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Market research firm <a href="http://www.compete.com/news_events/pressReleases/168/">Compete Inc.</a> says peers hold more influence over social networkers’ purchases than any other source of information, while over one-third of ‘online socialites’ spend less time watching TV or reading newspapers or magazines as a result of their usage. Its study found that people join a social networking site for four reasons; to meet people (78%); find entertainment (47%); learn something new (38%); and influence others (23%). Their annual discretionary income is also 20% higher than other consumers, and they spend nearly 25% of their disposable income on online purchases (versus 17% for others). Marketers, meanwhile, are using six strategies to target those consumers, says the company - branded micro-sites; customer reviews and ratings; online customer forums; P2P transactions; product-focused blogs; and community-created products. “Committing to a social commerce strategy means welcoming consumer participation throughout the marketing process,” says Stephen DiMarco, its vice president of marketing.

<FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph>Market research firm <Link URL="http://www.compete.com/news_events/pressReleases/168/" Window="New">Compete Inc.</Link> says peers hold more influence over social networkers’ purchases than any other source of information, while over one-third of ‘online socialites’ spend less time watching TV or reading newspapers or magazines as a result of their usage.</Paragraph> <Paragraph>Its study found that people join a social networking site for four reasons; to meet people (78%); find entertainment (47%); learn something new (38%); and influence others (23%). </Paragraph> <Paragraph>Their annual discretionary income is also 20% higher than other consumers, and they spend nearly 25% of their disposable income on online purchases (versus 17% for others).</Paragraph> <Paragraph>Marketers, meanwhile, are using six strategies to target those consumers, says the company - branded micro-sites; customer reviews and ratings; online customer forums; P2P transactions; product-focused blogs; and community-created products.</Paragraph> <Paragraph>“<Quote>Committing to a social commerce strategy means welcoming consumer participation throughout the marketing process</Quote>,” says Stephen DiMarco, its vice president of marketing.</Paragraph> </FormattedContent>

2006-10-17T08:55:00+01:00

econsultancy_xml

Users of social networking sites are becoming impervious to traditional ads and turning instead to their friends and colleagues for information and product recommendations, according to a new study.

<FormattedContent xmlns="http://www.e-consultancy.com/schema/formattedContent/"> <Paragraph> <Emphasis>Users of social networking sites are becoming impervious to traditional ads and turning instead to their friends and colleagues for information and product recommendations, according to a new study.</Emphasis> </Paragraph> </FormattedContent>

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Econsultancy has published an <a href="http://econsultancy.com/reports/online-advertising-networks-buyers-guide">Online Advertising Networks Buyer's Guide</a> which contains an examination of this marketplace and profiles of 23 leading networks. We have also produced an <a href="http://econsultancy.com/reports/online-advertising-survey">Online Advertising Survey</a>, based on a survey of advertisers and agencies. For more stats and charts, see also our <a href="http://econsultancy.com/reports/internet-advertising-statistics">Online Advertising Statistics compendium</a>.

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Social networkers reject ads false

2006-10-17T08:55:00+01:00

social-networkers-reject-ads

2009-04-28T22:35:32+01:00

2009-10-13T08:39:26+01:00

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