Going Social Webinar: Learn How To Create A Social Shopping Strategy That Boosts Sales & Connects With Your Customers
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Going Social Webinar: Learn How To Create A Social Shopping Strategy That Boosts Sales & Connects With Your Customers

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As an online retailer you hear the buzzwords "Personalization, User Generated Content and Social Networks" daily. Whether you're a beginner or an expert on social commerce, you'll learn best......

As an online retailer you hear the buzzwords "Personalization, User Generated Content and Social Networks" daily. Whether you're a beginner or an expert on social commerce, you'll learn best practices, the top 8 social commerce technologies and get actionable advice for your online store.

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  • 1. What is Strands Recommender? We are a personalized product recommendation company that helps over 65 retailers ranging in size from $1M a year to $150M+ display personalized and relevant products to new and returning customers throughout their shopping experience and in emails. We Help Your Online Store by:  Learning Each Customers Unique Behaviors  Merchandising Your Site Based On Behavior  Personalizing Your Email Marketing  Helping Customers Find What They Want  Helping Customers Discover New Products Which Results In:  Reduced Cart Abandonment  Increased Conversions  Increased Engagement  ncreased Sales I  Repeat Customers Example of Recommended Products in Product Detail Page
  • 2. Quick Webinar Warm-Up: - The webinar is fully hosted in your browser no need to dial in - You can view the webinar replay live at the URL below: - http://www.instantpresenter.com/strandsrecs/EE54D98585 - Webinar should last about 45 minutes If you have any trouble connecting or viewing the webinar: Give this number a jingle: 1-800-706-6762 Featured Moderator: Trevor Legwinski Sr. Director of Marketing
  • 3. Online Video Has Helped: 148M people discover and laugh to Charlie Bit a Finger… and Lady GAGA share her Bad Romance to over 200M video viewers on YouTube…
  • 4. Blogs, Facebook and Twitter Have Helped: Threadless crowd source t-shirts and make millions… and people save over $260M and counting by sharing coupons on Groupon…
  • 5. Social Recommendations and Ratings & Reviews Have Helped: Shoppers discover millions of products through their friends and other shoppers… and ignite billions of conversations and reviews across retailers sites…
  • 6. Social Is Here We’re here to help you piece together your Social Commerce Strategy
  • 7. Featured Presenters: Sucharita Mulpuru Vice President, Principal Analyst Suleika Bloom Director of Social Media
  • 8. A Social Strategy That A Social Strategy That Drives Drives Sales Sales Mulpuru Sucharita Sucharita Mulpuru Principal Analyst Principal Analyst Forrester Research Forrester Research May 19, 2010 May 19, 2010
  • 9. There is no silver bullet in social commerce 11 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 10. While more people are more social than ever… vs.  Q1  2007   13%   na   19%   15%   19%   33%   52%   12 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 11. Hopes are high 2x UK’s population! ~120MM uniques per month Hmmm…0.1% of that x 1% conversion for an average ticket of… 13 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 12. Low costs are also tempting Small   Medium   Large   Average  budget   $0.6MM   $2.4MM   $10.7MM   Paid  search   37%   38%   39%   Email  (house  and  prospecGng)   17%   14%   11%   Allocation of total budget Affiliate  markeGng   11%   13%   13%   Comparison  shopping  engines  and   10%   10%   7%   marketplaces   SEO/natural  search   8%   5%   3%   Behavioral  targeGng/remarkeGng   3%   6%   7%   TradiGonal  portal  deals   1%   2%   7%   Social  (blogs,  social  networks)   5%   2%   1%   Other   8%   10%   12%   14 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 13. The universe of social commerce options are confusing 15 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 14. Retailers want to do everything “Please indicate which social marketing strategies you have already implemented.” “Please indicate which social marketing strategies you plan to implement or enhance in 2010 or later.” 16 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 15. A framework to think about 17 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 16. The 8 “top ranked” social tactics 1.  Ratings and reviews 2.  Microblogs 3.  