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

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searchmarketingexpo.com @BillTancer #SMX #KEYNOTE EVERYONE’S A CRITIC: Winning Customers in a Review - Driven World

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

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#SMX #KEYNOTE

EVERYONE’S 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 doesn’t 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 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

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Power of Negative WOMCreativity

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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

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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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