The business of social media is booming, and platforms such as Twitter and Facebook have allowed brands (and entrepreneurs) of all shapes and sizes to reach a wider audience to whom they can effectively market their products and services, irrespective of where they are in the world.
For consumers, these channels allow easy access to brands, but also help to research and guide product decisions and purchases, with the companies that provide the best customer support and highest engagement levels benefitting from consumer loyalty and ‘word of mouth’ recommendations, boosting awareness and sales.
This infographic from the ODM Group looks at the business of social media.
- In conversations with family, friends and co-workers, the average consumer mentions specific brands over 90 times per week
- 53% of people on Twitter recommend companies and/or products in their tweets, and 48% deliver on their intent to buy that product
- By 2014, 53% of online sales will be directly impacted by the internet