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The Social Discovery Playbook
 

The Social Discovery Playbook

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    The Social Discovery Playbook The Social Discovery Playbook Document Transcript

    • The Social Discovery Playbook A Practical Guide to Inspiring Customers with Engaging Social Shopping Experiences
    • SOCIAL DISCOVERY Social Discovery is rapidly changing and has evolved to emphasize an integrated approach beyond simply increasing social network presence. The industry has witnessed the rise of a new phase of Social Discovery as an ever increasing number of startups and innovative retailers have begun deeply integrating social shopping into their websites and mobile apps rather than relying on social network websites for engagement. The meteoric rise of Pinterest has demonstrated the power of social curation and discovery. The evolution of Social Discovery from friendship-limited Social Graphs to more scalable Interest Graphs is a major trend that innovative companies are capitalizing on. Social Discovery has also expanded its presence from the top of the purchasing funnel completely thru to the bottom. Increased traffic, increased average order value, and conversion rate lifts are now the result of a social shopping experience that incorporate social expressions, curation, crowdsourced discovery, social rewards, and the use of social data for Social CRM. SOCIAL ENGAGEMENT LEADS TO A BETTER SHOPPING EXPERIENCE Until recently, social functionality available at ecommerce sites was extremely limited consisting of social login and simple, one size fits all sharing buttons such as the “Like” and “Tweet” buttons. This functionality is neither engaging nor does it collect the right level of social data to take the online shopping experience to the next level. The right type of social engagement is now centered around brand-specific Social Expressions, Rewards, Curation, and Discovery. This type of social engagement functionality is the key to monetizing “social media.” It provides the collection of rich social profile and product intent data. The combination of social network data plus interest graph data will drive the next generation of BETTER shopping experiences and can be used to offer targeted and personalized experiences to consumers and to influence future marketing and communications resulting in maximized marketing output and increased ROI. The Social Discovery Playbook 2
    • SOCIAL DISCOVERY DATA IS THE KEY TO MONETIZATION Social Discovery is unique in that the data consists of both social network data (networks of friends and personal profile information) and interest graph data (networks of people which share the same interests connected by the products and collections they share). Figure 1 shows a real example of Social Discovery data. The purple/pink dots (called nodes) represent people, the yellow dots represent products, and the lines (called edges) connecting the dots represent either friendships or following between people, or social expressions on products. The size of the node represents the popularity of that person or product and the graph is arranged in segments to show people with similar social groups and product interests. Social profile data is used to understand the type of people who influence the segment. This example helps one to visualize the power of Social Discovery data to identify taste segments, influential people, and influential products. 8thBridge’s Social Discovery engine can provide inspiring offers to these interest groups and feeds to Marketing systems for more personalized offers. Influencer identification can be provided to CRM systems to enable outbound social influencer campaigns. There are numerous ways to monetize the insights in marketing, personalization, and merchandising. Monetization through inspiration is the end goal of Social Discovery. The Social Discovery Playbook Figure 1: The Interest Graph 3
    • Early pioneers in Social Discovery spent millions in custom development, building functionality into their ecommerce sites and mobile apps. Fortunately, technology has kept pace with this customer driven change. This leading functionality, and more, is available at a small fraction of earlier costs using software as a service offerings. The following five steps provide a practical guide for implementing Social Discovery on ecommerce sites. The first four are customer facing interactive pieces, while the fifth is data and marketing system focused. The four are listed in a natural (but not required) progression. The data collected in each of these areas can be used to enhance the social experience, increase interaction, and feed external social platforms and marketing systems. The platform enables creation and execution of targeted marketing, driven by social discovery and configured to meet the brand’s goals. The Social Discovery Playbook FIVE KEY STEPS TO IMPLEMENT SOCIAL DISCOVERY Implement Social Expressions Implement Rewards Create Your Interest Graph: Social Lists & Curation Enable Social Discovery Features Use the Interest Graph Data 4
