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How much social media influence your product?

A research was done in 2015 where purchase decisions of 20,000 European citizens, across 30 product areas and more than 100 brands in the year 2013 and 201 were examined. They were asked how social media influenced their purchasing decisions.  It was observed that social media recommendations induced an average of 26% of sales. It was found that consumers made 10% more purchases on 2014 in comparison to 2013. Moreover, the choice of product also played a vital role. For example, 40 to 50% of consumers look for social recommendations for categories like travel, investment services, etc., whereas only 15% recommendations were looking for low end utility services. So we can see that Social media does play a vital role in brand awareness and hence end up converting to the sales. Read the full article here: http://www.mckinsey.com/insights/marketing_sales/getting_a_sharper_picture_of_social_medias_influence

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