|By Business Wire||
|April 29, 2014 06:00 PM EDT||
ShareThis today released the “Return on a Share Report,” a groundbreaking study that is the first to quantify the monetary value of online recommendations. The report, which will be presented at the Return on Sharing Summit to be held tomorrow in New York City in partnership with the Paley Center for Media, shows that shared online content, such as recommendations shared between friends, now influences consumer purchases more than price and brand, carries nearly as much weight as in-person recommendations and can motivate buyers to spend 9.5 percent more for a product. ShareThis and the Paley Center will convene a high-level group of media and marketing executives for conversations inspired by the report, which is available for free at www.sharethismoment.com.
“There’s no question consumers are actively looking online for recommendations and content to help them decide what to buy,” said Kurt Abrahamson, CEO of ShareThis. “We’ve all known that social sharing is important, but it’s been difficult to measure its impact on consumer spending -- until now. For the first time, this report offers a guide for brands to determine the value of social content, and to make informed decisions about where and how they need to invest to engage their customers.”
The study used two different methodologies to survey more than 6,000 consumers buying in three different industries: automotive, technology and consumer packaged goods (CPG). Some of the key findings include:
- Across all three categories, the value of a positive online share is 9.5 percent, which means that shared reviews or recommendations over social networks increase the value and desirability of products, whether it’s store brands in a supermarket, personal electronics or an automobile.
- A positive recommendation is more important to consumers than price and brand combined, with a relative importance of 57 percent for a recommendation, compared to 28 percent for price and 16 percent for brand across all three categories.
- Positive recommendations can also enable manufacturers and retailers to charge more for products. In fact, a strong positive recommendation, on average, can motivate a consumer to pay 8.8 percent more. That translates to adding, on average, $3,700 to the price that a consumer is willing to pay for a vehicle, $27 to the price of a mini-tablet and $0.75 to the price of a typical supermarket item.
- Conversely, negative recommendations can deter consumers from purchasing by an average of 11.0 percent across all categories.
- The value of online sharing consistently outperforms both consumer ratings and reviews, and an online share carries essentially the same value as in-person recommendation.
- The monetary value and influence of a recommendation or share is also related to the source -- where professionals and close friends and family members have the greatest impact, and strangers the least.
“The Paley Center’s mission is to provide the various stakeholders in the media industry with an independent forum to discuss important topics like this,” said Pat Mitchell, president and CEO, The Paley Center for Media. “We are proud to partner with ShareThis to present their original research and convene a dialogue that will advance our understanding of the sharing economy.”
This research is a crucial milestone for product marketers and publishers who no longer have to guess at the value of their social campaigns, and instead can use the evidence-based model and findings presented in this report. For product marketers, this report offers recommendations for engaging current customers as partners and brand evangelists, incentivizing online sharing, creating shareable experiences, monitoring social media, addressing negative reviews, using paid media to convert new customers, and using social insights to determine where and when to invest in media buys. The Return on a Share study is also a valuable resource for publishers who can use the results to guide content development, drive traffic, understand social metrics, and turn data into action for their developers to engage readers in new and innovative ways.
“We are seeing a fundamental shift in consumer purchasing behavior,” said Lisa Weinstein, President, Global Digital, Data and Analytics at Starcom MediaVest Group. “The explosion of social content like recommendations is having a real impact in people's day-to-day lives, including what we buy and how much we are willing to pay. While we’ve known intrinsically that online engagement is important, being able to quantify the monetary value of online recommendations and sharing, as these findings do, is incredibly important for brands.”
The Return on Sharing study was developed by Beresford Research of Westport, Conn., and conducted in two phases during late 2013 and early 2014. It is the first study of its kind to apply scientific, statistical methodology to the problem of determining the actual monetary value of a social share.
ShareThis uses large-scale social data to deliver breakthrough insights, audience building and advertising solutions across mobile and desktop environments. Every day millions of consumers use ShareThis to share content across more than 120+ social channels including Facebook, Twitter, LinkedIn and Pinterest -- giving the company unrivaled Web Wide Visibility. The company works with half of the Fortune 500 companies and is based in Palo Alto, Calif. To learn more visit http://www.sharethis.com.
About The Paley Center for Media:
The Paley Center for Media seeks to preserve the past, illuminate the present, and envision the future through the lens of media. With the nation’s foremost public archive of television, radio, and Internet programming, the Paley Center produces programs and forums for the public, industry professionals, thought leaders, and the creative community to explore the evolving ways in which we create, consume, and share news and entertainment. In an era of unprecedented change, the Paley Center advances the understanding of media and its impact on our lives. The Paley Center for Media was founded in 1975 by William S. Paley, a pioneering innovator in the industry. For more information, please visit www.paleycenter.org.
About Beresford Research:
Beresford Research helps companies seize market opportunities through thoughtful research based on innovative methodologies and rigorous execution. We create initiatives that are tightly aligned to our clients’ strategic needs, and provide unique industry insights. Founded in 1991 as a marketing and consulting firm, Beresford Research brings a strategic focus to every project. We partner with our clients to provide creative, customized solutions that deliver unprecedented value without the overhead. Clients include Booz & Co., Novartis, Oxford Economics, PhoCusWright, The Week and Towers Watson. For more information, please visit www.beresfordresearch.com.
