Monday, May 19, 2014

The Role of Social in the Purchase Process for Millennials

Ramona Harvey of Ebay talked activating some truly insightful learnings from her research with millennials, and how social media influenced their purchases. The overall point was that millennials are rather obviously affected by social media, validated by research; however they do trust a brand's social sites as much as a friend, showing trust to be a huge opportunity area to capitalize on.



It was great to quantify that millennial are more likely to influence a personal decision by checking social media, with 25% of them pointing a clear difference. Plus, heavy social shoppers are not only influenced by Facebook, but also by Youtube, as well as Twitter and Tumblr in particular.

Millennial are also very driven by passion for a product or category. Their passion determines the amount of time they will invest in the pre, during and post phase of a product purchase, a mindset that is very useful to marketers and researchers alike.




 

And lastly, it was interesting to see that Facebook, Amazon and Youtube were the top influencers for non-social shoppers, showcasing the more global and segment-free appeal of these channels.






Sourabh Sharma, Communication & Social Media Research Expert at SKIM, an international consultancy and marketing research agency, has a background in engineering, marketing and finance from the University of Pennsylvania, and the Wharton School and Rotterdam School of Management. Having worked in marketing and product development at L’Oreal, followed by a stint in management consulting, he now passionately enjoys the world of social media, and can be found on every platform with his alias sssourabh. He is a food critic and a fashion writer, and documents these alongside strategy on his blog called 3FS. He may be reached at s.sharma@skimgroup.com. Follow him on @sssourabh.

Sourabh Sharma, Communication & Social Media Research Expert at SKIM, an international consultancy and marketing research agency, has a background in engineering, marketing and finance from the University of Pennsylvania, and the Wharton School and Rotterdam School of Management. Having worked in marketing and product development at L’Oreal, followed by a stint in management consulting, he now passionately enjoys the world of social media, and can be found on every platform with his alias sssourabh. He is a food critic and a fashion writer, and documents these alongside strategy on his blog called 3FS. He may be reached at s.sharma@skimgroup.com. Follow him on @sssourabh.
- See more at: http://themarketresearcheventblog.iirusa.com/2014/04/crowdsourcing-and-social-media.html#sthash.sVAUnJ9x.dpuf

Sourabh Sharma, Communication & Social Media Research Expert at SKIM, an international consultancy and marketing research agency, has a background in engineering, marketing and finance from the University of Pennsylvania, and the Wharton School and Rotterdam School of Management. Having worked in marketing and product development at L’Oreal, followed by a stint in management consulting, he now passionately enjoys the world of social media, and can be found on every platform with his alias sssourabh. He is a food critic and a fashion writer, and documents these alongside strategy on his blog called 3FS. He may be reached at s.sharma@skimgroup.com. Follow him on @sssourabh.
- See more at: http://themarketresearcheventblog.iirusa.com/2014/04/crowdsourcing-and-social-media.html#sthash.sVAUnJ9x.dpuf

Sourabh Sharma, Communication & Social Media Research Expert at SKIM, an international consultancy and marketing research agency, has a background in engineering, marketing and finance from the University of Pennsylvania, and the Wharton School and Rotterdam School of Management. Having worked in marketing and product development at L’Oreal, followed by a stint in management consulting, he now passionately enjoys the world of social media, and can be found on every platform with his alias sssourabh. He is a food critic and a fashion writer, and documents these alongside strategy on his blog called 3FS. He may be reached at s.sharma@skimgroup.com. Follow him on @sssourabh.
- See more at: http://themarketresearcheventblog.iirusa.com/2014/04/crowdsourcing-and-social-media.html#sthash.sVAUnJ9x.dpuf

No comments: