The F-FACTOR

     An article was emailed to me last night that I couldn’t stop reading. The online site trendwatching.com analyzed the effects friends, fans and followers have on consumers’ online purchasing decisions. They coined this phenomenon the “F-Factor.

     Trendwatch identified 5 key ways the “F-FACTOR” influences consumer behavior:

1. F-DISCOVERY: How consumers discover new products and services by relying on their social networks.
2. F-RATED: How consumers will increasingly (and automatically) receive targeted ratings, recommendations and reviews from their social networks.
3. F-FEEDBACK: How consumers can ask their friends and followers to improve and validate their buying decisions.
4. F-TOGETHER: How shopping is becoming increasingly social, even when consumers and their peers are not physically together.
5. F-ME: How consumers’ social networks are literally turned into products and services.

     In particular, the F-FEEDBACK made me think of the ‘like’ button on Facebook. I remember the first time I saw the ‘like’ button as I was browsing the online shop for Aldo and I thought, what on earth is this? So what if people know you ‘like’ something, what’s the big deal? But after reading this article I can see why businesses want consumers to share their ‘likes’ and dislikes about a product. Facebook has managed to capitalize on our need for peer approval by making it easy for us to click on one button and share our preferences with friends.

     I guess it’s not that far off from me asking a friend what she thinks of a dress I am considering purchasing or have purchased. And as Trendwatch points out, the influence peers have on our purchase decisions is not particular to our time, but the methods we have developed to make it easier for us to get the validation are. 

     Now I don’t have Facebook (yes it’s true and I have managed to survive), but I still find myself looking at how many people ‘like’ something I have considered purchasing. However, because my likes or dislikes aren’t shared through social media, I am less likely to not purchase something because only 2 people liked it. After all, in my case who’s going to know?

     Here is the link to the full article: Trendwatching- The F-FACTOR. It’s a lot of information but worth the read and will give you more insight into your purchase habits.