    • Implement Social Expressions Use the Facebook Custom Open Graph to enable custom Verbs/Actions as a Social Expression on the ecommerce site. The Custom Open Graph was introduced as part of the Facebook Platform in late 2011 along with the user Timeline. There are three fundamental aspects to the Custom Open Graph that make it the foundation of Social Discovery Functionality: Each Facebook Story that results from a Social Expression provides direct traffic referral from friends clicking on the story. These stories can be amplified by additional Facebook Sponsored Story advertising. Internet Retargeting can also be used to present related inspirational product ideas to remind the person who published the Social Expression to come back to the ecommerce site. And most important, each Social Expression captures the interest and identity of their customers helping the brand to create their Interest Graph. It gives the ability for a brand to define any verb and object (Social Expression) that can be shared by a user to their Timeline and friend’s New Feed and Ticker. These custom actions can be designed to complement the brand voice but also specifically signal interest or intent to their merchandise assortment and marketing campaigns. Unlike a Facebook “Like” button, Social Expressions include a one time Facebook Social Authentication by the user. This allows frictionless sharing, earned media tracking, and social data capture. Social Login to the site can also be tied to the same Facebook Authentication to give a seamless experience. Each social expression taken has a real Facebook identity attached along with social profile data. This real identity not only provides for end user engagement features such as social discovery from friends and others with similar interests, but it enables an understanding of the social influence of each user, and ability to track and reward real people for social sharing and referral. The Social Discovery Playbook 5
    • Implement Rewards Award discounts and/or loyalty points for sharing and referrals. Take advantage of real identity and tracking capability to create more targeted and higher lift loyalty and referral campaigns. Because every Social Expression can be tracked to a unique Facebook User, each click through, new application user, and/or purchase that results from sharing can be accurately attributed to the user who created that action. Rewards campaigns can be designed to achieve different goals. Reward new users to entice them to participate in the social shopping experience to gain awareness. Reward influencers for referral traffic, for conversion from friends, and from recruiting new customers from their social networks. Reward experts for creating content to enrich social discovery for all users. Target different parts of the Interest Graph to ensure discovery across the product assortment. Contests are another important part of rewards to get long tail coverage of the Interest Graph. The Social Discovery Playbook 6
    • Create Your Interest Graph: Social Lists & Curation Pinterest has brought social curation of products to the mainstream. Allowing any user to create personal lists of products to share with friends and other users is a key social activity centered around ecommerce. Curation is the most important activity to build a rich Interest Graph for personalization. It is also the major vehicle to create content for friends and to enable other users (not yet friends) to discover additional products. Additional curation functionality can be configured to allow comments and collection ratings from other users, to enable user tagging for better search and filtering, to let users follow other users, and even to include the use of user photos (such as Instagram photos with hashtags). Moderation can remove concerns around brand messaging and consistency. The Social Discovery Playbook 7
    • Enable Social Discovery Features Whether you have just begun to allow Social Expressions or have embarked on full Curation functionality the most important step in monetizing Social Discovery is to enable the user-generated content to be easily discovered and shopped! Social discovery features can also be turned on in phases and can be designed to be consistent with any brand messaging or point of view. The following lists of social discovery mechanisms provide increased engagement, more time spent onsite, higher AOVs, higher conversion rates, and an increased sense of community. Activity Feed This discovery tool can be used to publish products associated with a Social Expression or more complex  curation actions like the popular “Pinned” action. It is very complementary to any brand point of view and provides basic social discovery. The addition of filters such as a crowdsourcing Most “Wanted”, an audience filter such as “My Friends” or “Everyone”, a recency filter (day, week, anytime), a user generated Tag filter, and/or a product category filter will increase the user engagement. The filters can be preselected for special placement of an activity feed on home pages, category pages, or landing pages. They can also be published to a dedicated activity feed shopping page. Collections Feed Displaying the collections created by other users is the next level of discovery. This feed can be limited to share only collections created by friends or both friends and everyone depending on the brand messaging strategy. “Curating the Curators” approval and ranking mechanisms can also be used by brands to achieve any level of control. Brands can also create collections or enlist industry influencers to create collections that are highlighted in the feed to emphasize the brand point of view. Social Product Recommendations on Product Pages This is a special type of activity feed that filters the collections to show those that contain the item shown on the product page. Typically the social recommendation will include crowdsourcing and product availability parameters to determine which collections are shown. The Social Discovery Playbook 8
