NJ Tech Meetup 50: Steve Jacobs CIO Gilt, How Emotions Drive KPIs

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NJ Tech Meetup 50: Steve Jacobs CIO Gilt, How Emotions Drive KPIs

at Stevens, Hoboken, NJ at the NJ Tech Meetup

More at:
@giltech
@njtech

www.njtechmeetup.com

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NJ Tech Meetup 50: Steve Jacobs CIO Gilt, How Emotions Drive KPIs

  1. 1. Connection: How emotions drive KPIs.
  2. 2. Gilt
  3. 3. Sample Sales
  4. 4. Sample Sales Deconstructed Great products Discount prices Limited quantity
  5. 5. Great Product What is Fashion about? Maslow's hierarchy of needs.
  6. 6. Discount Prices
  7. 7. Limited Quantity KPI: Fear of regret drives conversions .
  8. 8. Limited Time
  9. 9. Exclusive Access “I got this on Gilt. Do you know it? … No? You have to know Gilt. I’ll invite you to join!” vs. “We went to this great country club that my family belongs to this weekend.” KPI: Exclusivit y drives referrals
  10. 10. Integrity: Emotions are sacred Source: Proceedings of the National Academy of Sciences of the United States of America
  11. 11. Scaling Emotion ● Site is open to everyone. ● Not all inventory is as limited.
  12. 12. Personal Shoppers: Do they scale?
  13. 13. Connection 1. Understand your customer 2. Do things to create connection 3. Communicate the things you are doing
  14. 14. Using Personalization to create Connection “It is an excellent idea. Although I did not select anything on this offering, I am sure another will be successful.”
  15. 15. Using A/B testing to foster Connection
  16. 16. Example “Be the first to shop with Chrome push notifications!” vs. “Get notified the moment sales start with Gilt Chrome notifications.” KPI: 8% lift in opt- ins.
  17. 17. Negative Example Because this price has been further reduced, this item is not returnable.
  18. 18. Motivation vs Friction: Going to the Gym Motivation > Friction I feel overweight. Takes too much time. My body is sore from dis-use. Too far too drive. I’m going to the beach in a month. It’s going to hurt.
  19. 19. Motivation vs Friction: Buying on Gilt Motivation > Friction I don’t want to miss out on owning this. Too expensive. It’s going to look amazing on me. I want it right now. I need new jeans. I’m afraid it won’t fit.
  20. 20. Connection in other companies: Amazon
  21. 21. Connection elsewhere: internal tools KPI: Adoption and satisfactio n are high.
  22. 22. Connection elsewhere: recruiting KPI: Hiring and retention rates are up.
  23. 23. Dress Like Nathan Day http://tech.gilt.com

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