Anthony Quaranta, The Q GroupOur world has changed tremendously because we have so much technology available to us. And when it comes to using this technology to support and facilitate the buying process, some of the most popular and influential vehicles appear on social media and other digital platforms. A recent study from Deloitte revealed that nearly one in three U.S. consumers are influenced by social media when making a purchasing decision.
The report also showed that consumers who integrate social media into their shopping process are four times more likely to spend additional money on their purchases than those who don’t. The report also showed that the purchases of 47% of millennials are influenced by social media, compared to 19% of other age groups.
And we’re not just talking about consumers. A recent Carnegie Mellon study revealed that 75% of B2B buyers were influenced by the information they found on social media. So it’s clear that we’re witnessing an evolving “digital” shift in the way professionals and consumers make purchasing decisions.
Let’s look back a few year’s when a typical buyer, be it for an automobile or a cleaning service, would secure three to five different quotes. They would also enlist their colleagues’ advice and/or opinion about a product’s performance or the company’s level of service. They might even request customer referrals to further validate their decision-making. So the reality is that “back in the day” buying was a rather arduous process. Oftentimes, it took many weeks or longer, especially since larger-scale commitments went well beyond a single purchase experience and demanded cultivating more lasting relationships.
Today, social media has accelerated the buying process. Rather than a single purchaser having to do extensive research, price comparison and validation, today buyers simply go online. They reach out to their friends on Facebook, their followers on Twitter, or their connections on LinkedIn, soliciting first-hand reviews, comments and experiences. And they also utilize a plethora of websites to shop the best deal.
And do they believe what they find out? Remember the meme that says: “I read it on the Internet, so it must be true?” Yes, people do take the information and referrals they receive online very seriously. As a matter of fact, I’ve heard stories about folks using their connections on LinkedIn to connect with other professionals that they wanted to get in touch with. And, as every salesperson knows, a personal introduction has far more value than none at all.
So as a salesperson today, you need to think about the power of technology that both you—and your customers—have incredibly easy access to. And that means not just social media, but a plethora of other digital resources (e.g., search engines, blogs, etc.) that both enable and expedite the decision-making process. According to a Buyersphere Report, although the actual buying process on social media is somewhat similar to traditional buying, the channels used vary according to the buying stage, specifically:
• Stage 1. Awareness: Identifying and defining a need—Facebook and blogs.
• Stage 2. Consideration: Identifying potential suppliers—LinkedIn and blogs.
• Stage 3. Conversion: Final supplier selection—Twitter and Facebook.
So make sure your company is using social media optimally by having a presence wherever your best prospects may be congregating. Talk with your customers—find out what social media networks they’re on, and which ones they think are the most credible. Moreover, be an information gatherer about your competition. Check out their websites and their social media. You can learn a ton about customer satisfaction by reading comments that appear on your competitors’ Facebook pages. And, naturally, protect your own online reputation by diligently monitoring your online presence and what your own customers are saying about your company and its products.
And, perhaps my most important point, when done correctly, electronic platforms have incredible power to target and isolate your particular decision maker. That’s an advantage that is pretty new—and pretty powerful. So don’t forget to promote your social media presence by advertising the forums you participate in within your traditional marketing strategy and collateral as well.
It’s time to take social media seriously. It is not a fad and it’s not just about customer retention. Because of its on-going growth, social media has an unprecedented ability to engage new, viable customers through information, education and mutual experience.
That’s Q from the street.
Anthony Quaranta is the president of The Q Group, Hauppauge, N.Y.
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