    • Use the Interest Graph Data The most important part of monetizing Social Discovery is using the Interest and Social Graph data to further personalize the shopping experience and outbound marketing with inspiring content. The Social Discovery functionality outlined in the previous steps have inherent monetization value in the form of referral traffic and sales lift, but they also produce a new dimension of rich identity, peer group tastes, influence, interest, and intent data. Define segmentation scores for each type of social user (influence, expertise, enthusiasm, loyalty) based on their social engagement, content created, crowdsourced ratings on their content, social network reach, actual influence, and competitor engagement. Provide these segmentation scores to CRM/Email systems to trigger campaigns that motivate each type of user to maximize their strength in the community. Get enthusiasts to engage and buy, Influencers to share, and Experts to publish, and churn risks to re-engage. Allocate and target special rewards to top influencers to gain additional lift in referral traffic. Use Expertise segmentation scoring to cultivate a community of Taste Makers and provide special publishing rights and tools to showcase their content. Create Interest Graph segmentation around products and map existing and new users to the appropriate Interest Graph cluster. Use this product segmentation to automatically optimize social discovery (activity feeds, collection feeds, and product recommendations) for each user. The Social Discovery Playbook 9
    • 29% 25% 10% 35% 35% Site Discovery 10% Social Referral (Organic) 25% Social Referral (Sponsored) 29% Email Marketing Platform Statistical Inputs: • Site Discovery: 10% of visitors engage with user-generated content and then convert 30% more often at a 20% higher AOV • Social Referral (Organic): 20 unique Facebook users see stories shared from the site with a 0.59% CTR and convert at 80% of the site’s average conversion rate • Social Referral (Sponsored): 50 additional unique Facebook users see Sponsored Stories shared from the site 0.59% CTR at $0.63 CPC and convert at 80% of the site’s average conversion rate. This does not include additional advertising benefits associated with better web-wide retargeting and Facebook custom audience targeting. • User Email Marketing: At month 12, 10% of active email list are authorized users of Social Discovery “app” and convert 30% more often then non-Social Discovery user emails. Assumes brand drives 15% sales through email marketing. Sales Contribution: Benefits of Social Discovery In summary, the above five steps allow any brand to create inspiring, addictive, and compelling experiences which lead to customer acquisition, sales, and increased brand loyalty.  Social Discovery adds a fifth P to the traditional 4Ps of retail (product, price, promotion, placement, and now, PEOPLE).  It provides a more person- alized, inspiring, and engaging shopping experience that leads to increased sales and reduced customer- acquisition costs via targeted referral marketing. The following chart summarizes the benefits of Social Discovery in terms of online sales contribution. It does not include the larger offline, in-store, benefits that are created by Social Discovery or the strategic advantages gained from better customer insight. However, the online benefits alone justify a significant investment in Social Discovery and a strong rationale to begin the journey now rather than later. Social Discovery Lifts Online Sales by 6-10% 10 The Social Discovery Playbook
    • Visualize your brand’s interest graph to identify influencers, experts, enthusiasts, loyalists, and the tastes of your best customers. Innovative brands use 8thBridge to drive social discovery. Socializing your shopping experience enables customers to discover new ideas from each other, drives sales, and builds your brand’s interest graph. Inspire even more discovery with personalized inbound and outbound marketing. 11
    • 8thBridge is the recognized leader in Social Discovery. The world’s most respected and innovative brands have partnered with 8thBridge to drive Social Discovery. Social Discovery adds a fifth P to the traditional 4Ps of retail (product, price, promotion, placement, and now, PEOPLE). Starting in 2009, 8thBridge enabled people to not just shop together in physical stores, but also digitally, on social networks, when we processed the first ecommerce transaction on Facebook. By 2012, 8thBridge was enabling customers to discover products from each other directly on their favorite ecommerce sites. The pace of groundbreaking innovation increased in 2013 as customers began receiving inspiring, crowdsourced, product ideas from brands in their inbox, in more relevant advertising across the web, and in physical stores via mobile - returning social discovery back to its in-store roots, but in amplified form. 8thBridge was recognized by the Always On Global 250 in 2011 as one of the top 250 private companies in the world and is a Facebook Preferred Marketing Developer. Contact 8thBridge today to learn how we can help you inspire your customers. contact@8thbridge.com 12