Between 2005 and 2020, data volumes will grow by a factor of 300 – enough data to stack CDs from the earth to the moon 162 times. This has come to be known as the ‘big data’ phenomenon. Unfortunately, traditional approaches to handling, storing and analyzing data aren’t adequate at this scale: they’re too costly, slow and physically cumbersome to keep up. Fortunately, in response a new breed of technology has emerged that is cheaper, faster and more scalable. Yet, in meeting these new needs they...
Dec. 10, 2016 02:00 AM EST Reads: 1,981
Complete Internet of Things (IoT) embedded device security is not just about the device but involves the entire product’s identity, data and control integrity, and services traversing the cloud. A device can no longer be looked at as an island; it is a part of a system. In fact, given the cross-domain interactions enabled by IoT it could be a part of many systems. Also, depending on where the device is deployed, for example, in the office building versus a factory floor or oil field, security ha...
Dec. 10, 2016 02:00 AM EST Reads: 540
An IoT product’s log files speak volumes about what’s happening with your products in the field, pinpointing current and potential issues, and enabling you to predict failures and save millions of dollars in inventory. But until recently, no one knew how to listen. In his session at @ThingsExpo, Dan Gettens, Chief Research Officer at OnProcess, discussed recent research by Massachusetts Institute of Technology and OnProcess Technology, where MIT created a new, breakthrough analytics model for s...
Dec. 10, 2016 01:30 AM EST Reads: 748
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Dec. 10, 2016 01:30 AM EST Reads: 3,993
"We are the public cloud providers. We are currently providing 50% of the resources they need for doing e-commerce business in China and we are hosting about 60% of mobile gaming in China," explained Yi Zheng, CPO and VP of Engineering at CDS Global Cloud, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 01:15 AM EST Reads: 1,212
In his general session at 19th Cloud Expo, Manish Dixit, VP of Product and Engineering at Dice, discussed how Dice leverages data insights and tools to help both tech professionals and recruiters better understand how skills relate to each other and which skills are in high demand using interactive visualizations and salary indicator tools to maximize earning potential. Manish Dixit is VP of Product and Engineering at Dice. As the leader of the Product, Engineering and Data Sciences team at D...
Dec. 10, 2016 01:00 AM EST Reads: 1,257
Keeping pace with advancements in software delivery processes and tooling is taxing even for the most proficient organizations. Point tools, platforms, open source and the increasing adoption of private and public cloud services requires strong engineering rigor - all in the face of developer demands to use the tools of choice. As Agile has settled in as a mainstream practice, now DevOps has emerged as the next wave to improve software delivery speed and output. To make DevOps work, organization...
Dec. 10, 2016 12:45 AM EST Reads: 455
"We are a custom software development, engineering firm. We specialize in cloud applications from helping customers that have on-premise applications migrating to the cloud, to helping customers design brand new apps in the cloud. And we specialize in mobile apps," explained Peter Di Stefano, Vice President of Marketing at Impiger Technologies, in this SYS-CON.tv interview at 19th Cloud Expo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 10, 2016 12:30 AM EST Reads: 606
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 9, 2016 11:30 PM EST Reads: 1,150
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lead...
Dec. 9, 2016 10:45 PM EST Reads: 538
In IT, we sometimes coin terms for things before we know exactly what they are and how they’ll be used. The resulting terms may capture a common set of aspirations and goals – as “cloud” did broadly for on-demand, self-service, and flexible computing. But such a term can also lump together diverse and even competing practices, technologies, and priorities to the point where important distinctions are glossed over and lost.
Dec. 9, 2016 10:30 PM EST Reads: 1,727
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, discussed how VPaaS enables you to move fast, creating scalable video experiences that reach your aud...
Dec. 9, 2016 10:00 PM EST Reads: 312
All clouds are not equal. To succeed in a DevOps context, organizations should plan to develop/deploy apps across a choice of on-premise and public clouds simultaneously depending on the business needs. This is where the concept of the Lean Cloud comes in - resting on the idea that you often need to relocate your app modules over their life cycles for both innovation and operational efficiency in the cloud. In his session at @DevOpsSummit at19th Cloud Expo, Valentin (Val) Bercovici, CTO of Soli...
Dec. 9, 2016 09:45 PM EST Reads: 2,009
"Once customers get a year into their IoT deployments, they start to realize that they may have been shortsighted in the ways they built out their deployment and the key thing I see a lot of people looking at is - how can I take equipment data, pull it back in an IoT solution and show it in a dashboard," stated Dave McCarthy, Director of Products at Bsquare Corporation, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 9, 2016 09:30 PM EST Reads: 1,284
What happens when the different parts of a vehicle become smarter than the vehicle itself? As we move toward the era of smart everything, hundreds of entities in a vehicle that communicate with each other, the vehicle and external systems create a need for identity orchestration so that all entities work as a conglomerate. Much like an orchestra without a conductor, without the ability to secure, control, and connect the link between a vehicle’s head unit, devices, and systems and to manage the ...
Dec. 9, 2016 08:00 PM EST Reads: 1,025