Comments on: Goldman Sachs says Social Media has little effect on what you buy

By: Nick

Nick — Tue, 05 Apr 2011 23:40:00 +0000

So many problems with this study, you are absolutely right. I could walk around asking people about social networks, search engines, and traditional media. Depending on my population sample, how I formed the questions, whether I used any leading comments, and other factors, I could make the survey say anything. In fact, when it comes to “influence on purchase” it gets even more complicated since we often don’t even know why we chose to purchase a specific product. How we shop online is different than in-store, as shiny foil on packaging can attract us to a product, without us realizing it.

The truth is, any time we are exposed to a brand or product contributes to our “influence on purchase.” To believe that social networks are not a factor, more importantly, word of mouth from people we trust. That’s just crazy.

By: Josh Peters

Josh Peters — Tue, 05 Apr 2011 23:19:00 +0000

That is pretty much the exact same thought process I had when I saw this. The whole thing is so vague that it makes giving an honest answer to it difficult. For a good 60+% of my online shopping I don’t rely on social media to help make a decision. The other 40% I rely on it heavily, BUT that 40% also typically costs more than the other 60%. It’s a tough thing to answer and Goldman Saches didn’t do a very good job in defining any parameters of the survey.

By: Jessica Petersen

Jessica Petersen — Tue, 05 Apr 2011 22:39:00 +0000

What is the definition of influence?

Do I go to social media venues specifically to shop for an item and look for reviews? No. Do I asked my followers/friends for their opinion and value it more highly than a search engine or recommendation engine? Yes.

My answer to the question depends on the circumstance. So, I think the first question to answer is “When are people most likely to use social media to make purchasing decisions?”

By: Goldman Sachs says Social Media has little effect on what you buy | Shuaism

Goldman Sachs says Social Media has little effect on what you buy | Shuaism — Tue, 05 Apr 2011 22:08:00 +0000

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