using mobile technologies for real estate researchprepared by farsite10.01.2012data in focus.
topics++ why mobile and social data matters: the multichannel customer journey++ using data to compete in a multichannel e...
the multichannel customer journey: consumer behavior++ customers INTERACT with brands online   ++ consumers are using stor...
the multichannel customer journey: the end of retail? (NO!)++ traffic to brick and mortar retail locations is   ++ smartph...
the multichannel customer journey: the challengethe challenge is how to make brickand mortar locations a competitiveadvant...
the multichannel customer journey: a new approachretailers are often trying to compete withe-commerce on price and availab...
a multichannel case study: backgroundCase study                                            Statistical methodology++ natio...
a multichannel case study: why foursquare?foursquare is one medium in a multichannelapproach because it bridges the online...
a multichannel case study: foursquare check-insFoursquare check-ins have a directcorrelation with in-store sales++ foursqu...
a multichannel case study: facebook fansFans of the local store’s page interactdifferently with the brand than fans ofthe ...
a multichannel case study: no significant regional differences National Facebook Fans within 25 miles                     ...
a multichannel case study: what else could you do w/ the data?++ Identify the demographic                       ++ Gather ...
a multichannel case study: what else could you do w/ the data?++ Uncover shopping behaviors of                  ++ This ca...
building research tools for a multichannel customer        expertise in data                                            in...
topics++ why mobile and social data matters: the multichannel customer journey++ using data to compete in a multichannel e...
ENDdata in focus.
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Using Mobile Technologies for Real Estate Research

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How do you use mobile and social data for real estate research? See farsite's presentation on how retailers can use foursquare and Facebook data to navigate the new customer journey.

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Using Mobile Technologies for Real Estate Research

