Market Intelligence: Social media use and what we want to buy
| Thursday, Jan 21 2010 12:24 PM
Last Updated Thursday, Jan 21 2010 12:26 PM
The adoption and use of social media, particularly social networking, has taken off in the past two years. Facebook, MySpace, Twitter and other social networks are attracting millions of users every day. These social networks have also attracted the attention of executives from top companies.
A recent study shows that 79 percent of executives surveyed from companies on the Inc. 500 list consider social media important for their business and marketing strategy (Social Media in the 2009 Inc. 500: New Tools & New Trends by Dr. Nora Ganim Barnes and Eric Mattson of the Center for Marketing Research at the University of Massachusetts Dartmouth). Furthermore, these executives believe their social media strategy is successful in generating hits, feedback, leads and sales.
More and more local businesses have a presence on the Internet, and some are very visible on Facebook, Twitter and other social networks. If you are waiting for the right time to promote your business online, that time is now, and social networking is a good way to start. Why?
Consider the following:
* Every month, 62 percent of Kern County adults go online, and one out of three use social networks.
* 93 percent of social network users are under 55 years old. They are in their prime spending years.
* 55 percent of social network users went to college.
* 62 percent of social network users have household incomes of $40,000 or more, with the majority making above the Kern County median household income of $44,716 (U.S. Census Bureau, 2008).
Furthermore, local users of social networks are in the market to buy a variety of products and services, including the following:
Planning to buy in the next 12 months ... % of users
Furniture or mattress ... 38
HD television or digital camera ... 25
Major or energy saving appliance ... 20
ATV, motorcycle, powerboat or watercraft ...17
Wireless phone service or Smart Phone ... 12
Computer or game system ... 11
Pest control service ... 11
Pool or spa ... 9
Home security system ... 8
DVD player or iPOD/MP3 player ... 7
House or condo ... 6
RV (motor home) ... 4
Satellite TV subscription ... 3
Sources: Scarborough Research2009 R2 (Sample: 1,989 Kern County adults) and The Bakersfield Californian Market Research.
