• Share
  • Email
  • Embed
  • Like
  • Private Content
The Conversation Index - Q3 Insights
 

The Conversation Index - Q3 Insights

on

  • 9,893 views

5.8 million data points from 210 countries. Real, actionable results. ...

5.8 million data points from 210 countries. Real, actionable results.

Each quarter, we analyze millions of online consumer conversations to present, then turn this social data into actionable insights.

-Revenues generated from mobile device users tripled this year. Consumers no longer simply browse via mobile: they buy, leave feedback, and more. Is your strategy fully mobile?

-Long-term financial services customers rate products 8% lower than newer customers — and they contribute more user-generated content than new customers. How happy are your long-term customers?

-Consumer sentiment about products follows a predictable lifecycle, which can inform product development at all stages. How can early- and late-stage customer sentiment impact your current — and future — innovation?

And there's more. The Conversation Index doesn't just compile social data: We strive to uncover vital insights that power business, based directly on the authentic feedback of consumers.

Statistics

Views

Total Views
9,893
Views on SlideShare
1,464
Embed Views
8,429

Actions

Likes
1
Downloads
42
Comments
0

25 Embeds 8,429

http://www.bazaarvoice.com 6882
http://www.bazaarvoice.co.uk 581
http://www.convinceandconvert.com 361
http://www.bazaarvoice.de 158
http://feeds.feedburner.com 134
http://www.bazaarvoice.fr 74
http://jonathanoli.blogspot.com 56
http://nagotsmart.collected.info 55
http://consultorapoyo.blogspot.com 32
http://peteinakl.posterous.com 28
http://www.frontlinemarketingsystems.com 19
http://socialschmuck.com 9
http://www.linkedin.com 8
http://www.seowerkt.com 6
http://consultorapoyo.blogspot.com.es 5
http://strongsocialmedia.collected.info 4
http://posterous.com 3
http://www.pinterest.com 3
http://core.traackr.com 2
http://www.twylah.com 2
http://translate.googleusercontent.com 2
https://www.linkedin.com 2
http://webcache.googleusercontent.com 1
http://a0.twimg.com 1
http://www.google.co.uk 1
More...

Accessibility

Upload Details

Uploaded via as Adobe PDF

Usage Rights

© All Rights Reserved

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Processing…
Post Comment
Edit your comment

    The Conversation Index - Q3 Insights The Conversation Index - Q3 Insights Presentation Transcript

