With the advent of social media networks, new trends in the way consumers find, evaluate and buy products and services have also emerged, this according to a slew of recent reports revolving around consumer behaviour. The latest trend spotted by analysis firms is dubbed the “F-Factor,” which refers to the emerging trend of consumers using their social network friends, fans and followers to acquire information about goods and services.
Leading this trend is no other than Facebook, with a staggering membership of 500 million users, who according to trendwatching.com, spend more than 700 billion minutes on the site per month. Facebook’s programmers themselves have shown data that indicates that the average Facebook user clicks the ‘Like” button at least 9 times a month. In addition, an amazing ¾ of all site users have ‘liked’ a brand.
The ‘F-Factor’ trend is essentially broken down into 5 key categories, each defining a particular segment on recent consumer behaviour:
- F-Discovery – the consumer’s desire to enjoy the best goods and service
- F-Rated – consumers put more weight in the recommendations of friends and loved ones. Trusted social networks and online communities are also emerging as trusted resources for reviews and ratings
- F-Feedback – ordinary feedback however, isn’t convincing enough, as consumers want reviews that are relevant and personal
- F-Together – group-shopping platforms offer amazing deals; however, the group-buying experience itself lacks the F-Factor. Analysts predict that consumers will now be offered the chance to buy products and services in a more social way, with incentives offered to buyers who make purchases in groups.
- F-Me – refers to a new trend wherein social networks are able to offer personalize products and services based on user behaviour
Along with the emergence of the ‘F-Factor,’ other trends have also been observed by industry analysts. For one, consumers now use new methods to acquire information about the products, services and brands they’re interested in. Instead of relying on conventional advertisements, consumers now depend on trusted resources both offline and online for feedback, customer reviews and ratings. According to trendwatching.com, consumers have basically fallen back on trusted word-of-mouth information, which has this time around, been greatly accelerated by modern technology. Enform can help you take advantage of this trend now. Give us a call anytime and we’ll help you be on top of this.