Driving purchase decisions in the social media era
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Social media is evolving rapidly and is dramatically altering how purchase decisions are made. As a marketer, this means that your ability to influence purchase decisions will be increasingly determined by what customers’ social networks think about your product — in real-time. Bill Parkes, Chief Digital Officer of nFusion, will discuss the changes that are already underway, the changes coming soon, and how both consumer and B2B marketers need to adjust their approach now to influence the rapidly evolving purchase decision process.
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Driving purchase decisions in the social media era
- 1. Driving Purchase Decisions in the Social Media Era Bill Parkes EVP, Chief Digital Officer nFusion 1
- 2. Today’s Construct • Introduction • Decision making over time • Social Media Era • Examples • Implications 2
- 3. 3
- 4. Our Clients
- 6. The Evolution of Decision Making 6
- 7. Decision Stages Familiarity Active Consideration Late-Stage Consideration Purchase Loyalty Advocacy 7
- 8. Local Era • Commerce was largely community-based • Communications were delivered in printed and face-face forms • Decisions influenced by neighbors you trusted
- 9. Mass Era • Commerce exploded • Mass media communications via print, broadcast • Decisions influenced by brands you trusted
- 10. Digital Era • Near limitless commerce options • Communications are increasingly Internet-based, disinter- mediated, multi-directional and behaviorally targeted • Decisions influenced increasingly by experiences you trust
- 11. Social Media Era • Commerce increasingly influenced by SoLoMo (Social/Local/Mobile) • Communications overwhelm consumers and are radically altered by the Social Graph • Decisions influenced by people and brands you trust and the experiences you have with them
- 12. Social Media Era: Driving a Radical Shift in Decision Making 12
- 13. Social Capital “The value derived through connections within and between social networks, characterized by trust and reciprocity.”
- 14. Social Capital in the Social Media Era “The value derived from a person or brand’s collective digital presence, including their social graphs, levels of influence and use of digital social networks, characterized by trust, reciprocity and scale.”” 14
- 15. Accelerating Change 15
- 16. Accelerating Change Source: Ray Kurzweil, 2007 16
- 17. [Overwhelming Complexity] Source: www.RobTheWebGuy.com
- 18. Technology Evolution We are here. 18
- 19. Building Social Capital -Build intuitive, confident experiences -Build deeper relationships with brand advocates -Pay it forward -Add value in customers’ experience -Interconnect social networks -Facilitate word-of-mouth amplification 19
- 20. Current Day Examples 20
- 21. Better Decisions Through Your Graph
- 22. Improving Search through Social Signals
- 23. Merging Social into Search
- 24. Access to Professional Peer Networks
- 25. SoLoMo Relevance
- 26. Rising Fidelity of the Social Graph
- 27. Implications 27
- 29. Implications: Customer Expectations Intuitive, intelligent experiences You know who I am, no matter where or how I engage with you. You give me access to the information and applications I need anytime, anywhere on any device. Helpfulness and reciprocity You’ll connect me with others to help me make faster and better decisions. You’ll treat me right, or I’ll share my bad experiences with my network. Delight me in unexpected ways, and I’ll share that too.
- 30. Implications: Digital Experiences Seamless • Data relative to a customer is integrated and accessible (securely) •Embed the Social Graph and advocate amplification Social into experiences (as regulations permit) •Encourage and facilitate sharing and participation Satisfying • IA, findability, visual prioritization • Optimized across PC, tablet, mobile, surface Scale • Interconnect networks • Design solutions for syndication, distribution Speed • Accelerate iteration cycles (buckle your seatbelt!)
- 31. Implications: Professional Advancement Identify tools, platforms and communities that can help to accelerate: Your personal learning and growth Key projects and the multitude of decisions required within them Build your networks; their value has yet to reach its full potential. Become a student of the Era of Social Capital…we’re just getting started.
- 32. Thank you! Bill Parkes EVP, Chief Digital Officer nFusion www.linkedin.com/in/bparkes bparkes@nfusion.com Converged media overview: http://nfusion.com/smart/converged_media/ 32