  1. 1. using mobile technologies for real estate researchprepared by farsite10.01.2012data in focus.
  2. 2. topics++ why mobile and social data matters: the multichannel customer journey++ using data to compete in a multichannel environment: a case study++ how to build research tools for the multichannel customerdata in focus.
  3. 3. the multichannel customer journey: consumer behavior++ customers INTERACT with brands online ++ consumers are using stores for showrooming and use devices to OPTIMIZE their - trying out a product but not buying it. The shopping experience in stores factors driving showrooming include PRICE and SELECTION credit: Empathica credit: Adexchangerdata in focus.
  4. 4. the multichannel customer journey: the end of retail? (NO!)++ traffic to brick and mortar retail locations is ++ smartphone shopping drives in-store still strong conversion and increases basket size1 ++ smartphones influence 5.1% of retail purchases, which translates to $159 billion in forecasted sales for 20122 credit: Empathica credit: Deloitte Mobile Influence Survey 1 Deloitte Digital 2 ibid.data in focus.
  5. 5. the multichannel customer journey: the challengethe challenge is how to make brickand mortar locations a competitiveadvantage in a multichannel customerjourneyCurrent approaches include:-- exclusive merchandise-- expanded e-commerce presence-- mobile apps-- online ordering and in-store pick up-- special tags in leiu of bar codes-- matching competitors’ online pricing credit: The Open Brand by Kelly Mooneydata in focus.
  6. 6. the multichannel customer journey: a new approachretailers are often trying to compete withe-commerce on price and availabilitycould brick and mortar retailers also use theirstores as a competitive advantage to offer abetter experience driven by++ personalization++ customer service++ loyalty++ curation/discovery ?this approach starts by connecting withtechnology engaged customers and collectingand analyzing the right datadata in focus.
  7. 7. a multichannel case study: backgroundCase study Statistical methodology++ national retailer ++ built statistical models to understand how different social interactions correlate with in-store and online salesData++ sample set of 40 stores++ 2011 annual sales: in-store and online (by MSA)++ total foursquare check-ins by store++ total facebook fans for each store’s page++ total facebook fans for retailer’s national page (within 25 miles of each store)data in focus.
  8. 8. a multichannel case study: why foursquare?foursquare is one medium in a multichannelapproach because it bridges the online andin-store shopping experienceConsumers can use foursquare to...++ “check-in” at a location and tell friends where you are++ recommend the location with “tips”++ search for restaurants or other places of interest++ receive content and promotions from the location++ curate and share favorites with friends via listsdata in focus.
  9. 9. a multichannel case study: foursquare check-insFoursquare check-ins have a directcorrelation with in-store sales++ foursquare check-ins are a direct proxy for traffic++ this relationship exists without the retailer encouraging people to use foursquare Sales++ in non-mall based locations competitor check-ins are a strong indicator of the impact of competitor on in-store sales++ in mall-based locations competitor check-ins impact sales positively++ there is no strong correlation with the Foursquare Check Ins retailer’s online sales Foursquare Check-Ins vs. Salesdata in focus.
  10. 10. a multichannel case study: facebook fansFans of the local store’s page interactdifferently with the brand than fans ofthe retailer’s national facebook page SalesLocal page++ fans of the local page are correlated with in- store sales++ this relationship is not as strong as the foursquare correlation Local Facebook fans Local Facebook Fans vs. SalesNational page++ fans of the national page are correlated with online sales++ this tells us something about how people are Sales engaging with the brand outside the store Fans of National Facebook Page National Facebook Fans vs. Salesdata in focus.
  11. 11. a multichannel case study: no significant regional differences National Facebook Fans within 25 miles Foursquare Check Ins Region 1 Region 2 Region 3 Region 4 Region 5 Region 6 Region 7 Region 8 Region 1 Region 2 Region 3 Region 4 Region 5 Region 6 Region 7 Region 8 Region Region 25 Mile Facebook Likes by Region Foursquare Check-Ins by Region ++ Adoption of these technologies don’t show any strong regional tendencies Local Page Facebook Fans ++ This is not a surprise for facebook but may be telling for foursquare Region 1 Region 2 Region 3 Region 4 Region 5 Region 6 Region 7 Region 8 Region Local Facebook Fans by Regiondata in focus.
  12. 12. a multichannel case study: what else could you do w/ the data?++ Identify the demographic ++ Gather valuable data on competitor characteristics of a customer likely to strength use foursquare/facebook -- inputs for statistical models-- value of these demographics in a statistical -- regional and sub-market differences in model when screening markets, target zones, competitor strength and sites (for retailer) -- how technology engaged customer base is-- reverse engineering retailer customer base interacting with competition for highest and best analysis and co-tenancy optimization (for developer/mall owner) -- how competitors’ pricing and marketing initiatives impact their traffic++ Control for non-real estate variables ++ Discover how these social interactions to isolate key geospatial and impact online sales. locational drivers that do impact store -- determining cannibalization between online performance and in-store sales-- more nuanced understanding of ideal real -- uncover any synergies between online and estate characteristics in-store salesdata in focus.
  13. 13. a multichannel case study: what else could you do w/ the data?++ Uncover shopping behaviors of ++ This can be even more powerful technology engaged customer base when social and mobile data is tied to customer loyalty programs-- what products do they buy? -- offering presonalization in the store based on-- do they buy in-store, online, or both? past behaviors and analysis of similar people’s-- do they respond to marketing incentives? purchases-- are they more likely than other customers -- delivering curation moments driven by social to make a purchase when in your store (and media and big data analysis what you can do to make conversion more -- providing individualized pricing and specials likely)-- are they more loyal?-- what is the value of a check in (in terms of sales)data in focus.
  14. 14. building research tools for a multichannel customer expertise in data innovative science data and analysis business acumen analytics cross-functional work environment platform pro-active business strategydata in focus.
  15. 15. topics++ why mobile and social data matters: the multichannel customer journey++ using data to compete in a multichannel environment: a case study++ how to build research tools for the multichannel customerdata in focus.
  16. 16. ENDdata in focus.

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