The Secrets of Slickdeals Revealed

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This presentation is from Affiliate Summit East 2014 (August 10-12, 2014 New York City).
Session Description: A social commerce case study: find out how Slickdeals became a top 150 site in the nation with over 500 million visits to the site and mobile apps in 2013 with little paid marketing.

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The Secrets of Slickdeals Revealed

  1. 1. The Secrets of Slickdeals Revealed A Social Commerce Case Study Presented by Greg “G$” Kim Chief Revenue Officer & General Manager, Mobile
  2. 2. Table of Contents  Goals for this Presentation  Social is the Winning Business Model  The Rise of Social Commerce  Slickdeals Overview  The Secrets of Slickdeals Revealed  The Power of Social Commerce Revealed  Q&A 2 Confidential & Proprietary4 August 2014
  3. 3. Goals for this Presentation  Merchant Audience • Understand why you should utilize social commerce sites like Slickdeals and how to best leverage them  Publisher Audience • Understand how Slickdeals works and how you might incorporate social into your business 3 Confidential & Proprietary4 August 2014
  4. 4. Social is the Winning Business Model 4 Confidential & Proprietary4 August 2014 Micro-blogging Images / Pins Friends Network Business Network Travel Restaurants / Local Video News / Content Deals / Commerce
  5. 5. The Rise of Social Commerce  Consumer Impact • Social commerce sites are adding a new dimension to online shopping experience by: - crowdsourcing a broad set of products and deals for consumers to consider; and - surfacing the best content influenced by community votes and comments on the product, brand and retailer; and - allowing consumers to find and interact with each other based on similar tastes and interests  Merchant Impact • Social commerce sites allow merchants to: - Drive significant sales (given the scale and viral effect associated with social commerce sites) - Drive down supplier costs: With sales at scale, merchants are able to offer lower prices when they can order larger quantities from the suppliers - Drive incremental sales: consumers from social commerce and deal sites tend to be at the top of the purchase funnel and may not have a product, brand and/or retailer in mind so when the merchants generate sales, it is usually an incremental sale and/or customer. □ Merchants can convert that consumer acquired via paid or earned media to owned media 5 Confidential & Proprietary4 August 2014
  6. 6. Slickdeals History 6 Confidential & Proprietary4 August 2014 1999 2014 Founded in Nov’99 by Van Trac during college. Build community forum. Leverage the wisdom of crowds. Start building deeper merchant relationships. Start investing in paid advertising. 80%+ of traffic is still direct to site. 2014/2015 Roadmap: • Site and mobile app redesigns to incorporate more social, personalization and local features • Grow online marketing channels and launch TV Advertising 2004 20132010 Launch iOS and Android mobile apps Net Promoter Score of 70%+
  7. 7. Slickdeals Overview 7 Confidential & Proprietary4 August 2014
  8. 8. Secret #1: Content and Value is King  The best deal content and reviews will continue to engage users since it saves them the most money and time and gives them confidence in their purchase. • “I’m getting the best deal from a reputable seller”  Content and Value will trump suboptimal product design and user experience  The social aspect is the competitive advantage to aggregate and surface the best of web deal content 8 Confidential & Proprietary4 August 2014
  9. 9. Secret #2: Quality and Trust is Job #1  The Community comments and votes combined with a team of deal experts and community moderators ensure the highest quality content and experience  Merchants cannot post deals (merchants can post coupons)  Slickdeals Frontpage Commitment  Deal research and curation to Frontpage (ensure good mix of great content for all)  QA content: a team of moderators constantly check to make sure links and codes work and expire content when needed 9 Confidential & Proprietary4 August 2014
  10. 10. Secret #3: Community Feedback Loops  The Slickdeals community not only posts the content and add votes and comments but they also moderate the quality of content and member behavior  Not-so-great content is usually voted down quickly and inappropriate content and behavior is red flagged and reviewed by Moderators 10 Confidential & Proprietary4 August 2014
  11. 11. Secret #4: Social is Not Easy but ROI is Powerful  For Merchants • We all know that just having a Facebook page and posting products and coupons does not necessarily generate significant sales • Working with Slickdeals takes time and effort (vs. other deal/coupon sites) but the ROI is huge. - It is not just ‘here’s our product/coupon feed’ and see you at the next conference. - It is about collaborating and iterating daily/weekly/monthly to craft a deal and promotional package to amplify your brand and sales  For Publishers • It is easy to launch a social aspect to your site especially with established social media channels and audiences being more socially-oriented… • But it is EXTREMELY DIFFICULT to build social at scale. 11 Confidential & Proprietary4 August 2014
  12. 12. Result #1: The Power of Social Commerce 12 Confidential & Proprietary4 August 2014 Card Games $169,000 Sales Price $25 / Sold 6,780 in 1 week Burberry Purses $40,000 Sales Price $500 / Sold 800 in 3 hours Nike Elite Socks $74,000 Sales Price $30 / Sold 2,450 in 3 days Men’s Suits $448,000 Sales Price $112 / Sold 4,000 in 1 day Watches $678,000 Sales Price $85 / Sold 7,980 in 1 promo Quality Mattresses $205,000 Sales Price $805 / Sold 254 in 3 days $10 Starbucks Card $338,000 Sales Price $5 / Sold 67,500 in 2 promos Canon Cameras $420,000 Sales Price $2,100 / Sold 200 in 5 days
  13. 13. Result #2: David vs. Goliath 13 Confidential & Proprietary4 August 2014 Note: for illustrative purposes only. Metrics are sourced from public documents, market perceptions and estimates. Claim to Fame Leading Product-Specific Deal Site & Community Leading Online Coupon Site(s) Employees 65 444 Countries / Brands 1 / 1 6 / 8 URL(s) 6+ min <2 min Top Marketing Source Direct Navigation SEO Time on Site 6+ min <2 min Visits - Total 500M+ 500M+
  14. 14. Q&A 14 Confidential & Proprietary4 August 2014
  15. 15. Stay Social My Friends… You can reach me or connect with me at: www.linkedin.com/in/gregorykim/ 15 Confidential & Proprietary4 August 2014

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