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Social Shopping: Friends Don't Let Friends Buy Alone
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Social Shopping: Friends Don't Let Friends Buy Alone

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This presentation shows how retail could benefit from social commerce strategies and provides concrete examples of solutions retailers can implement in order to grow customer referrals. It was first …

This presentation shows how retail could benefit from social commerce strategies and provides concrete examples of solutions retailers can implement in order to grow customer referrals. It was first given at the Daily Deal Summit in NY on April 18, 2012.

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  • inSparq conducted research – we did primary research where we surveyed 100 customers who bought online in the last year and looked at research published by other companies. And the results were very clear: social is an effective marketing channel for driving sales.

Transcript

  • 1. Social Shopping:Friends Don’t Let Friends Buy Alone Veronika Sonsev, CEO of inSparq
  • 2. Marketing landscape has changed 2
  • 3. So what should you do?
  • 4. Go social! Cost effective marketing Engages your most loyal customers Delivers immediate results
  • 5. Fab.com Success Story  ~ 15% of Fab‟s daily traffic comes from Facebook  ~ 5% comes from sites like Twitter and Pinterest Source: WSJ. February 2012
  • 6. Eventbrite Success Story  Every link shared on Facebook generates $2.52 in ticket sales  Facebook sends more traffic than any other source, including Google Source: TechCrunch. October 2010
  • 7. Research confirms social works
  • 8. 23% of shoppers share over half the time 23%
  • 9. Even more want to share “83% of online shoppers say they want to share information about their purchases” Source: Digital Buzz, March 2010
  • 10. They share because they think their friends would like it
  • 11. 94% bought a productrecommended last year 94%
  • 12. Recommendations increase likelihood to buy  Customers are 71% more likely to purchase a product if referred by a social media channel  Organically customers are only 7% likely to purchase a product Source: Hubspot, January 2010
  • 13. Word of mouth drives sales “Word of mouth is the „primary factor‟ behind between 20% and 50% of purchases” Source: McKinsey, April 2010
  • 14. 64% would share more if they were incentivized to do so The Power of Social Referrals
  • 15. Top rewards that motivate #1 Cash Back – 84% #2 Discounts – 72% #3 Free Shipping – 65%
  • 16. So how do you get started?
  • 17. Your social commerce toolbox Sharing Widget & Tell-a-Friend User Reviews Loyalty Programs Social Media Sweepstakes
  • 18. Tool #1: Your Sharing WidgetFully integrated with the social media avenues customers most! 18
  • 19. Sharing Widget Results  300% uplift in shares  Over 50% CTR on shares  Built database of top 5% most influential customers
  • 20. Tell-a-Friend Product Goal: newsletter sign ups Action: created a contest to spread the word 20
  • 21. Tool #2: User Reviews The Stats: 70% of Americans say they look at reviews before taking the next step to conversion The Action: Bazaarvoice installed reviews on the website and deemed loyal reviewers as „Black Book Insiders‟
  • 22. User Reviews Results  200% in conversion among customers who engage with reviews  300% in revenue per visitor  250% in average order value
  • 23. Tool #3: Loyalty Programs The Thwipster Loyalty Program: Thwipster incentivized behaviors that would lead to increase traffic, email acquisition and sales Customers could trade points for: • discounts • free shipping • $ off orders
  • 24. Loyalty Program Results  Increase traffic 60% M/M  45% of email subscriptions convert to loyalty program  Loyalty members viewed pages 16X more than non- rewarded users  50% buy every month  Like, Tweet, +1 2000X more Source: Punchtab, 3 months
  • 25. Tool #4: Social Media Sweepstakes The Contest: „Instant-win‟ coupon promotion to engage fans and attract more users The Action: • Instant-win promotion on their Facebook Fan Page • Users needed to become a fan in order to redeem their instant-win coupon
  • 26. Social Media Sweepstakes Results  21% coupon redemption  4,000 new Facebook fans  Generated $30,000 in revenue  250% ROI net of all campaign and marketing costs Source: Hautelook, 7 days
  • 27. Empower your customers… …and see your business grow! It‟s that simple.
  • 28. Thank You! 28