Foster Consumer Conversations Today for Sales Tomorrow
It appears that a significant percentage of sales are being driven by consumers' "social conversations" that take place both offline and online according to a study released recently by Engagement Labs.
The report, conducted in conjunction with Koen Pauwels, Professor of Marketing at Northeastern University and BI Oslo, revealed that an estimated 19 percent of consumer sales are driven by offline and online social conversations. The report also found that between $7-10 trillion in annual consumer spending is motivated by consumer conversation (online social media made up half of the measured social contribution to sales, while offline word-of-mouth contributed to the other half).
The Engagement Labs report revealed another interesting insight that a little social improvement can result in big gains. The report revealed by improving social performance by as little as 10 percent, the brands analyzed in the study could realize a two percent increase in sales and large improvements in profit margins.
Read the full Website Magazine article, here.
For more information on TotalSocial™ or to request a demo, visit https://totalsocial.engagementlabs.com/
For sales contact us at: firstname.lastname@example.org
For media inquires contact us at: email@example.com
Want a better understanding of the online and offline conversations around your brand? Are you a journalist who wants to use real data to measure the brands you’re reporting on? Are you a company who wants to gain further insights into your brand's marketing strategies to develop effective campaigns to reach your audiences?
Request a demo today and learn more about TotalSocial by emailing firstname.lastname@example.org
For media inquiries please contact email@example.com