The Why of Social Networking

In an era where trust and consumer confidence are at historic lows, marketers are struggling to identify ways in which to move the communication and sales needle.

Enter your Band-Aid – social networking.

With so many businesses frozen, many marketers fall back to known tactics, even when the entire strategy behind those tactics is based on 1980s and 1990s thinking. Innovation seemingly stops.

While many of us see the promise in social marketing, others need convincing that new techniques, such as social media/networking, will deliver transactions.

Okay…so nowadays, where do people turn for information before making a large purchasing decision? To the Internet and to peers.

Ta-da! Hello Facebook, et al.

Nearly 60% of survey respondents from a 2008 trust study believe what “a person like me” says about an organization. This has gone up 7% in one year.

Who was believed the least? Marketers and traditional advertising.

Social media and networking allow us to spread our word of mouth influence across geographic boundaries. Studies show that between 56% and 63% of the eCommerce buying public were likely to share opinions and experiences about companies they trust or distrust online. And, because of Google’s archiving abilities, these opinions transcend the boundaries of time. A negative opinion posted in 2005 will be easily found in 2008, long after it’s been corrected.

It all comes back to trust and trust drives preference.

Want to discuss how social networking can help your business? Email suits@fruchtman.com

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By Megan Meinerding on January 19, 2010 :: Filed under Think
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