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. Connection: How emotions drive KPIs.
- 2. Gilt
- 3. Sample Sales
- 4. Sample Sales Deconstructed Great products Discount prices Limited quantity
- 5. Great Product What is Fashion about? Maslow's hierarchy of needs.
- 7. Limited Quantity KPI: Fear of regret drives conversions .
- 8. Limited Time
- 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. Integrity: Emotions are sacred Source: Proceedings of the National Academy of Sciences of the United States of America
- 11. Scaling Emotion ● Site is open to everyone. ● Not all inventory is as limited.
- 12. Personal Shoppers: Do they scale?
- 13. Connection 1. Understand your customer 2. Do things to create connection 3. Communicate the things you are doing
- 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. Using A/B testing to foster Connection
- 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. Negative Example Because this price has been further reduced, this item is not returnable.
- 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. 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. Connection in other companies: Amazon
- 21. Connection elsewhere: internal tools KPI: Adoption and satisfactio n are high.
- 22. Connection elsewhere: recruiting KPI: Hiring and retention rates are up.
- 23. Dress Like Nathan Day http://tech.gilt.com