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Everyone Is A Critic - Winning Customers In A Review Driven World


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From the SMX West Conference in San Jose, California, March 3-5, 2015. SESSION: Keynote. PRESENTATION: Everyone Is A Critic - Winning Customers In A Review Driven World - Given by Bill Tancer - NYT Best Selling Author, General Manager, Global Research at Experian Marketing Services. #SMX #Keynote

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Everyone Is A Critic - Winning Customers In A Review Driven World

  1. @BillTancer #SMX #KEYNOTE EVERYONE’S A CRITIC: Winning Customers in a Review-Driven World
  2. @BillTancer #SMX #KEYNOTE Experian Marketing Services – Data Sources Consumer Insights: 25mm Worldwide Online Sample Simmons Research (US): 30,000 Consumers, 60,000 Elements ConsumerView (US): 299 Million Consumers, 116 Million Households Mosaic (US): 71 Consumer Segments, 19 Groups CheetahMail: 10 Billion Emails Per Month The Landscape: What We Know About Review Sites How Consumer-Generated Opinions are Changing Business Marketing in a Review-Driven World The Future of Online Reviews Background
  3. @BillTancer #SMX #KEYNOTE Why I Wrote the Book Why did I write this book? “Bill Tancer may be "the king of measuring online research," as CLICK's cover proclaims. This king would do well to hire a better editor.” “An exercise in navel gazing” “it's written like someone with ADD”
  4. @BillTancer #SMX #KEYNOTE The Online Review Landscape
  5. @BillTancer #SMX #KEYNOTE 5-9% Revenu e Analysis of Yelp reviews for 60,000 restaurants revealed a 5-9% increase in revenues for each increase in star rating. Michael Luca, HBS 82% Use 82% of consumers say that they consult online reviews before making a purchase decision, up from 72% in 2012. Experian 3-5% Convers ion In an online retail setting, having 10- 30 product reviews on a specific product page can increase conversions by 3-5%. Reevoo 19% Booking s Analysis of 148,000 reviews on over 300 restaurants revealed that a half-star increase in rating translates to a 19% increase in table bookings. Michael Anderson UC Berkeley Reviews MatterReviews by the Numbers
  6. @BillTancer #SMX #KEYNOTE Youth and Ubiquity of Reviews Online Review Visits by Age 0 50 100 150 200 250 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 18-24 25-34 35-44 45-54 55+ Age Bin, Percentage and Representation Visits Share Consumer Reviews Representation
  7. @BillTancer #SMX #KEYNOTE Reviews & Search Search, 65.6% Social Nets, 6.2% Travel, 5.2% Retail, 3.1% Entertainment, 2.9% Other, 17.0% Upstream Traffic to Online Reviews Source: Experian Marketing Services Week Ending 2/21/15
  8. @BillTancer #SMX #KEYNOTE Review-Driven Best Practices
  9. @BillTancer #SMX #KEYNOTE When Bad Reviews are Good “…when there are specific negative comments, the reader tends to believe the reviewer. If the complaint doesn’t highlight a deal breaker, it can translate into increased sales.” - Panagiotis Ipeirotis
  10. @BillTancer #SMX #KEYNOTE Brand Dilution and the Antidote “I hate reviews, before TripAdvisor I could charge a premium for my rooms just based on my brand, now even five star hotel rooms have been commoditized.” - CEO, Five-Star Hotel Chain Dilution of Brand?
  11. @BillTancer #SMX #KEYNOTE Transparency and Accountability “I love the fact that I’m held accountable for every little thing I do, I know that my competition is held accountable as well, and my competition sucks.” - Jay Sofer, Lockbusters Accountability
  12. @BillTancer #SMX #KEYNOTE Power of Negative WOMCreativity
  13. @BillTancer #SMX #KEYNOTE Don’t Explain the Cupcake Explain the Cupcake Explain the Cupcake Don’t Explain the Cupcake UtilitarianHedonic Positive Negative According to Sarah G. Moore, University of Alberta, in studying how people share word-of-mouth experiences, explaining why they liked a positive hedonic experience will make them like it a little less, while explaining a negative hedonic experience will make them hate the experience a little less. The opposite is true of utilitarian experiences. Explaining the CupcakeExplaining the Cupcake Positive Negative
  14. @BillTancer #SMX #KEYNOTE 1. Passion Drives Positive Reviews 2. Build Power Through Transparency 3. Make Reviews Central to the Conversation 4. Leverage Reviews for Insight and Motivation 5. Give Them Something to Write About Do this…. (The Five Rules)
  15. @BillTancer #SMX #KEYNOTE The Future of Online Reviews
  16. @BillTancer #SMX #KEYNOTE 2015 2016 2017 20192018 2020 •Sharing economy will fuel bilateral review growth and change 1/9/90 rule •Reviews will serve as a bridge between online and offline retail •Authentication and fraudulent review detection will become more critical •Perspective will be the next disruption in search Online Review Predictions
  17. @BillTancer #SMX #KEYNOTE