Social media can mean big savings

Where do you get recommendations on the latest brands to buy? If one new survey is correct, you’re likely listening to social media – and saving money.

Whether it’s spreading the word about their favorite flea dip or that double chocolate chip cookie mix, “38 percent of Canadians said they’re using social media to make brand recommendations,” according to a study last month by Colloquoy, a U.S. marketing firm.

That 38 percent is a huge jump from the 28 percent from the same study two years ago. And most Canadians believe it’s perfectly OK for those brands to use social media to communicate with them

“More than half or 55 percent of the general population believes social networks are an appropriate way for brands to interact with customers,” the survey says. “That number jumps to 74 percent when polling young adults from 18 to 25 years of age.”

In the very near future, this could mean your favorite brands tweet deals directly to you, or post the same to your Facebook feed if you “like” them.

Jeffrey Schwartz, executive director of Consolidated Credit Counseling Services of Canada, supports any technology that saves Canadians money, but he warns, “Social media cuts both ways. You should safeguard your personal information – it’s not worth a few dollars if your identity gets stolen.”

Consolidated Credit offers a four-part report on Identity Theft that you should check out before you get too involved in online activities, especially if you’re still rather new at it. Consolidated Credit helps the young and old to manage their credit, live debt free, and find financial freedom.

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