Study Reveals How Brand Conversations Drive Consumer Expenditure
A new study from Twitter and Publicis has revealed how brand conversations influence consumer spending, noting it is influential at every stage of the purchase journey.
Twitter teamed with Publicis to study 9,600 consumers on six leading social platforms across the U.S., the U.K., India, and Mexico.
In the new Publicis-Twitter study, “#LetsTalkShop,” 92% of people surveyed actively seek out comments about brands, products, or services on social media. More importantly, 68% said their impression of a brand was changed as a result of experiencing brand conversation.
According to a study,56% of shoppers consider social brand conversation more/as impactful as traditional reviews. Also, 60% of purchasers who recalled a conversation on Twitter said it made them much more likely to consider the product they brought.
Adweek reports that trust plays a major role. People surveyed consider three out of every four brand conversations to be authentic. In fact, for the majority of shoppers, these spontaneous conversations are as impactful, if not more, on purchase decisions as the influence of traditional reviews. So, yes, talk matters.
Notably, of brand conversations that are recalled by consumers, 81% involve brands or people shoppers don’t know personally. This indicates that they’re thinking outside their bubbles and broadening their spheres of being influenced. So there’s always an opportunity for your business to participate. Be active, not absent, and reap the benefits.
The study also found conversation is most impactful early in the purchase journey, which suggests people may be more impressionable well before they’ve even figured out their consideration set.
Still, the research goes on to explain that brand conversation—whether brand or shopper initiated—can significantly impact purchase consideration at any point in the purchase journey. This isn’t surprising given how people shop today, gathering new inputs right up to the moment they buy.
There’s a catch, though. While the data shows the influence of conversation is immediate, the impact on brand impression and consideration decays over time, particularly after the first week. So it pays to show up regularly, both in your actions and advertising, in ways that help you stay talked about. An always-on strategy can help brands engage customers regardless of where they are in their purchase journey and can even kick-start buying decisions.