Social Media in Consumer Goods - Thematic Intelligence
Summary
Social media has become an almost inescapable reality of modern day life globally for billions of consumers. Social media is composed of online platforms that allow users to share information and allow networking between individuals. This has been particularly prominent in the consumer goods industry as brands are able to promote their products through this medium and can reach an astounding amount of viewers, thus leading to online sales/s-commerce.
With the COVID-19 pandemic heightening the amount of users present on social media networks, the channel became vital for consumer packaged goods companies to keep in line with this upward popularity and ensure that their brands were present online/invested in their social media pages in order to maximize profits. From this, many partnered with 'influencers' to guarantee further exposure online to reach audiences that the company may not have reached alone. While social media has benefited a vast number of companies, it has been the demise of others. With the vast reach that social media platforms have, consumers may post their opinions of products that could also be negative, or even worse, provide scandalous claims about the company. Therefore, there are positive and negative outcomes of the utilization of social media.
Scope
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
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