Social media has become an integral part of our day-to-day lives. It has revolutionized the communication between businesses and prospect buyers. The rapid growth of social media provides a new space to display and showcase brands. Businesses nowadays promote their products and services online because social media has a significant influence on purchasing decisions. As per studies, customers are 71% more likely to buy a product based on their social media influences. Social media has aroused a lot of interest amongst people to research among the various brands available and select the best-suited one as per the needs. The convenience of searching on an online platform has led to the social media network’s rapid growth.
Millennials are a generation that has started to spend a lot of time online looking for the desired products to purchase. Social media has become one of the most effective marketing tools for companies. Social media has globally become a vital communication tool that establishes trust between the company and the end-user. People are likely to make a purchase when they read positive feedback about the brand.
Globally people refer to Instagram, Facebook, Twitter, and other platforms to showcase the brand experiences. All the information shared online becomes a source of communication and leaves an impact on the minds of the customer. The reviews and recommendations posted on social media networks are also sought after by people before making their purchase decisions. Marketing on social media helps showcase the brand, products, and services to the target segment through social media sites.
It is the display of tailored content for each platform that influences the people visiting these sites. Today the consumer rushes to see the social media sites for any query regarding their needs. Social media has become an ideal place for brands to gain insights into customer’s buying behavior. In the increasingly competitive environment, businesses can’t miss out on the social media space. Till a few years back, the sole purpose of social media sites was to generate traffic, but now they are evolving as a significant influence factor. It has opened the doors to interact with a new audience.
Since everything happens online, it is a quicker and easier way to build a database of prospects. With increased visibility, your brand finds opportunities for conversion and builds trust amongst the customers. This tool has allowed reaching the right message to the right prospect at the right time. It has connected people globally.
The buying behavior of consumers
The buying behavior of the consumer makes the companies understand how individuals select the products and services. A lot of factors influence buying decisions. These decisions are impacted by buying psychology, their motivation behind the purchase, the impact of marketing done by the brand owners, after-sales services, and many others. Certain personal factors like individual interest also affect the purchasing decision. Psychological factors based on individual perceptions and social influences like peer group choices, social media influence, etc., are major governing factors of the buying behavior.
Stages in the buying process
Whenever a person intends to buy any product or service, the first step is realizing the need. The need may be as small as buying a shirt or a big one like buying a car. For businesses, they base their marketing strategies based on helping the buyers to realize this need. After need recognition, the buyers look for information about the product. This, in particular, is available in the form of reviews on social media and company websites. Search engines, blogs, and advertisements come in handy and help establish the brand’s credibility.
After proper comparison, the purchase decision is made. Businesses that provide a sense of trust and security win in this phase. The purchase process needs to be convenient. Most importantly, excellent after-sales service and experience get positive feedback and develop a long-term relationship with the client.
Social media influencing the purchase decision of the millennial
Social media has become an indispensable part of millennials’ lives and plays a massive role in their purchase decisions. The significant factors that influence these decisions are:
Social media plays a massive role in creating brand awareness. People tend to search about their requirements on social media. The brand presence on social media helps your content reach the target audience, influencing their decision to buy the product or service.
Reviews from influencers
People tend to get affected by the opinions of influencers. The reviews posted by them play a significant role in the buying decisions. The followers tend to follow what the influences suggest. The views about a product or brand reach a wider audience as these influences provide genuine feedback about them.
Discounts and deals on social media
Social media has allowed the branch to reach a broader target audience. People see the products, like them, and share them on their feed. Brands tend to offer special schemes and discounts online these days. This is to attract the people and influence their purchasing decision. When consumers see these promotional schemes, they tend to buy the product as an impulse purchase.
Social media presence of your brand
It is not just enough to have a regular social media page and sell your product online. It would be best if you were consistent and focused on marketing the product or service in this online space. To boost the brand image, companies are posting regular content which is relatable to the target audience.
Making the brand trending and popular
Social media gives a brand advantage
With the right social media marketing strategies, the brand can surely build trust in the consumer’s minds. Though the buying behavior is influenced by social, personal, and psychological factors, social media has become another significant factor in this decision-making. With the vast information available on social media platforms, businesses get an opportunity to showcase their brand in front of billions of people.
Rise of the influencer
Influencer marketing has become one of the essential tools that are influencing the purchase decision of the millennial. Social media influencers have the power to sway the decisions of the followers, and the businesses are focusing on this fact. The content posted on social media has a significant effect and has increased awareness among the target audience. It is evident that today social media presence is a must and the social media marketing strategy matters a lot.