Two big questions Decker keeps hearing are "What is the ROI for social media?" and "Where do I start?"
State of "Social"
- 28% increase in the average search string (from 2008 to 2009)
- 81% of holiday shoppers search for reviews online before they buy
- 89% of CMOs are being pressured for more measurability.
Two biggest social media mistakes companies make
- Collect "fans" and then they call it a day
- Lack of advocacy around the product or purchase barriers.
- Collect customer-content on the product.
- Amplify near the product...where customers are looking to buy.
Decker advises that you can increase revenue with social content.
More reviews equals more sales
- Products with at least four reviews saw a 30.7% increase in conversion.
- Products with a rating of at least 4.3 saw a 33.1% increase in conversion.
Increased customer engagement online will reduce calls. The more answers for questions that were posted online, the less calls Canadian Tire received.
Bring customer oxygen into the company
Use the social content to improve your company. Don't run the business the company in silos and stay focused with internal metrics. With Oriental Trading company they read the product reviews. They responded and either improved the product or dumped the products all together.
With Best Buy, Samsung creates a Q&A section to build engagement, insights
- 96% increase in product views
- 100% more question submissions
- 91% of questions not addressed through marketing copy
- Answers are 66% more helpful vs. the community