driving purchase decisions in the social media era
DESCRIPTION
Social media is evolving rapidly and is dramatically altering how purchase decisions are made. As a marketer, this means that your ability to influence purchase decisions will be increasingly determined by what customers’ social networks think about your product — in real-time. Bill Parkes, Chief Digital Officer of nFusion, will discuss the changes that are already underway, the changes coming soon, and how both consumer and B2B marketers need to adjust their approach now to influence the rapidly evolving purchase decision process.TRANSCRIPT
![Page 1: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/1.jpg)
Driving Purchase Decisions in the Social Media Era
1
Bill Parkes EVP, Chief Digital Officer nFusion
![Page 2: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/2.jpg)
2
Today’s Construct
• Introduction
•Decision making over time
• Social Media Era
• Examples
• Implications
![Page 3: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/3.jpg)
3
![Page 4: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/4.jpg)
Our Clients
![Page 5: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/5.jpg)
5
Customer Engagement Framework
![Page 6: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/6.jpg)
The Evolution of Decision Making
6
![Page 7: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/7.jpg)
7
Decision Stages
Loyalty
Purchase
Advocacy
Familiarity
Active Consideration
Late-Stage Consideration
![Page 8: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/8.jpg)
Local Era
• Commerce was largely community-based
• Communications were delivered in printed and face-face forms
• Decisions influenced by neighbors you trusted
![Page 9: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/9.jpg)
Mass Era
• Commerce exploded
• Mass media communications via print, broadcast
• Decisions influenced by brands you trusted
![Page 10: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/10.jpg)
Digital Era
• Near limitless commerce options
• Communications are increasingly Internet-based, disinter-mediated, multi-directional and behaviorally targeted
• Decisions influenced increasingly by experiences you trust
![Page 11: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/11.jpg)
Social Media Era
• Commerce increasingly influenced by SoLoMo (Social/Local/Mobile)
• Communications overwhelm consumers and are radically altered by the Social Graph
• Decisions influenced by people and brands you trust and the experiences you have with them
![Page 12: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/12.jpg)
Social Media Era: Driving a Radical Shift in Decision Making
12
![Page 13: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/13.jpg)
Social Capital
“The value derived through connections within and between social networks, characterized by
trust and reciprocity.”
![Page 14: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/14.jpg)
Social Capital in the Social Media Era
“The value derived from a person or
brand’s collective digital presence,
including their social graphs, levels of
influence and use of digital social networks, characterized by trust,
reciprocity and scale.””
14
![Page 15: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/15.jpg)
15
Accelerating Change
![Page 16: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/16.jpg)
16
Source: Ray Kurzweil, 2007
Accelerating Change
![Page 17: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/17.jpg)
[Overwhelming Complexity]
Source: www.RobTheWebGuy.com
![Page 18: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/18.jpg)
Technology Evolution
18
We are here.
![Page 19: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/19.jpg)
Building Social Capital
19
-Build intuitive, confident experiences -Build deeper relationships with brand advocates
-Pay it forward -Add value in customers’ experience
-Interconnect social networks -Facilitate word-of-mouth amplification
![Page 20: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/20.jpg)
Current Day Examples
20
![Page 21: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/21.jpg)
Better Decisions Through Your Graph
![Page 22: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/22.jpg)
Improving Search through Social Signals
![Page 23: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/23.jpg)
Merging Social into Search
![Page 24: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/24.jpg)
Access to Professional Peer Networks
![Page 25: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/25.jpg)
SoLoMo Relevance
![Page 26: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/26.jpg)
Rising Fidelity of the Social Graph
![Page 27: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/27.jpg)
Implications
27
![Page 28: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/28.jpg)
Implications: Marketers
![Page 29: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/29.jpg)
Implications: Customer Expectations
Intuitive, intelligent experiences
You know who I am, no matter where or how I engage with you.
You give me access to the information and applications I need anytime, anywhere on any device.
Helpfulness and reciprocity
You’ll connect me with others to help me make faster and better decisions.
You’ll treat me right, or I’ll share my bad experiences with my network. Delight me in unexpected ways, and I’ll share that too.
![Page 30: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/30.jpg)
Implications: Digital Experiences
• Data relative to a customer is integrated and accessible (securely) Seamless
•Embed the Social Graph and advocate amplification into experiences (as regulations permit)
•Encourage and facilitate sharing and participation Social
• IA, findability, visual prioritization
• Optimized across PC, tablet, mobile, surface Satisfying
• Interconnect networks
• Design solutions for syndication, distribution Scale
• Accelerate iteration cycles (buckle your seatbelt!) Speed
![Page 31: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/31.jpg)
Implications: Professional Advancement
Identify tools, platforms and communities that can help to accelerate: Your personal learning and growth Key projects and the multitude of decisions required within them
Build your networks; their value has yet to reach its full potential.
Become a student of the Era of Social Capital…we’re just getting started.
![Page 32: Driving purchase decisions in the social media era](https://reader034.vdocuments.net/reader034/viewer/2022051515/54c505f74a7959d13b8b4638/html5/thumbnails/32.jpg)
Thank you!
32
Bill Parkes EVP, Chief Digital Officer nFusion www.linkedin.com/in/bparkes
Converged media overview: http://nfusion.com/smart/converged_media/