… Live blogging from downtown Toronto…
Scott Evans, Senior Product Strategist, Bazaarvoice, USA
Why Social Commerce Engines will Power Next-Gen Market Research
- They are a white label firm
- ZMOT – zero moment of truth
- You used to go to the shelf and pick something. Now you access information everywhere before going to get the exact one you’ve decided on
- Omnichannel – People look at things in the store then buy online, People will go to the store and read online reviews on their phone, People read reviews on their mobile while they’re driving
- Social commerce engines are all about conversion – gives people the option to communicate about their products
- What is the ROI of traditional market research? It’s hard to answer that question. But with social commerce, you can calculate ROI.
- Check out the opentable website to find a good restaurant. It’s becoming easier to use these kinds of things without being a serious techie
- Many product page websites are actually BazaarVoice – both display and collection of data. review, comments, Q&A, stories; Likes go to your facebook page, your reviews go to your social networks
- Traditionally it was hard to get SKU level information [exactly what size of peanut butter did you buy?]
- Great opportunity to leverage our insight skills
- Social media monitoring is now a commodity. Canada leads in this area. Can’t measure SKU level, can’t measure non-public CGD, can’t measure behavioural data
- We need to decide what to zero in on. How do we map customer journeys? How to evaluate consumer segments?
- 3M dish wand: hundreds of people write reviews about this stuff, people are passionate about different things 🙂 ; First, ask for reviews, then identify issues, form a team, respond publically, fix the problem. They were able to respond to each person who wrote a review and give them a fixed product.
- 3M Scissors: Created the best scissors on the market. Noticed a lot of women noticed they were good for scrapbooking so they marketed them for scrapbookers. Ditto left handed users.
- Cabela’s Pant Design: Noticed “hunters” loved the new pants. The older men didn’t like the pants. It came down to the young folks liking the pockets of the new pants.
- Nexxus Product Testing: Recruited advocates to test new products.
- In one month, BV had 350 million visitors with 16 billion impressions. 70 million products covered, and 65 million contactable reviewers.
- Good way to talk to people who actually want to talk about the product
- Instead of sampling, you have the census of reviewers available to you [that’s not really census though]
- Next gen mr – broaden reach, richer more natural product experience, x-market comparison, SKU level analysis, detailed behavioural patterns, generalization( weighting), mr assets (segmentations), consumer modeling
- ABCs of the Olympic Games: Melanie Courtright, Prince De #Netgain7 #MRX (lovestats.wordpress.com)
- Small vs Big Data: Fabien Rolland, Michel Girard #Netgain7 #MRX (lovestats.wordpress.com)
- Future Trends in the Industry: Simon Chadwich, Cambiar #Netgain7 #MRX (lovestats.wordpress.com)
- Socializing Research: Mike Rodenburgh #Netgain7 #MRX (lovestats.wordpress.com)
- Mileage from your Dashboard: Adam Froman #Netgain7 #MRX (lovestats.wordpress.com)
- Data Mining and Predictive Modeling: Andrew Grenville, Kevin Dang #Netgain7 #MRX (lovestats.wordpress.com)