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

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

  • searchmarketingexpo.com@BillTancer

    #SMX #KEYNOTE

    EVERYONES A CRITIC: Winning Customers in a

    Review-Driven World

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    Experian Marketing Services Data SourcesConsumer 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

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    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

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    The Online Review Landscape

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    5-9%

    Revenue

    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%

    Use82% of

    consumers say

    that they consult

    online reviews

    before making a

    purchase

    decision, up from

    72% in 2012.

    Experian

    3-5%

    Conversion

    In an online retail

    setting, having 10-

    30 product

    reviews on a

    specific product

    page can increase

    conversions by

    3-5%.

    Reevoo

    19%

    Bookings

    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

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    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

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    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

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    Review-Driven Best Practices

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    When Bad Reviews are Good

    when there are specific negative comments, the reader tends to

    believe the reviewer. If the

    complaint doesnt highlight a deal breaker, it can translate into

    increased sales.

    - Panagiotis Ipeirotis

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    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?

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    Transparency and Accountability

    I love the fact that Im 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

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    Power of Negative WOMCreativity

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    Dont Explain

    the Cupcake

    Explain the

    Cupcake

    Explain the

    Cupcake

    Dont 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

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    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)

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    The Future of Online Reviews

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    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

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