Impact of Digital Media on Consumer Behavior
There is no question that the growth of Internet advertising is outpacing offline advertising. As more and more companies realize the real value in advertising their goods and services online, they are diverting funds from other forms of offline advertising to compensate. Consequently, the market share of Internet advertising is continually growing while the market share of offline advertising mediums stagnates or declines, but increase in internet marketing increasing demands and expectations of customers, social trends driven by the digital revolution are changing consumer behavior and demands, and will continue to do so. These changes can be hard to understand, consumer have become more aware and not just compare performance of firm with its competitors but also with other all business either they are not even relevant to product of a particular firm. If one company exceeds the customer’s benchmark of ‘what good looks like’, they will expect the same from others as well. Secondly, Customers have become faster to complain and harder to satisfy,as evidenced by increasing complaint levels and customer satisfaction dropping across the board. Research shows the importance customers place on ease of service, in particular.
Social media have huge potential both to build and to destroy brands. Customers are directed by the opinions of their ‘friends’ or ‘followers’ Positive word of mouth can boast a brand image but negative one have ability to terminate sales and brand image as well, digital technology has given consumers enhanced knowledge of products and services. The company does not have the monopoly on product knowledge: information and opinions on the basis of which decisions are made. Customers will no longer accept perceived overpricing or poor standards of customer service, and are open to switching provider. They want value for money, not just cheap goods and services but they demand quality and are willing to pay for it.