15 Oct How Today’s Consumers Form Impressions of Companies
MediaPost recently discussed a study from The Society For New Communications Research, indicating that with greater access to information and news, heightened awareness and shared opinions over social networks, consumers are more discerning about the companies they choose to do business with and support. We have become a “show me” society.
This report shows the top 11 factors that consumers deem important when it comes to their decisions about where and how to spend their money:
- Quality of products/services – 80%
- Cost of products/services – 55%
- Customer care program – 37%
- Friend, family, other trusted people – 34%
- Customer reviews/ratings on social media – 30%
- Social conscience – 19%
- Rewards program – 18%
- Years company in business – 15%
- Media reports – 13%
- Company ads – 10%
- Social media presence – 7%
Surprisingly, gender was discovered as the biggest distinction in consumer behavior over generation (eg, Millennials). Women are two times more likely to turn to social channels to inform their decisions about purchases, and they place more importance on the degree to which a company commits to operating with a social conscience.
In fact, 25% of women are more likely to make a purchase when they learn about an organization’s positive social impact actions compared to only 12% of men, and are more likely to be an online advocate for a brand.
What’s really interesting is that a small percentage of people who share online one or more times each month about a brand have a significant influence on a large majority of consumers who read online sites seeking information and opinions.
Clearly, word of mouth still wins; whether it’s reading social media sites or getting trusted information from family and friends.