May 6, 2014 5:44:35 PM
Positive Online Shares Result in Higher Purchase Incidence
ShareThis, a social data and sharing tool, and the Paley Center for Media recently came together to examine the significance of high-rated social reviews in a new study. Brands that receive positive online shares across multiple platforms have an average 9.5 percent lift in purchase occurrences.
The study surveyed more than 6,000 consumers and took into account consumer ratings, consumer reviews, and online shares of supermarket items, mini-tablets, and cars, as listed below:
The study also found the average monetary worth for each segment:
And while social media sharing is helpful, it still does not replace personally vouching for or professional reviews of products or services. According to the study by ShareThis, in-person recommendations provided a 10.6 percent lift, and professional reviews provided a 10.2 percent lift.
On the other hand, negative reviews and shares hurt, whether in person or online. Negative online shares resulted in -11 percent desirability. Negative in-person and consumer ratings/reviews resulted in -11.2 percent and -11.3/-11.2 percent, respectively.
The study also noted that consumers value positive recommendations more than price and brand combined. The importance of a recommendation gained 57 percent, while price came in at 28 percent, and brand names at 16 percent.
Lisa Weinstein, president of Global Digital Data and Analytics at Starcom MediaVest Group, commented on this evolution.
“We are seeing a fundamental shift in consumer purchasing behavior. The explosion of social content like recommendations is having a real impact in people’s day-to-day lives, including what we buy and how much we are willing to pay. While we’ve known intrinsically that online engagement is important, being able to quantify the monetary value of online recommendations and sharing, as these findings do, is incredibly important for brands.”
Source: “Research Quantifies the Monetary Value of an Online Share.” 2014. www.sharethis.com
“Study: Positive Online Sharing Increases Purchase Intent By 9.5%.” 2014. marketingland.com
“New Research Quantifies the Monetary Value of an Online Share for the First Time.” 2014. www.businesswire.com
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