Friday, June 22, 2012

A Look Inside Retailer Deals

So you want to sell smart with social media, then sell with a deal.
A deal mindset is key in social commerce because much of the value of selling with social media comes from the word of mouth effect, the referral impact of shared activity and comments – and people talk about deals.
In fact research conducted by my colleague Paul Marsden shows that over two-thirds of all word of mouth activity comes from a difference between expectations and experience, call it the ‘surprise effect’ – so if you want to make people share, then you have to beat their expectations.  And how do you do that?  Beating their expectations on value is smart because “value maximisation” is the central MO – modus operandi – of consumer behaviour.
Therefore, it follows that offering deals is the most powerful tools in the social commerce armoury.  Want to sell with social media, then offer a deal.  Deals make shopping ‘beddable and spreadable’ – attractive and viral;  turn shopping into remarkable event.
So with that in mind, you may want to know what kind of deals you’ll most likely find on a particular retailer’s website. Curious where exactly these deals can be found? This infographic from behavioral commerce company Steelhouse reveals that information.
As might be expected, for the most part retailers offer deals on free shipping (34%) and discount offers (25%). From a social commerce perspective, Groupon-style daily deals and flash sales rank third (21%).
In regards to traffic driven to a site from social media, Steelhouse data shows that only 1-7% of all monthly visitors come from social websites. Conversion rates are equally low, averaging at around 3%.

Read Full Article Here

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