The correlation between social sentiment and customer loyalty to venue.
Social media has a known ability to build relationships through engagement that can lead to sales and advocates. A study by Syncapse has shown •85% of consumers make brand decisions based upon social media influences. But what does that mean for your venue or space and what is that social sentiment really worth?
Research by DDB Worldwide found that *84% of a typical brand’s Facebook followers are existing customers, highlighting its potential as a great retention and relationship building tool. Moreover, studies suggest that followers spend more on the brands they follow socially. This over-index in spend is not merely an artifact of income, but rather an indication of how effective these media platforms can be.
DDB Worldwide’s Research also found that Facebook followers:
Are 11% more likely to continue using the brands than non-followers users.
Are 18% more satisfied with their brands then non-followers users.
Will spend 43% more in respective categories versus non-followers.
In addition, brand followers spend almost double the amount that non-followers do on the brands they like. Specifically, the average Facebook follower spends *$255 compared with the non-follower who spends *$139. In addition, over *90% of your followers are likely to continue buying from you. These insights support a relationship between sentiment and loyalty, but what does that loyalty mean in terms of generating footfall and spend offline?
There is a near consensus that social media marketing is valuable, but justifying the value of social has been a conundrum for brand marketers for some time. How much do you attribute to the relationship with the brand versus the last click? What makes measuring social ROI so difficult is not a lack of data, but identifying which pieces of data matter. Skyfii’s Social Dashboard enables clients to harness the analytics used day-to-day when measuring on-line successes and apply those analytics to a physical space. Providing a real way to measure ROI and conversion of social sentiment from online to offline.