The impact of new media on our world today is unparalleled, with a rise in consumer spending and the majority of consumers turning to social to determine their purchasing decisions, both large and medium sized enterprises need to take unorthodox measures to drastically build their social media presence and gain consumer trust, or be relegated to the background.
The trend of '93% of buying decisions being influenced by social media' brings to the forefront the question 'How are brands using social media to influence consumer spending?' While social media platforms such as Facebook, Twitter, LinkedIn and Instagram provide the tools for brands to promote their products and services to their client base, there is also finding revealing the fact that only 20% of companies have marketing strategies with measurable return on investment (ROI). This finding presents the case that marketers are still struggling to use social media to directly impact the bottom line of businesses.
Therefore, while social media has revolutionized the consumer culture and preference, the producers are still unsure of the direction of their customers. This means, social is more of asset for the consumer today, than the producer. It is this gap, effective social media marketing must fill; to draw the consumer and producer together, for a thriving sales and marketing online environment.