    • The Conversation IndexQ3 2011 Insights
    • The Conversation IndexQ3 2011 Insights #Q3index www.TheConversationIndex.com
    • Social data: The new currencyConsumers have always had opinions, recommendations, and input.Today, social gives consumers a direct link to brands. And brands recognize the huge responsibility that comes with thisalways-on, first-person input. As consumers convey exactly what they need and want, brands that take action will catapultbeyond loyalty to real advocacy.Social provides a window into your real-world customers. The data comes fast and furious, and capturing, analyzing – and,most important, acting on – these insights drives true, customer-centric change across companies, and even entire industries.The Conversation Index takes 5.8 million data points – real input from consumers directly to our clients – and uncovers trends thathelp you get and stay ahead of what consumers really want.We look beyond the data to the people behind it. We shine a light on what they’re telling one another. And how it matters to your brand.Read on. And stay tuned. We update this Index every quarter with insights directly from consumers, turning their conversationsinto business-building actions for you.Best,Erin Nelson (@erinclaire)Chief Marketing Officer, Bazaarvoice
    • Get your digital copyVisit www.TheConversationIndex.com
    • Table of ContentsSocial data: The new currency ............................................................................................ 5Consumer input: Table stakes ............................................................................................. 8Fully mobile: Browsing’s just the beginning .......................................................................... 11Long-term financial customers less satisfied, more vocal .......................................................... 14Older consumers are not keeping quiet ................................................................................ 16Newer customers want “easy” Long-time customers want “courteous”...................................... 19The net-net: Financial services customers want to help ........................................................... 21Shipping problems sink product ratings ............................................................................... 23Consumer feedback follows a predictable, informative lifecycle ............................................... 24Social data: Window into real-world consumers ..................................................................... 26The methodology behind The Conversation Index ................................................................. 27Want more? ...................................................................................................................... 28Contact us........................................................................................................................ 29About Bazaarvoice ........................................................................................................... 31
    • Consumer input: Table stakes It’s no surprise that consumers demand user-generated Take charge: What’s your business’ equivalent to Black Friday? content – first-person opinions and insights from other Start now to garner consumer input to prepare for your big consumers like them. And use of user-generated content for selling season. Then use these trusted insights to fuel decisions holiday shopping continues to gain momentum. everywhere your consumers buy: online, via social, on mobile devices, and in stores. On Black Friday 2011, consumers were served nearly 730 million impressions of user-generated content on Bazaarvoice client And understand that consumer conversations about your brand sites, a 39% increase over 2010 numbers. And Cyber Monday and products are happening, with or without you. Put these served up nearly 789 million impressions of user-generated conversations to work for you, to build trust with consumers content, a 42% jump from Cyber Monday 2010. and get first-person insights that can build brand advocacy. But if you’re not in retail, do these trends mean anything to you? Absolutely. Even when making business-related purchases or service decisions, consumers turn to trusted input from others like themselves.8 Blog: Data: the humble hero of Black Friday and Cyber Monday - www.bv-url.com/7g9h
    • Year-over-year growth of user generated-content (UGC) served to holiday shoppers Black Friday Cyber Monday = 1,000,000 UGC impressions 9
    • User-generated content submission trends by device, 2011 54% Apple 50% iPad™ 43% 40% 37% 37% 36% 34% 34% Percentage of usage by device 30% 29% Apple 27% iPhone™ 24% 24% 19% 17% 17% 12% 9% Android™ 7% 6% 5% 4% 5% Other April May June July August September10
    • Fully mobile: Browsing’sjust the beginningThe percentage of mobile (including tablet) visitors on Most telling? TransactionBazaarvoice client websites on Black Friday more than doubledin 2011 – users made up 12% of total visitors this year,up from 5% in 2010. revenue coming from mobileAs expected, the percent of mobile visits more than doubled devices tripled this year.as well – they accounted for 9% of client website visits this year,versus 4% in 2010.And casual and mobile users – specifically, iPad users – nowaccount for more and more content submissions, not justviews. In April through September, the iPad gained groundas the preferred mobile device for submitting feedback.For context, overall review submissions usually increase steadilyfrom June to August, then dip in August, as shown here. ButiPad users continue to submit reviews, even as mobile userspredictably write much fewer reviews. This bodes well forbrands that optimize their sites for the iPad – iPad users willparticipate even when other mobile users won’t. 11 2
    • Most telling? Transaction revenue coming from mobile devices tripled this year (around 2% in 2010 to around 6% in 2011), evidence that shoppers are using mobile for more than just browsing or bookmarking to buy later. While it’s no surprise that the iPhone has been the most popular smart phone for mobile shoppers, this year’s holiday season was the first time we saw iPad usage (40% of mobile visits) beat that of the iPhone (30%) and Android phones (25%). Trends indicate the tablet device is taking over, and will continue to steal share from smart phones in general. Trends indicate the tablet Today, consumers use their mobile devices throughout the entire purchasing process – far beyond just browsing. They continue to spend more time with – and have higher device is taking over, and expectations for – their mobile devices. this will continue. Keep up: If you haven’t already, it’s time to put just as many resources into your mobile site as you have for your main site. Optimize for the growing mobile shopper, including sharing feedback, engaging directly with your brand, making transactions, and even accessing customer service. And make sure iPad optimization tops your list. Then promote your mobile site to in-store shoppers, so they access consumer conversations right in the aisles.12
