Marketing board... Social media largely a waste of money

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Companies spend billions of dollars each year to produce messages, ads and videos that will entrance social media users

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"Across 16 studies, we found no evidence that following a brand on social media changes people's purchasing behavior," the researchers reported.

Another popular myth is that you are more likely to buy a product if one of your social media friends endorses it. That's not true either. Having a Facebook friend endorse a product was not any more effective at producing a sale than standard advertising, the researchers found.

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