Social recommendations 4.  Company blogs 5.  Customer generated outfitting 6.  Product sharing on social network sites 7.  Social shopping aggregator sites 8.  Open APIs 18 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 17. 1. Ratings and reviews •  Already used by most retailers •  Opportunity to reduce content creation costs •  Benefits to product development, returns and sell-through 19 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 18. Seven Key Elements Of Customer Reviews 20 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 19. 2. Microblogs •  Inexpensive to launch •  Opportunity to quickly dispose of excess inventory •  Customer service benefits 21 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 20. This also puts a face to a brand 22 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 21. 3. Social recommendations •  Opportunity to leverage “wisdom of the crowds” •  Exposes customers to content deeper in the site •  Increases time on site and upsell opportunity 23 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 22. 4. Company blogs •  Provides the biggest opportunity with SEO •  Not a huge traffic or sales driver but relatively low cost 24 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 23. 5. Customer generated outfitting Coutourious.com •  Assists in merchandising support and cross-sells •  Engages shoppers in tactile purchases 25 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 24. 6. Product sharing on social network sites 10%+ of traffic and revenue comes from •  Much more effective social network sources, mainly Facebook than company social and Twitter network pages •  Opportunities to use your customers to evangelize your brand •  Needs to be relevant sharing (e.g. local events, sales vs. item level communication) 26 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 25. 7. Social shopping aggregator sites •  Opportunity to drive incremental traffic •  Often more engaged and relevant shoppers than traditional CSEs •  Conversion is moderate because shoppers are usually earlier in the purchase funnel 27 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 26. 8. Open APIs •  Opportunity to crowdsource technology •  Great for “shovel ready projects” 28 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 27. Thinking about next steps: Forrester’s POST methodology P People Review the Mobile Technographics® Profile of your target audience. O Objectives Decide on your goals. S Strategy Determine your approach to meet your objectives. T Technology Choose the technologies that will enable you to implement your strategy. 29 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 28. Key takeaways •  Social explosive revenues •  Social commerce is not passive; it requires resources •  The most effective social tactics for retailers usually engage your own shoppers on your site •  Only a few lucky sites are able to rely on Facebook and Twitter to drive traffic and sales •  The biggest benefit of social is listening; don’t expect huge, easily quantifiable ROI 30 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 29. Forrester’s Research Panel •  Gain insight, get data, and learn best practices from marketing professionals. Join our panel today: www.forrester.com/Panel •  Each quarter, Forrester surveys 1,500 marketing and strategy professionals about: »  Interactive marketing »  Direct marketing »  Customer experience »  eBusiness and channel strategy »  Marketing leadership »  Consumer product strategy »  Consumer market research 31 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 30. Thank you Sucharita Mulpuru smulpuru@forrester.com www.forrester.com 32 Entire contents © 2010 Forrester Research, Inc. All rights reserved.
  • 31. THANK YOU FOR ATTENDING More Tips: recommender.strands.com/blog Get Social With Us: www.twitter.com/strandsrecs Contact Me Directly: trevor@strands.com Add Social Recommendations To Your Site: recommender.strands.com
  • 32. Top 10 Free Social Commerce Measurement Tools: Brand Visibility: Inbound Marketing: 1.) HowSociable: www.howsocialble.com 7.) Grader: www.grader.com Blog Search Tools: Online Video Search: 2.) Technorati: www.technorati.com 8.) Blinkx: www.blinkx.com Buzz Tracking: Forum Tracking: 3.) Google Trends: http://google.com/trends 9.) Forumreader: www.forumreader.com Twitter Search Tools: Social Media Footprint: 4.) TweetMeme: http://tweetmeme.com/ 10.) Social Mention: www.socialmention.com Social Bookmarking: 5.) StumbleUpon: www.stumbleupon.com URL Cruncher: 6.) Bit.ly: http://bit.ly/