18-34) spend the most time on social media daily and access the most platforms weekly compared to Generation X (ages 35-54) and baby boomers (ages 55 and up). Hence, it probably comes an as little surprise that social media also holds more weight in Millennials’ buying decisions.
- Choose your social media platforms very carefully
Businesses structure their social media content to their audience, as well as to the platforms people use.
Consumers are more likely to make a purchase from a brand they follow on Facebook (52%) than all other social media platforms combined
In fact, Facebook’s dominance of the social media realm is likely a significant contributor to this.
For example, given its size, logically, more people will be following more brands on Facebook. However, that doesn’t necessarily make it the greatest influence of purchase behaviour as a result.
Social media has a massive impact on the branding of organisations. This is true in aspects such as Corporate Social Responsibility, marketing of products and organisational culture amongst others.
Facebook can be argued to be the very platform for these said functions of organisational culture to be brought to light. Thus, with the use of social media, experts suggest when used effectively, it can be used to build and maintain an organisation’s brand.
What do we mean by the brand in the buying decision process?
Brand image and brand identity pertain to the perception of the brand from an external and internal point of view respectively, which ultimately creates a bond between the customer and the product.
Using Facebook as a branding strategy, as a bridge between followers of the brand on the page and the organisation, various posts – made by the organisation (on Facebook) – bring to light the humanisation to the brand’s followers. Marketing experts are acutely aware of building a branding pricing guide and a distinctive personality for brands. Thus, Facebook in this context is used to illustrate brand personality and more specifically, in this case, organisational culture to stakeholders.
Mission, Vision, and Value
The mission, vision and value statements of an organisation can contend to this very aspect of creating a personality of its own.
For example, Coca Cola’s mission statement is “to refresh the world, to inspire moments of optimism and happiness, to create value and make a difference” which can be argued speaks to humanising the organisation by creating goals.
Consumer psychology shows how consumers know and experience these said characteristics of a brand. In effect, consumers respond to them which adds or takes away value from the brand. Research explains that customers respond to brands such as Coca-Cola due to differing needs, motives and goals. In effect, the process of responding to a brand on social media is based on identifying, experiencing, integrating, signifying and connecting the bond between customer and brand.
People interact with brands in a variety of ways;and, in the majority of these interactions, people expect a response, opening the opportunity for businesses to;use social media as an extension of their customer service strategy.
Social media presents both B2C and B2B businesses with the opportunity to connect with customers. Hence, these social media interactions can establish a foundation of trust.
A business’ social media strategy will see optimal success if the business knows who its target audience is. Additionally, elements like gender and age can influence how the business approaches social media and the platforms. Hence, it chooses to cultivate its brands’ presence.
Social media can influence the buying habits of consumers. However, if they experience substandard qualities and slow response to the complaints, that backlash can ruin its reputation.
Men and women have different social media habits. In effect, drawn to different platforms, so too are different generation age groups. Thus, millennials and generation x hold sway in social media platforms.
People view online interactions as they do in-person discussions, and value brands that interact with them on social media. Thus, businesses can open a door to their brand. Instilling in their customers a sense of trust when they interact with people on social media.
Businesses can connect with customers on social media in a variety of ways. This includes targeted ads, influencers, or authentic, personalised interactions.
Discover your company’s full potential to drive profitability using social media brand pricing.
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