    • Device usage in holiday shopping, 2011 40% 30% 25%5%Other Android devices Apple iPhone Apple iPad 13
    • Long-term financial customers less satisfied, more vocal When asking for customer input online, financial services These long-term customers get detailed: Contributors who firms – including insurance, banks, credit card companies, and have been customers for 10+ years write about 30% more credit unions – also ask “How long have you been a customer content than first-year customers. The longer submissions may or member?” indicate that they consider the financial firm a partner, and want to help improve products and services. Turns out, customers for 20+ years rate financial products less favorably than new customers. Those who have been customers Pay attention: While it stands to reason that longer-term clients for less than a year rate products 8% more positively, on average, have more interactions and therefore more opportunities for than these long-tenured clients. disappointment, long-term relationships are key – obviously it’s cheaper to keep a client than to find a new one. These long-term But all is not lost: 77% of long-term customers say they would customers have a lot to say, so listen up – and take action. recommend their financial firms to others – they’re the second largest segment of promoters for these types of firms. Don’t gloss over the details; this content tells you exactly what’s wrong, what’s right, and everything in between (so you don’t Plus, these customers contribute more content than any other have to guess). When you engage with contributors, make group – they create 32% of total product reviews. sure to put as much into your responses as they did into their content.14
    • Average customer sentiment and UGC volume by loyalty 32% 30%Brands should be mapping customer tenure to their social 4.48data to locate the point at which the flip from “very satisfied” 4.44 4.44 25%to “satisfied” happens. This sentiment flip can be averted – and 4.29even reversed – by dialing up proactive loyalty marketing and 4.16exclusive offers to those customers on the cusp. 22% 20% 21% 22%And reach out to newer clients for their feedback – early andoften. Check in to get their take on things throughout the 15%customer lifecycle to make the whole experience better.When you make changes or introduce new products or 10%services based on customer input, spread the word. Let all yourcustomers know you’re listening and acting on their input. 5% 2% 0% 0-1 yr 1–3 yrs 4–9 yrs 10-20 yrs 20+ yrs Average customer sentiment UGC volume 15
    • Older consumers are not keeping quiet Our analysis of user-generated content for financial services firms uncovers another interesting note: Contrary to popular belief, older consumers participate online by writing reviews almost as much as younger generations. While most of review volume comes from younger clients – 25% of it from ages 25 to 34 – almost as many reviews come from their parents’ generation. 19% of reviews for financial services products come from those ages 66 and older – proving that older folks are still socially savvy. A story for the ages: While Millennials’ spending power is Older consumers are growing, your older customers are providing incredible data. Want more of it? Along with your digital calls to action, include still socially savvy. prominent requests for feedback in your traditional marketing efforts – mailers, newspaper ads, and in branch offices.16
    • Percentage of user-generated content contributed by age 17%25% 19%24% 21% 19% 18% 17% 25-34 35-44 45-54 55-65 66+ year olds year olds year olds year olds year olds 17
    • convenient simplequick easy great friendlyhappy helpful courteousexperience awesome
    • Newer customers want “easy”Long-time customers want “courteous”Consumers in similar stages of the customer lifecycle share Focus on what’s important to customers: Looking for newsimilar sentiments. customers? Provide marketing that features how easy it is to get helpful advice. Want to keep your long-term customers? MakeWe find that newer financial services customers (less than four transactions friendly and convenient.years) tend to use “easy,” “helpful,” “awesome,” “happy,”and “experience” in their reviews. Both segments seek that authentic human touch. Whatever segment you’re talking to, make sure you’re speaking theirMore tenured customers (10+ years with a firm) often use language, using words that resonate with them specifically.“courteous” and “convenient” in their reviews. Your customers are telling you exactly what to do to keepWords that reverberate across all review content include them happy – do it.“great” (highest, in about 18% of content), “friendly,”“quick,” and “simple.” 19
    • These customers want companies to acknowledge their issues, act on them to let them know their feedback is heard and important.20
    • The net-net: Financialservices customerswant to helpIt’s notoriously difficult to switch vendors for anythingfinancial, whether it’s homeowner’s insurance or a bankinginstitution. Once a customer chooses, they often stay fora long, long time.These customers want companies to acknowledge theirissues and act on them to let them know their feedback isheard and important.The bottom line? Take care of these customers – don’t takethem for granted. Their opinions will tell you exactly how tofind more loyal, long-term customers like them.Use their words in marketing, let their opinions fuel futureproducts. Financial woes of years past have eroded someconsumers’ trust of financial institutions – enabling them tosee and share first-person opinions helps build authenticityand trust for your financial brand. Blog: How banks can place people at the center of the online experience - www.bv-url.com/edk4 21
    • Average customer sentiment correlated to mentions of shipping issues 2.5% Percentage of mentions of shipping, 4.5 by industry 2.0% Average 4.0 rating 1.6% 1.6% 1.6% 1.5% 1.6% 3.5 3.0 0.7% 0.8% 2.5 Average 2.0 shipping issue rating All Retail Manufacturing Apparel & Consumer Home Housewares Mass Sporting industries accessories electronics improvement merchant goods22
