Social Media Impact On Consumer Mindset
Social media marketing is the modern and innovative way of doing business specifically in service marketing, as marketers are moving from one strategy to another. Industries are looking for new ways to reach people and with the arrival of social media, in the field of marketing the whole game has changed including consumer behavior. Social media plays an important role as a marketing platform and in today’s world; more and more marketers are using this medium to target a large number of audiences.
Social media has the power to make people act in a specific way; ways that are beneficial to business owners. Many reports prove how consumer mindset has been influenced by social media. Today’s behavior of buying is referred to as the era of online decision making and is described as information overload. Customers are bombarded with pieces of information every single day over the internet and this is rapidly destroying the attention span of these consumers.
Modern-day customers especially teenagers and millennials are increasingly using social media platforms such as Whatsapp, Facebook, Instagram, YouTube, Twitter, and Pinterest. This is a consumer segment, which is the most prominent today. To attain their attention, the marketers had to change from traditional ways to new and innovative methods of advertising on social media platforms. Most of the content on these social media sites are about materialistic possessions and goods. The generation has become obsessed with this and they want to acquire more and more of it. Once young consumers attain the goods or services marketed to them through online platforms, they become influencers and reviewers and in turn increase brand/ product/service clientele/connect. The whole culture and era revolve around the elevation of these material recreations. The consumer decision-making process is also vastly affected by external factors such as family, culture, the situation, and personal influence.
Social media influences consumer behavior in a lot of ways and to understand why it is such a big influence, it is important to understand the psychology behind it. Marketing psychologists generally agree that the reason social media has gained so much power when it comes to consumer buying decisions is that even the most rational buyers will be influenced by the emotions knowingly and unknowingly. More than 40% of people who purchase a product say they just happened upon it and hadn’t thought about buying it or something like it. This is mainly because sometimes emotions get the better of people and they end up buying something that they weren’t planning to buy in the first place. The emotional investment becomes too high and then it is no longer easy to just walk away from these social media sites.
A picture indeed says a million words and companies are finding it very easy to convince their fans to buy by publishing visuals, graphics and charts. These are easy to share and the success stories impact immensely on consumers.
The most basic form of human nature is to move in a crowd. It becomes easy to convince, influence and sway people when they move together in clusters. This is why social media is a hit when it comes to digital marketing and is a great way to grow one’s business from a commercial point of view.