Consumers are willing to pay up to 10% more for products from brands that are engaging on social media, according to a study by Axonn Research.
The study found 67% of consumers are more likely to buy from brands whose content they enjoy, even if it costs 5-10% more than brands that don’t use social media to engage with their customers.
The most widely used medium in content marketing is social media (88%), followed by email campaigns (77%), news articles (71%) and blog posts (64%).
However, nearly two thirds of marketers (65%) said they lack the time to use these content marketing mediums effectively.
Fergus Parker, CEO of Axonn Media, said “It’s important for businesses to note that their online efforts are being rewarded with a willingness among consumers to pay 5 to 10% more for their goods and services, which can make a real difference to the bottom line.”
“As is often the case a lack of time, finance and expertise were cited as the main reasons why firms didn’t interact more with their target market, something which business leaders may wish to look at in light of this positive new data.”