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Web 2.0 Fueling Multichannel Marketing Brett Hurt Founder 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!
Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 3 » Percent of 4 and 5-star reviews across all Bazaarvoice US and UK clients: » UK – 88% » US – 81% UK customer feedback is very positive
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 Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 4
UGC makes your brand stand out Customer voice fuels research, drives awareness through » Natural search (SEO) » Syndication » Social networks » Advertising » Mass Media Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 5
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 Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 6
Ratings & Reviews make in-store ads engaging Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 7
Product ratings draw attention in mass marketing Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 8
Syndicating UGC drives share of voice Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 9
UGC gives consumers confidence to buy Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 10 Customer voice builds interest and trust » Product-page » E-mail » Site merchandising » In-store displays » Catalogs » On-air, on your channel
Reviews drive conversion on the product page Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 11 » 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
Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 12 » Ratings integrated with site navigation and merchandising » “Top-Rated” browsers: » 49% higher conversion » 63% higher AOV UGC-based merchandising drives conversion and AOV
Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 13 » “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 Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 14
Mobile reviews support consideration ANYWHERE Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 15 » 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 Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 16 » Only 4% of “question askers” and 25% of “contributors” have previously written a review, thus capturing a new part of the community. 18.26% 22% One question with one answer At least two questions, each with answers
UGC drives loyalty, engagement, and community Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 17 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 Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 18 » 78% of consumers have more trust for brands with reviews 1 » Consumers are 18% more likely to buy again from a retailer with reviews 2 1: buySAFE 2: ForeSee Results, Jan. 2007
UGC ensures more satisfactory purchases Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 19 » 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 Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 20 Receipt Integration Circular Integration Shelf Tags
Q&A Please visit stand #W464 to learn more about Bazaarvoice Brett Hurt CEO and Founder firstname.lastname@example.org www.bazaarvoice.com www.bazaarblog.com Confidential and Proprietary. © 2008 Bazaarvoice, Inc. 21
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