SURVEY: Where Do High-End Design Brands Find New Business?
This Spring, Dering Hall conducted a survey of 744 design professionals, brands, and enthusiasts to try and get a better understanding of how buyers and sellers are finding each other in the digital world and where Dering Hall played a role. We found some interesting results, some of which we will be presenting at the DFA E-Commerce Summit next week and in our Webinar on May 17.
We wanted to share some of the preliminary results here.
Brands are Getting New Business through Social Media
Word of mouth is the most effective way for high-end brands to get new business, with over 80% of respondents saying this was a good source.
Social media is surprisingly high at nearly 70%. Brands are using Instagram and Facebook to not only build awareness but generate real business.
Print magazines, Dering Hall, and Conferences / Events like LCDQ and High Point are equally effective in driving new revenue, according to this survey, but the costs of events tend to be significantly higher than digital spend.
The largest number of respondents invested in events and conferences, over 80%. The second most popular source for marketing was Instagram at over 70%. Print magazines, Advertising and Dering Hall were marketing investments for just over half of all respondents.
While the most common source of marketing is events and conferences, they do not seem to be yielding as much business as social media or even PR, at least according to this sample. That being said, with the largest source of new revenue coming from word of mouth, all of these efforts - from social media to events - can contribute to an increase in referrals.
Regardless of where or how brands are spending their marketing dollars, it seems like most are anticipating an increase in digital spend in the coming years. 92% of respondents said they would spend more in digital advertising in the next five years.
If you are interested in seeing more results from this survey, register for our free webinar this month.