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The Power of Social Media

Before they loosen the corporate purse strings, those holding them will say, “Show me the impact social media have on reputation and the bottom line.” In answering, start here. Statistics eloquently tell some of the story. Social media can be a boon for brand equity, customer loyalty, and business performance. Various studies have found the following

Indicators

74% of consumers have a more positive brand impression after interacting with a company through social media. Purchase likelihood increases 51% after a customer clicks the “like” button. When they receive good customer service, social media users tell three times as many people about it as do nonusers of social media. 83% of people who complained about a given company on Twitter “liked or loved” a response by the company. 90% of consumers trust product reviews from people they know; 70% trust reviews from people they don’t know. 40% of social media users “like” businesses in order to receive special discounts and promotions. Facebook fans of a brand spend twice as much as those who are not Facebook fans.

McKinsey Global Institute, the research arm of business consulting firm McKinsey & Company, reckons that better communication and collaboration via social media could add $1.3 trillion to the global economy.

Concluding remark

The business benefits of social media aren’t limited to the realms of marketing and brand equity. Major efficiencies and productivity gains are to be had from faster and more interactive communication—between companies and consumers, among consumers, and in social-media-driven collaborations within a company.

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