web 2.0 fueling multichannel marketing brett hurt founder and ceo, bazaarvoice 29 april 2008
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Web 2.0 Fueling Multichannel Marketing
Brett HurtFounder and CEO, Bazaarvoice
29 April 2008
Are consumers hearing you?
Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 2
71% of online shoppers read reviews, making it the most widely read consumer-generated content – Forrester
70% of UK online researchers find product ratings/reviews most helpful when researching for an online or offline purchase – Jupiter Research, 2008
69% of consumers who read reviews share them with friends, family or colleagues, thus amplifying their impact – Deloitte & Touche
82% of those who read reviews say their purchasing decisions have been directly influenced by those reviews – Deloitte & Touche
78% rank consumer recommendations as the most credible form of advertising – Nielsen, “Word-of-Mouth the Most Powerful Selling Tool”
97% of online researchers in the UK are willing to trust online customer reviews – Jupiter Research, 2008
39% of those who bought from sites with reviews cite the reviews as the primary factor influencing the purchase decision – Foresee Results Study, 2006
62% of consumers read consumer-written product reviews on the Internet –
Deloitte & Touche
94% of UK online researchers use online customer reviews – Jupiter Research, 2008
Two thirds of UK social networkers (66%) are more likely to buy a product as a
result of a recommendation – Royal Mail’s Home Shopping Tracker Study 2007
55% of surveyed Internet users consulted other people’s opinions online,
making reviews the #1 resource for product research – Avenue A/Razorfish “Digital
Consumer Behavior Study,” 2007
86.9% of respondents said they would trust a friend’s recommendation over a
review by a critic, while 83.8% said they would trust user reviews over a critic –
Nielsen, “Word-of-Mouth the Most Powerful Selling Tool”
91% of moms prefer brands that other moms have recommended – Marketing VOX,
2006
58.7% of shoppers said they used product reviews to make decisions. Reviews
rated higher than clearance sale pages (56.4%) and featured sale pages (51.3%) – Shop.org, 2007
To sum it all up:
CUSTOMERS WANT TO HEAR FROM OTHER CUSTOMERS, NOT ADVERTS!
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» Percent of 4 and 5-star reviews across all Bazaarvoice US and UK clients:
» UK – 88%
» US – 81%
UK customer feedback is very positive
0%
10%
20%
30%
40%
50%
60%
70%
1 2 3 4 5
UK
US
Leverage UGC throughout the buying cycle and within all channels
User-generated content (UGC) enhances all touch points, all purchase stages, and drives post-purchase engagement
and loyalty
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UGC makes your brand stand out
Customer voice fuels research, drives awareness through
» Natural search (SEO)
» Syndication
» Social networks
» Advertising
» Mass Media
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UGC amplifies natural search
» 60% growth week over week
» 70% of traffic is new
» 17% more revenue than paid search
» 97% more revenue than general natural search
» 82% more page views per visitor
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Ratings & Reviews make in-store ads engaging
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Product ratings draw attention in mass marketing
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UGC gives consumers confidence to buy
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Customer voice builds interest and trust» Product-page
» Site merchandising
» In-store displays
» Catalogs
» On-air, on your channel
Reviews drive conversion on the product page
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» 12.5% higher conversion for products with reviews
» 83.85% higher conversion for products with 20+ reviews
» Look-to-book ratio 4x lower (better) for reviewed products
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»Ratings integrated with site navigation and merchandising
»“Top-Rated” browsers:
»49% higher conversion
»63% higher AOV
UGC-based merchandising drives conversion and AOV
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»“Sort by rating” searchers:
»20% higher conversion
»10% higher AOV*
»Sort by rating so successful it’s now default sort option
Ratings aid product discovery and drive conversion
* Compared to all browsers
Ratings & Reviews enhance in-store merchandising
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Mobile reviews support consideration ANYWHERE
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»Enable store customers to look up reviews on product in the stores.
»Other mobile opportunities:
» Cross sell
» Couponing
» Analytics
» Display product specifications
» Research and polling
User-generated Q&A drives conversion
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» Only 4% of “question askers” and 25% of “contributors” have previously written a review, thus capturing a new part of the community.
18.26%18.26%
22%
One question with one answer
At least two questions, each
with answers
UGC drives loyalty, engagement, and community
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Customer voice drives ongoing engagement
» Post-purchase review requests
» Reward loyal customers with advance review opportunities
» “Expert” reviewer badging
» Use UGC to fuel marketing messages
UGC drives trust and loyalty
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» 78% of consumers have more trust for brands with reviews1
» Consumers are 18% more likely to buy again from a retailer with reviews2
1: buySAFE2: ForeSee Results, Jan. 2007
UGC ensures more satisfactory purchases
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» Return rates decrease 20.4% for products with reviews for PETCO
» Return rates drop 45% for products with 25+ reviews
Encouraging post-purchase feedback fuels multichannel marketing
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Receipt Integration
Circular Integration
Shelf Tags
Q&A
Please visit stand #W464 to learn moreabout Bazaarvoice
Brett HurtCEO and [email protected] www.bazaarblog.com
Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 21