Social media drives sales.
A new Vision Critical white paper titled “From Social to Sale: 8 Questions to Ask Your Customers” draws on 6,000 survey responses on social purchasing from a 17-month time period to offer insight into social retail on three major social networks: Facebook, Twitter, and Pinterest.
Key findings from the study include:
· Social media drives roughly equal amounts of online and in-store sales
· Nearly 4 in 10 Facebook users report that they have at some point gone from liking, sharing or commenting on an item to actually buying it
· 43% of social media users have purchased a product after sharing or favoriting it on Pinterest, Facebook or Twitter
To begin with, Vision Critical analyzed survey respondents’ social habits on the three networks, finding that 75% of Facebook users log in daily, 17% of Twitter users log in daily (12% weekly), and 17% of Pinterest users log in daily (26% weekly).
Based on the data, obviously not everyone surveyed used all three networks.
The majority of Twitter users, according to the study, that make a purchase are purchasing a tech product (no surprise there). Pinterest users are more likely to buy a food or drink item after using the social network, and Facebook clocks in at 26% “other” types of purchases, followed by tech products and hair/beauty/apparel.
Interestingly, more than half of Twitter users are looking for health information from the network, followed by funny/human interest content, then tech.
Facebook leads to the most online purchases, but all three networks facilitate purchase after sharing/favoriting on social.
Perhaps most fascinating were Vision Critical’s findings around the timing of purchase, whether it took place once someone was already looking for information about a product or service, or whether it was an impulse buy based on social media activity.
The great majority on Pinterest, Facebook, and Twitter all said that they were “vaguely thinking about” purchasing whatever product they ultimately shelled out for – which means that marketers have a huge window of opportunity in the purchase process to seal the sell.
Finally, a look at how social media specifically influenced the purchase. Marketers, take note:
(Image via Shutterstock)