CorpComms Magazine

Almost 70 per cent of consumers say that social media directly influences their purchase decisions, according to recent research by accountancy firm Ernst & Young.

Almost two thirds of the 2,000 consumers surveyed said that they want to share their experiences of products or services with a company, and are likely to share both positive and negative feedback via social media channels. The research revealed that the brands who communicate the most with their customers are most likely to have a loyal following.

Despite these figures, just 15 per cent believe that companies are managing their social media channels well. Almost all of the respondents said that they want to be better informed about new products and services via a brand's social media account.

The study found that companies that respond to tweets, for example, received on average ten times more followers than those who ignored tweets. According to the survey, interaction increased by more than 200 per cent on Twitter and by more than 80 per cent on YouTube when brands linked to other social media, because consumers want to be able to interact with a brand across multiple channels.

Richard Ingelton, partner at Ernst & Young, said: 'The social digital trend is already driving the creation and destruction of entire business models, and is giving rise to opportunities for disruption and differentiation across all aspects of the value chain.

'Although some companies have put in place engaging social media strategies our research shows that companies have some way to go yet to fulfil customer expectations,' Ingelton concluded.

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