Social Media a Hit With Investors Seeking Product Info
YouTube, Facebook, LinkedIn and other social media forums are likely to be used by investors to gather information on new products and services, according to a Spectrem Group Report.
The "Social Media and the Investor" report is based on a survey of 500 financial decision-makers in households with $50,000 or more in annual income who spend at least two hours per week on the Internet.
Seventy-seven percent of investors who read blogs said they are likely to consult them for financial product and service information. Nearly half (46%) of YouTube users and 41% of Facebook users would seek investment information from these forums. Social media networks are also popular sources for developing new investment strategies and seeking buy/sell advice, respondents said.
Sixty-nine percent of LinkedIn users are likely to consult their LinkedIn networks on investment issues and 63% of Twitter users would pay attention to investment tweets, according to Chicago-based research firm Spectrem.
More than one-third (36%) of investors said they are interested in receiving information from their advisors or corresponding with them through social media. Among investors under age 35, this figures rose to 53%.