Impact of Social Media on Consumers' Brand Loyalty and Consumers' Willingness to Pay

As time elapses with the growth of the worldwide economy has increased every brand’s competitiveness, and this circumstance is playing an obvious role in the marketing area, as well as the social media, with various functions immersing into individuals’ lives, powerful enough now affecting everyone’s life. Marketers now are following the societal trend that everyone is taking full advantage of social media and changing their ways of life. Which means that the traditional marketing method is out of date. As a result, marketers have discovered several ways of social media marketing to make their advertising more novel and effective. This essay summarizes some of those researchers’ empirical studies, experiments, and conclusions of social media marketing strategies from different perspectives, including the perspective of the four stages of the consumer decision-making journey, brand loyalty, and consumers’ willingness to pay, suggesting some musts and limitations to combine the advantages to provide marketers with practical marketing advice.