|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.
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
Apr. 30, 2017 04:00 PM EDT Reads: 1,678
The goal of Continuous Testing is to shift testing left to find defects earlier and release software faster. This can be achieved by integrating a set of open source functional and performance testing tools in the early stages of your software delivery lifecycle. There is one process that binds all application delivery stages together into one well-orchestrated machine: Continuous Testing. Continuous Testing is the conveyor belt between the Software Factory and production stages. Artifacts are ...
Apr. 30, 2017 04:00 PM EDT Reads: 1,529
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 30, 2017 03:45 PM EDT Reads: 1,875
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Apr. 30, 2017 02:45 PM EDT Reads: 1,251
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 30, 2017 02:45 PM EDT Reads: 2,751
As DevOps methodologies expand their reach across the enterprise, organizations face the daunting challenge of adapting related cloud strategies to ensure optimal alignment, from managing complexity to ensuring proper governance. How can culture, automation, legacy apps and even budget be reexamined to enable this ongoing shift within the modern software factory?
Apr. 30, 2017 02:30 PM EDT Reads: 637
NHK, Japan Broadcasting, will feature the upcoming @ThingsExpo Silicon Valley in a special 'Internet of Things' and smart technology documentary that will be filmed on the expo floor between November 3 to 5, 2015, in Santa Clara. NHK is the sole public TV network in Japan equivalent to the BBC in the UK and the largest in Asia with many award-winning science and technology programs. Japanese TV is producing a documentary about IoT and Smart technology and will be covering @ThingsExpo Silicon Val...
Apr. 30, 2017 02:30 PM EDT Reads: 1,026
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 30, 2017 02:00 PM EDT Reads: 1,935
SYS-CON Events announced today that Hitachi Data Systems, a wholly owned subsidiary of Hitachi LTD., will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City. Hitachi Data Systems (HDS) will be featuring the Hitachi Content Platform (HCP) portfolio. This is the industry’s only offering that allows organizations to bring together object storage, file sync and share, cloud storage gateways, and sophisticated search an...
Apr. 30, 2017 02:00 PM EDT Reads: 888
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 30, 2017 01:15 PM EDT Reads: 2,718
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Apr. 30, 2017 01:15 PM EDT Reads: 3,173
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across supply chain networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost and time for product recall as well as advance trade. Are you curious about Blockchain and how it can provide you with new opportunities for innovation and growth? In her session at 20th Cloud Exp...
Apr. 30, 2017 01:15 PM EDT Reads: 2,238
Cloud promises the agility required by today’s digital businesses. As organizations adopt cloud based infrastructures and services, their IT resources become increasingly dynamic and hybrid in nature. Managing these require modern IT operations and tools. In his session at 20th Cloud Expo, Raj Sundaram, Senior Principal Product Manager at CA Technologies, will discuss how to modernize your IT operations in order to proactively manage your hybrid cloud and IT environments. He will be sharing be...
Apr. 30, 2017 01:00 PM EDT Reads: 1,081
While some vendors scramble to create and sell you a fancy solution for monitoring your spanking new Amazon Lambdas, hear how you can do it on the cheap using just built-in Java APIs yourself. By exploiting a little-known fact that Lambdas aren’t exactly single threaded, you can effectively identify hot spots in your serverless code. In his session at 20th Cloud Expo, David Martin, Principal Product Owner at CA Technologies, will give a live demonstration and code walkthrough, showing how to o...
Apr. 30, 2017 12:15 PM EDT Reads: 891
The explosion of new web/cloud/IoT-based applications and the data they generate are transforming our world right before our eyes. In this rush to adopt these new technologies, organizations are often ignoring fundamental questions concerning who owns the data and failing to ask for permission to conduct invasive surveillance of their customers. Organizations that are not transparent about how their systems gather data telemetry without offering shared data ownership risk product rejection, regu...
Apr. 30, 2017 12:00 PM EDT Reads: 1,937