Tag Archives: retail

Do you like what I like? The power of social influence.

Twenty years ago, our friend Dan did meticulous research on lawnmowers, comparing price and quality, reading Consumer Reports, and talking to various salesmen, asking questions at local stores. Once he decided which brand and model to buy, we piggybacked on his research and bought the same one because we knew he did a thorough evaluation.

While influence is nothing new, the many ways we’re influenced is, in more and more ways.  If you consider all of the consumer buying decisions we make: where we shop and dine out, which movies we see and what music we listen to, we have always made decisions with influence from our family, our friends, and, even perfect strangers.

Now, in addition to in-person influence, we are often influenced by a virtual community made up of people that we know, and their friends, many who post their opinions on Facebook, by liking a page, or on Amazon, by reviewing a product, or on Yelp, by reviewing a restaurant or local business.  (Yelp, by the way, got in trouble with site users for manipulating reviews in favor of advertisers and has changed their policy based on widespread negative feedback.)

That’s why Facebook has been making it easy for companies to incorporate the Like widget on their websites and blogs. Everything you “like” is cataloged for all of your Facebook friends to see.

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Social Media Leaders and Laggards: Healthcare, Retail Sprint Past Financial Services, Energy

It may be early on in the race to Social Media marketing success, but there are already some notable leaders and laggards emerging.  Which industries are the ambling tortoises, and which are the speedy hares?

In this post, we will review the findings of a recent report from intelligence provider Social Media Influence (SMI), and share our own analysis to help you handicap this race to success.

In their June report entitled “The State of Social Media Jobs 2010,” SMI surveyed the marketing departments of all Fortune 100 companies, to find out whether they have in-house social media resources, outsource their social media campaigns, or have little to no investment in social media marketing.

The graph below shows the results of their survey.  The blue line represents the total number of companies in that industry, while the red line represents those companies in that industry that SMI deems “social media-savvy” (i.e. they devote significant in-house resources to social media marketing efforts).  As you can see, the leaders of the group include Tech/Consumer Electronics, Healthcare, Retail and Automotive.  On the flip side, the laggards are Petroleum/Energy, Financial Services/Insurance and Utilities.  (Click to enlarge image.)

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