I wanted to touch back on Black Friday after seeing this report on social media. According to IBM Smarter Commerce social media made up less than 1% of Black Friday sales. This number comes from customers who were referred to a retailer's site through social media and made a purchase right then. The article also discusses how social media analytic companies say that the importance of social media is in its brand awareness. An example is how the Disney Store Twitter handle had increased 42% this year during Black Friday Sales.
Ok, so there are two things I want to say are important in this report. First of all, the article speaks about how social media is hard to measure for marketers and if its effects are influential on consumer decision. This seems to coincide with what Andrew was talking about when he discussed measuring social media and that no one is exactly certain of how strongly social media use correlates with purchasing decision.
Second, now earlier in the semester we talked about company goals and we had a reading about a woman who was giving a presentation to her boss about how company goals were not being met even though brand awareness was increasing. I remember putting brand awareness up on the board as a possible goal and also putting up higher revenue. In this article what social media analytics companies are arguing is that brand awareness is very important, and even though I agree, this report clearly shows that brand awareness through social media did not help the bottom line for many companies.
The odyssey for understanding social media continues...