going social webinar: learn how to create a social shopping strategy that boosts sales &...
TRANSCRIPT
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What is Strands Recommender? We are a personalized product recommendation company that helps over 65 retailers ranging in size from $1M a year to $150M+ display personalized and relevant products to new and returning customers throughout their shopping experience and in emails.
Example of Recommended Products in Product Detail Page
We Help Your Online Store by: Learning Each Customers Unique Behaviors Merchandising Your Site Based On Behavior Personalizing Your Email Marketing Helping Customers Find What They Want Helping Customers Discover New Products
Which Results In: Reduced Cart Abandonment Increased Conversions Increased Engagement Increased Sales Repeat Customers
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Featured Moderator:
Trevor Legwinski
Sr. Director of Marketing
Quick Webinar Warm-Up:
- The webinar is fully hosted in your browser no need to dial in - You can view the webinar replay live at the URL below: - http://www.instantpresenter.com/strandsrecs/EE54D98585 - Webinar should last about 45 minutes
If you have any trouble connecting or viewing the webinar: Give this number a jingle: 1-800-706-6762
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Online Video Has Helped:
148M people discover and laugh to Charlie Bit a Finger…
and Lady GAGA share her Bad Romance to over 200M video viewers on YouTube…
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Blogs, Facebook and Twitter Have Helped:
Threadless crowd source t-shirts and make millions…
and people save over $260M and counting by sharing coupons on Groupon…
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Social Recommendations and Ratings & Reviews Have Helped:
Shoppers discover millions of products through their friends and other shoppers…
and ignite billions of conversations and reviews across retailers sites…
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Social Is Here We’re here to help you piece together your Social Commerce Strategy
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Featured Presenters:
Sucharita Mulpuru
Vice President, Principal Analyst
Suleika Bloom
Director of Social Media
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A Social Strategy That Drives Sales Sucharita Mulpuru Principal Analyst Forrester Research May 19, 2010
A Social Strategy That Drives Sales Sucharita Mulpuru Principal Analyst Forrester Research
May 19, 2010
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11 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
There is no silver bullet in social commerce
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12 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
vs. Q1 2007
13%
na
19%
15%
19%
33%
52%
While more people are more social than ever…
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13 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
Hopes are high
~120MM uniques per month
2x UK’s population!
Hmmm…0.1% of that x 1% conversion for an
average ticket of…
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14 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
Low costs are also tempting
Small Medium Large
Average budget $0.6MM $2.4MM $10.7MM
Paid search 37% 38% 39%
Email (house and prospecGng) 17% 14% 11%
Affiliate markeGng 11% 13% 13%
Comparison shopping engines and marketplaces
10% 10% 7%
SEO/natural search 8% 5% 3%
Behavioral targeGng/remarkeGng 3% 6% 7%
TradiGonal portal deals 1% 2% 7%
Social (blogs, social networks) 5% 2% 1%
Other 8% 10% 12% Allo
catio
n of
tota
l bud
get
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15 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
The universe of social commerce options are confusing
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16 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
Retailers want to do everything “Please indicate which social marketing strategies you have already implemented.” “Please indicate which social marketing strategies you plan to implement or enhance in 2010 or later.”
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17 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
A framework to think about
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18 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
The 8 “top ranked” social tactics 1. Ratings and reviews 2. Microblogs 3. Social recommendations 4. Company blogs 5. Customer generated outfitting 6. Product sharing on social network sites 7. Social shopping aggregator sites 8. Open APIs
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19 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
1. Ratings and reviews
• Already used by most retailers
• Opportunity to reduce content creation costs
• Benefits to product development, returns and sell-through
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20 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
Seven Key Elements Of Customer Reviews
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21 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
2. Microblogs • Inexpensive to launch • Opportunity to quickly dispose of excess inventory • Customer service benefits
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22 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
This also puts a face to a brand
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23 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
3. Social recommendations • Opportunity to
leverage “wisdom of the crowds”
• Exposes customers to content deeper in the site
• Increases time on site and upsell opportunity
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24 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
4. Company blogs • Provides the
biggest opportunity with SEO
• Not a huge traffic or sales driver but relatively low cost
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25 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
5. Customer generated outfitting Coutourious.com
• Assists in merchandising support and cross-sells
• Engages shoppers in tactile purchases
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26 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
6. Product sharing on social network sites
• Much more effective than company social network pages
• Opportunities to use your customers to evangelize your brand
• Needs to be relevant sharing (e.g. local events, sales vs. item level communication)
10%+ of traffic and revenue comes from social network sources, mainly Facebook
and Twitter
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27 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
7. Social shopping aggregator sites • Opportunity to drive
incremental traffic • Often more engaged
and relevant shoppers than traditional CSEs
• Conversion is moderate because shoppers are usually earlier in the purchase funnel
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28 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
8. Open APIs • Opportunity to crowdsource technology • Great for “shovel ready projects”
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29 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
Thinking about next steps: Forrester’s POST methodology
P O S T
People Review the Mobile Technographics® Profile of your target audience.
Objectives Decide on your goals.
Strategy Determine your approach to meet your objectives.
Technology Choose the technologies that will enable you to implement your strategy.
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30 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
Key takeaways
• Social ≠ explosive revenues • Social commerce is not passive; it requires resources • The most effective social tactics for retailers usually
engage your own shoppers on your site • Only a few lucky sites are able to rely on Facebook
and Twitter to drive traffic and sales • The biggest benefit of social is listening; don’t expect
huge, easily quantifiable ROI
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31 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
Forrester’s Research Panel
• Gain insight, get data, and learn best practices from marketing professionals. Join our panel today: www.forrester.com/Panel
• Each quarter, Forrester surveys 1,500 marketing and strategy professionals about: » Interactive marketing » Direct marketing » Customer experience » eBusiness and channel
strategy » Marketing leadership » Consumer product strategy » Consumer market research
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32 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
Thank you
Sucharita Mulpuru [email protected] www.forrester.com
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THANK YOU FOR ATTENDING
More Tips: recommender.strands.com/blog
Get Social With Us: www.twitter.com/strandsrecs
Contact Me Directly: [email protected]
Add Social Recommendations To Your Site: recommender.strands.com
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Top 10 Free Social Commerce Measurement Tools: Brand Visibility: 1.) HowSociable: www.howsocialble.com
Blog Search Tools: 2.) Technorati: www.technorati.com
Buzz Tracking: 3.) Google Trends: http://google.com/trends
Twitter Search Tools: 4.) TweetMeme: http://tweetmeme.com/
Social Bookmarking: 5.) StumbleUpon: www.stumbleupon.com
URL Cruncher: 6.) Bit.ly: http://bit.ly/
Inbound Marketing: 7.) Grader: www.grader.com
Online Video Search: 8.) Blinkx: www.blinkx.com
Forum Tracking: 9.) Forumreader: www.forumreader.com
Social Media Footprint: 10.) Social Mention: www.socialmention.com