The #SoLoMo Opportunity and Why Marketer's Should Care
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The SoMoLo Opportunity and Why Marketers Should Care
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Transcript of The #SoLoMo Opportunity and Why Marketer's Should Care
The SoMoLo Opportunity and Why Marketers Should Care
What We Will Cover Today
• Discussing marketing “then & now”• Defining today’s SoMoLo (social/mobile/local) consumer• Exploring modern consumer behaviors through SoMoLo lens• Emphasizing vital need for a customer-centric marketing
approach• Examining ways brands can meet today’s consumer “where
they are”—at the intersection of SoMoLo• Dissecting consumer “path to purchase” behaviors• Identifying ways to take your brand down the SoMoLo path to
the “land of opportunity”
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Our journey to the land of opportunity takes us on a pathway…
Traditional Marketing ApproachInside out view Broadcast One message
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TV
Websites
MailEmail
Radio
PromotionAdvocates
Customer Service
Public Relations
Path to the Land of Opportunity
New Landscape=New Opportunity
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New Marketing Landscape
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The New Consumer is... SOcial MObile LOcal
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The New Consumer is... Empowered and Enabled by technology
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...Empowered– Technology– Internet– Social Connection
College Freshmen Late 90s
College Freshmen Today
Bought textbooks at University Store
Compared textbook prices and bought online
Shared computer lab on university campus, students with PCs were in minority
Owns laptop, smartphone and sometimes also tablet
Had corded phone in room or shared in hall
99.8% of college students have cell phones
2010 Huffington Post
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...Technology-Enabled
Based on current IOS and Android smart devices in use and the current rate of activation
there will be an estimated 1 Billion smart devices in use between December 2012 and June 2013
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tablet smart phone
Consumers are...
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SearchingShoppingSharing
...SearchingThey are socially adept
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Researching an item before purchase57% for smartphone owners 66% for Tablet owners
Using Store Locator73% Smartphone42% Tablet
Checking Price62% Smartphone52% Tablet
Reading reviews of recent/future purchases45% Smartphone56% Tablet
Source: Nielsen Q1 2012
...Shopping
Purchasing items on device29% phone 42% tablet
Using device for payment27% smartphone 28% Tablet
Source: Nielsen Q1 2012
ShowroomingMobile phone owners increasingly using devices while in stores to assist with shopping.
...Sharing
With their Social network
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Using Social media to comment on purchase23% phone 25% tablet
Writing a review of a purchase 11% smartphone 22% tablet
Nielsen Q1 2012
3 out of 4 consumers on Facebook have used it to make retail and restaurant decisions. Half say they have tried a brand based on a recommendation they got through social media
Source Empathica Survey
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...SharingAbout a variety of experiences
…Thinking and acting local
74% of Smartphone
owners surveyed cited looking up local services as leading activity they associate with their smartphone
Source Keystone Survey 8/17 Media Post Article
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Hyper Local: A new term used to refer to someone or something that is the best at connecting people, locally.
Wikipedia 2010
…Expecting more than brands are delivering
• At least a 20% gap between consumer expectation and shopping experience
• Consumers expect transparency, control and customization.
Source: Deloitte 2012 Retail Study
• Consumers now think of shopping – whether online, in-store, or on a mobile device as one experience
Source: Deloitte 2012 Retail Study
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…Oriented Toward Action• 88% take action same day• 79% of US Smartphone and tablet
owners have used their mobile devices for shopping related activities
Source Nielsen Q1 2012 Survey
• Locating a store 73% Smartphone vs 42% tablet
• Using a shopping list while shopping 42% phone 16% tablet
• Redeeming coupon 36% phone 11% tablet
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Where is the land of opportunity?
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The Land of Opportunity
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Behaviors that make a difference• Customer Experience• Brands/companies listening
and observing• Aligned stakeholders• Word of Mouth• Loyal consumers• Advocates• Feedback
New Opportunity Requires New (Social) Mindset
Consumer Centric
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86% of consumers would pay more for a better customer experience, and 89% of consumers began doing business with a competitor following a poor customer experience.
Source RightNow
Think Mobility
Mobility vs Mobile – It’s all about Behavior– Being relevant
Content
Convenience
Connection
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Build a Local Advantage• Customers who interact with
associates are 12.5% more likely to buy in store
• Pay attention to price differentials – Based on surveys more than 5% price difference required before customers will leave store
• Make it easy for local customers to find, shop, use and share your product or service
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Consumer’s Define Relevance
Listen and observe.
Be authentic and curious.
Ask questions like:• Who are they?• Where are they?• What are they doing?• What are they looking for?• How do they define value?
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Figure out the Path to Purchase
• Online shopping takes place across multiple screens– 65% use smartphone
to begin journey• 61% of these continue
on PC or laptop
• Often non-linear – Buying stages
• Role of influencers• Content strategy
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Step 1: Identify need
• Consumer identifies a need
• Brands poised to respond with helpful relevant content
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Step 2: Research
• Consumer uses network to help
– Social– Brand– third-party sites
• Brands listen and engage
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Step 3: Making the Buying Decision
• Consumers finding a deal, finalizing the decision
• Brands must be integrated at all touchpoints
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Begin with the Basics
• Create a plan/map touchpoints• Claim your local space
– Create Google + Local Pages– Sign up for others too
• Optimize your site for search engines• Listen/monitor brand & category• Create helpful content
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Then What’s Next?• Mobile friendly web site
– 76% of survey respondents access web site from devices Source Keynote Survey
– Experience your own mobile buying process
• Empower associates in order to create optimum customer experience– Pre-sale– During – Post
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Empowered associates generate:• 63% Larger transactions• 33% more repeat visits• 3.5X annual spend
Source: Raymark
Then What?
• Integrate channels to provide a seamless experience for your customers
• Experiment with location based services – Test pricing– Offer rewards– Encourage sharing
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Coffee Klatch SoMoLo Case Study
Background• Coffee Klatch is a small local coffee shop
in Southern California with four locations. • Coffee Klatch ran a promotion on
FourSquare, a location based platform where consumers check in, comment and often receive offers.
• This story is the experience of Matthew Gallizi.
Location Based Platform• Whole experience driven by
interaction on Smartphone• In-store monitor encourages
alignment
In-store
Mobile
•Multiple Social Platforms •Interactions
–Consumer to consumer–Consumer to brand–Discussing, even rating experiences.
Social and local•Facebook exchange
–Friendly competition to be Coffee Klatch Mayor requires more visits.
Result
• Word of Mouth• Advocate through customer
experience
• Alignment• Store recognized status
and responded accordingly
• Consumer online experience consistent with in-store experience
Questions?
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Thank You
Joe owns Strategic Marketing Solutions, an integrated marketing consulting company. He is active in social media, co-moderates, #SMchat (a Twitter chat) and regularly writes about Customer Experience Marketing for Maximize Social Business.
He works with businesses to implement integrated marketing strategies that build Raving Fans.
To learn more about capitalizing on the local advantage by creating Raving Fans contact Joe:
Email: [email protected]
Phone: 804.690.4486
Connect on Linked In: www.linkedin.com/in/josephruizjr/
Twitter: @SMSJoe
