May 23, 2016 - The social economy is becoming more and more demanding on businesses to maintain the real-time consumer conversation. Consider these statistics:
In 2015, Social Media Today found that 71% of consumers are likely to purchase an item based on social media referrals. (Source)
Mintel reported in 2015 that 69% of consumers seek out opinions via web reviews before making purchases, while 57% use social media for recommendations. (Source)
According to Brafton, 94% of B2B buyers conduct online/social research before buying. (Source)
These measurements and behaviors are indicative of an increasing demand for transparency from consumer brands (and of a market that subsequently penalizes the brands that neglect or refuse to adapt and comply with this demand). Thus, your business needs a vibrant and well-branded social media & web presence to not only compete for new customers but also retain existing ones and cultivate brand loyalty.