Most brand managers don’t take twitter seriously. They often feel it is more of medium for celebrities and their fans to exchange pleasantries and rake up controversies. But sadly most Marketers are myopic when it comes to twitter.
A recent report from Constant contact a US based social media consultancy had some interesting findings. According to the reports, almost 50% of Twitter users following a brand would make purchase a product from the brand. That is an interesting finding which indicates an almost 60% conversion ratio just by your followers. So if for example, I am a brand, and I have 1500 followers, then I can assume that almost 750 of them would do business with me this year.
But the most interesting finding was that almost 60% of them would refer to their followers, who might not be my customers at all. Now this is a very significant finding and gives a perspective on the market expansion / brand expansion capabilities of Twitter.
So in other words a Twitter savvy brand manager can go from repeat business to making markets just by engaging with his own customer / followers on Twitter. The interesting part is that the referral rate is higher than the buying rate which itself signifies that Twitter is an excellent market expansion tool. [source report]
10 Quick Facts You Should Know About Consumer Behavior on Twitter!
Obviously brands have to engage their customers on the network like how they do in the physical world. But the sheer amplification provided by Twitter is way beyond any traditional marketing channel.
In a article earlier, I had argued that Twitter was like the telegraph of the internet. So basically many consumers look to their peers on Twitter talking about the brands that they follow and how the brand inspires them. Also long before a traditional media campaign hits the consumer he is already talking to his followers on twitter.
Also another interesting point that came out was that consumers were more likely to read blogs by brands than about brands. Hence more reason for the brand managers to engage the followers regularly. Finally most consumers follow less than 10 brands and hardly anyone unfollowed a brand.
The findings of the report are very significant for increasing the marketing investment in social media and specifically for Twitter. A good marketer would know that the challenge is to keep the consumers engaged in a discussion, Twitter is only one such platform but would continue to grow as a significant channel.