The Bazaarvoice Summit announced some interesting new and revised products, and discussed how marketing practices have evolved. THE NEW PRACTICE OF MARKETING The 4 P’s have evolved.
- Product > Consumer Experiences From commodities to goods to services to experiences to transformations.
- Place > Anyplace From mark place to market space and the intersection… The market face. Everything intersects.
- Promotion > Engagement How can you engage with your customer in different ways? Think Threadless, UGC Super Bowl ads, Mr. Samsung.
- Price > Discovery mechanisms for price Determining the price of an asset in the marketplace through the interactions of buyers and sellers.
- [New] > Brand Brands with integrity and that have an intimate relationship with consumers in supporting their desires and achievements.
BAZAARVOICE :: NEW PRODUCTS Bazaarvoice announced some interesting new and revised products.
- Loyalty and Gamification – Earn reward points for writing detailed reviews/adding a photo. The brand can see a leader board made up of all their top influencers. Brands such as adidas are reaching out to these top influencers and are providing them with prelaunched products for them to use and review. Then, come launch, reviews are there to support sales and conversion goals on day 1. (Stay tuned: Information has not yet been posted to Bazaarvoice’s website.)
- In-Store Associate – By far the coolest new product released. With 24% of shoppers accessing reviews in store, the In-Store Associate bridges the gap between online and offline research. Imagine going to Best Buy and researching three Bosch dishwashers out of 34 models available. An in-store app allows the sales associate to save the products you’ve reviewed together by scanning them. They will be emailed to you with a barcode where you can purchase the product online. Or, if you return to the store with the email, a new associate can scan the barcode and see the summary of the three products you looked at in store the previous week. (Stay tuned: Information has not yet been posted to Bazaarvoice’s website.)
- BazaarVoice Media :: Retail Media Platform – Brands can now gain access to the digital aisle on the retailers’ websites with this real time bidding platform. Retailers benefit from new monetization strategies that can support other corporate and competitive initiatives (e.g. supporting free shipping) and brands benefit because they get in front of the shopper while they’re actually in buying mode (vs. content consumption mode).