    • Shipping problemssink product ratingsAlmost half of customer reviews that mention problems withshipping rate products very poorly – up to 80% lower thanaverage product sentiment.So even if a customer loves a product, a shipping hiccup canruin the experience – and make product ratings plummet.Get ship-shape: By the time shipping issues happen, you havethe customer’s money – making the whole process acutely moreuncomfortable. Work out the kinks in shipping, and productsentiment may increase, too.Even though the actual delivery is handled by a third party, Even if a customer lovesthe performance here still reflects on your brand – positiveor negative. a product, a shipping hiccup can ruin the experience. 23
    • Consumer feedback From 190 days on, consider this the Adulthood phase of the review lifecycle. Review submissions plateau naturally, so follows a predictable, overall volume grows more slowly, and the average rating for the product is usually set at this point. If you’ve made product informative lifecycle improvements based on early feedback, you’ll likely see the payoff in more positive sentiment here. When consumer feedback starts rolling in on a new product, Ride the cycle: Ask for consumer opinions early and often. there’s a clear lifecycle trend for this consumer sentiment. The earlier you get consumer feedback – including Q&A, Understanding these cycles helps you make the most of user- opinions, and first-person experiences – the better the data. generated content. Jump-start these conversations by making it easy for consumers to contribute, to get feedback that helps improve products The first 100 days of reviews can be characterized as the and marketing. Childhood stage. There’s heavy growth in review volume, and the input can consist of extreme high and low ratings. Don’t Pull consumer feedback into product lifecycle planning. Early overreact to this volatility; it’s actually healthy. The negative consumer feedback helps iron out potential product problems, feedback allows you to mitigate potential problems early on, while later insights reflect how consumers feel about the while the positive comments help hone your marketing and product once they have owned it a few months. The product advertising messages. team should pull consumer sentiment reports at regular intervals to gauge satisfaction at every phase of the product cycle, and The next 100 to 190 days generally see fairly steady growth in plan for future product iterations. And if you improve or change review volume, and usually just a few bumps – up or down – in a product along the way, authentic, first-person feedback can average product sentiment. We call this the Teenage stage, show what consumers think about the change – first hand. where the average rating starts to become more stable.24 Blog: Three reasons most companies aren’t getting full value from social data - www.bv--url.com/cw9m
    • Average customer sentiment over product lifecycle Childhood stage (Day 1–100) Teenage stage (Day 101–189) Adulthood stage (Day 190+)4.5 Apparel & accessories Overall average Health & beauty Consumer electronics4.0 Childhood stage (Day 1–100) Teenage stage (Day 101–189) Adulthood stage (Day 190+) 25
    • Social data: Window into real- world consumers Like never before, social lets people connect directly with brands. Consumers are telling brands exactly how to win their loyalty for life. As more and more users add their own words, ideas and feelings to the social mix – via product reviews, Q&A, Twitter, Facebook, mobile, and whatever’s next – data abounds.Like never before, social Leading brands will turn this data into doing.lets people connect They’ll use social data to uncover what’s most important to the people behind it. They’ll understand precisely how to earn brand loyalty, advocacy – and revenues.directly with brands. These insights are only as valuable as the actions they drive. How will your brand take action?26 Blog: Emotional connections with consumers: What must happen first? - www.bv-url.com/zlfe
    • The methodology behindThe Conversation IndexBazaarvoice powers online consumer and brand conversationson hundreds of our clients’ sites, including some of the world’slargest brands. We have served more than 260 billionimpressions of user-generated content – including first-personconsumer opinions, feedback, experiences, and Q&A. From thismassive pool of social data, our in-house analyst team – whichspecializes in turning data into insights – has extracted selectgroundbreaking findings, featured in this report.We based our findings on a sampling of 5.8 million piecesof user-generated content indexed during Q3 2011 – Julythrough September, plus year-over-year analysis in somecases. These data points came from consumers in 210countries around the world. 27
    • Want more? This paper should provoke action, to encourage you to dig deep into what your customers really want. And they will tell you. Bazaarvoice enables the world’s biggest brands to capture, analyze, and most importantly, act upon social data – to drive true, customer-centric change. Bazaarvoice helps clients replace guesswork with precise, always-on insight about their products, services, and customers. The result? Our clients create products that customers crave, provide service based on what customers want, deliver targeted marketing messages that get real attention, and therefore enjoy a distinct competitive advantage. All because brands listen and act on what matters to the people who matter the most. Bazaarvoice turns data into doing.28
    • Contact usThis paper should raise just as many questions as it answers.Contact us at bazaarvoice.com to see how we helpbrands gain invaluable consumer and product insightsby enabling conversations. Unites States: (866) 522-9227 United Kingdom: +44 (0) 208.080.1100 France: +33 1 56 60 54 45 Germany: +49.89.24218508 Netherlands +31.20.301.2169Australia / Asia-Pacific: +61.2.9362.2200 Sweden: +46.8.463.1083 29
    • 30
    • About BazaarvoiceBazaarvoice’s Software as a Service (SaaS) solutions have powered more than 260 billion customerconversations on brand web sites like Best Buy, Blue Shield of California, Costco, Dell, Macy’s, P&G,Panasonic, QVC, and USAA. The company connects organizations to their influencers through a uniquenetwork that reaches hundreds of millions of consumers around the globe, enabling authentic customer-powered marketing. Through syndication, analytics, partnerships, and consulting, Bazaarvoice brings thevoice of the customer to the center of their clients’ business strategy, proving “social” can drive measuredrevenue growth and cost savings for manufacturing, retail, travel, and financial services companies.Headquartered in Austin, the company has offices in Amsterdam, London, Munich, Paris, Stockholm, andSydney. For more information and access to client success stories, visit www.bazaarvoice.com, read theblog at www.bazaarvoice.com/blog, and follow on Twitter at www.twitter.com/bazaarvoice. 31 31