As organizations assimilate social media into their business strategies, reliable techniques for using this bustling, garrulous forum to drive incremental revenue remain elusive. The speed with which social media technology evolves can seem to be exceeded only by the speed with which user behavior changes, often quickly rendering the best laid social media strategies ineffective.
L.E.K. Consulting recently surveyed over 2,000 regular social media users in the U.K. about their online behavior and how it correlates with purchasing habits. Jonathan Simmons and Maria Palm explain the surprising insights we uncovered and how they can help businesses avoid some common social media mistakes.
The relevance and impact of celebrity endorsements, the power of “likes and “follows” and the importance of understanding different social media users are all challenged in this paper, which provides pragmatic advice on how to build a myth-free social media strategy.