← The Agile Brand with Greg Kihlström®: Expert Mode Marketing Technology, AI, & CX
The Agile Brand with Greg Kihlström®: Expert Mode Marketing Technology, AI, & CX
#551: Maximizing holiday sales with Zarina Stanford, Bazaarvoice
00:24:38
Loading summary
Transcript50 lines
- [00:02]
Marine Corps Narrator
To realize the future America needs. We understand what's needed from us to face each threat head on. We've earned our place in the fight for our nation's future. We are Marines. We were made for this.
- [00:19]
Zarina Stanford
The Agile Brand.
- [00:26]
Greg Kilstrom
Welcome to Season six of the Agile Brand where we discuss marketing, technology and customer experience, trends, insights and ideas with enterprise and technology platform leaders. We focus on the people, processes, data and platforms that make brands successful, scalable, customer focused and sustainable. This is what makes an agile brand. I'm your host Greg Kilstrom advising Fortune 1000 brands on MarTech, marketing operations and CX, best selling author and speaker. The Agile Brand Podcast is brought to you by Tech Systems, an industry leader in full stack technology services, talent services and real world application. For more information, go to teksystems.com before we get started, I wanted to let you know that my latest book, Priority is seven Principles for Better Strategies, Decisions and Outcomes is now available. In it, I give ideas and insights for leaders and teams that need to make meaningful progress on their priorities. After all, our priorities are what we do, not what we say we'd like to do. You can find Priority as Action on Amazon or learn more on my website greggkilstrom.com now let's get on to the show.
- [01:35]
Podcast Host/Interviewer
The holiday shopping season might seem like it's months away, but if you listen to consumers, it's closer than you think. Today we're going to talk about consumer shopping behavior with some recent research done by Bazaar Voice and dive into what brands need to know to stay relevant and maximize sales this holiday season. To help me discuss this topic, I'd like to welcome Zarina Stanford, CMO at Bazaar Voice.
- [01:56]
Greg Kilstrom
Zarina, welcome to the show.
- [01:58]
Zarina Stanford
Well, thank you Greg for having me. Really pleasure to be here. And my very favorite topic as well, too Saty.
- [02:06]
Podcast Host/Interviewer
We'll dive in in a second, but first, why don't we start with you giving a little background on yourself and your role as CMO at Bazaar Voice.
- [02:14]
Zarina Stanford
Awesome. Awesome. Yeah. So in case you have caught up on the accent, I actually grew up in Hong Kong and I came to the US at college many, many, many, many years ago. And as you know, we just talked about, I was actually trained as a journalist, so the storytelling piece is a critical part of my background. And I was really fortunate enough to have joined bizarre voice 2 1/2 years ago. And just to hone in a little bit of Bizarre Voice, Bizarre Voice really is the company that was founded by a consumer who really, truly understands the power of the individual and that's kind of the mission I'm on. So in my role I'm responsible for elevating our brand, generating demand and revenue of course, and then growing advocates. Right. That's a really important part both among brands, retailers as well as consumers. But at the end of the day, like you and I were talking about, shopping has come through a complete, complete evolution. And you and I being consumers ourselves is something that we experience as well. So this is a lovely topic I love to talk about.
- [03:20]
Greg Kilstrom
Great, great.
- [03:21]
Podcast Host/Interviewer
Well, yeah, let's dive in. And so we're going to start by talking About Bazaar Voices 2024 Shopper Preference Report and we're going to link to it in the show notes as well. For those, for those listening in the report, a few trends stood out, one of which is particularly relevant recently and that's private labels. How has consumers opinion of private labels changed over the past year or so?
- [03:45]
Zarina Stanford
Well, I made a major favorite topic of mine just to share a little bit. In terms of the shop preference report, we do this on a pretty much regular basis, typically annually, whereby we survey approximately somewhere just under 10,000 consumers like ourselves. And one of the things that was really quite profound, we are all aware around the world, the macroeconomics that we're all facing. And so at the time when we were just creating the instrumentation, I kind of said hey, you know what, let's see what people think about private labels. A more elegant way of calling private labels are retailer brands or private brands if you will. And I think that there is no doubt and let's just put the elephant out of the room here is that many, many of us in the past have associated private labels as knock offs and really the cheap, cheap version of something. And I'm going to be the first one to tell you that I'm among many, many of them. In fact, 72% or 70 some percent of our of the surveys around of those whom we surveyed had actually said that they actually have already purchased private label. And I'm one of them. And so allow me to just kind of drill down on what my point of view as well as Bazaar Boys point of view. Private labels or retailer brands or private brands has gone through such evolution somewhat quietly over the last few years to the point that they are actually very much just like national brands. You know, I'm going to attest it to say, right, if you live in a neighborhood that has Trader Joe's, if you live in a neighborhood that has Target, if you live in a neighborhood that has something along those lines, you likely have already experienced what private labels and the quality and certainly the value that they offer. So I think this is the one part of the reality is that it's totally a phenomenon that is right for the time and that it has actually tens of years improving and really elevating as an industry. My speculation is that we're going to see more and more of that phenomenon happening certainly among retailers heavily as well as even some brands. Right. They are actually entering the space.
- [05:58]
Podcast Host/Interviewer
Yeah, yeah. Another aspect touch on touched on in the report is, you know, there's a lot of talk about the economic climate in a number of different ways. But you know, looking at this from a consumer and a shopping standpoint, you know, how are consumer shopping habits being shaped by the current economic climate?
- [06:19]
Zarina Stanford
That's a really, really great question. And there is a little bit not quite profound and I'd be very happy to share the specifics from the study as well too for those who want to see it, some differences between different regions and different countries. But holistically speaking, across the world shoppers are saying is the first thing they look for is value for the money. And there's just no doubt that the macro environment is part of it because they're contending with, you know, this is from our shopper Experience Index. It's another one of our annual research work. And the reality is that we all have basic needs as well as some not as basic, maybe even stretching to the luxuries. So there is a slight categoric differences as well. You know, when we look into this research work, one part is very clear is that on the essentials consumers are not actually backing off but they are declining in terms of the purchases for some of the non essentials if you will. But the reality is too is that some like 3 out of 4 of US consumers around the world whom we survey said that they are in fact adjusting their spending. So there's no secret that it's really truly happening.
- [07:36]
Podcast Host/Interviewer
Yeah, well, and that's interesting that it's a global more, you know, more a global. I'm sure there's some nuances and differences and stuff, you know, if you dive in super granular. But it's interesting that it's kind of a macro trend. Right?
- [07:52]
Zarina Stanford
I think so too. And yeah, it should be told too. Right. We work with thousands, tens of thousands of brands as well as retailers around the world. We're actually hearing that them sharing the same phenomenon as well. So it's truly seen by both the demand side and the supply side as well as us being the intermediaries looking connecting brand and consumers, we're definitely seeing that. And consumers had also very explicitly told us that they are making changes.
- [08:21]
Podcast Host/Interviewer
Yeah, yeah. Well, there's a lot else in the report, but you know, just one, one more thing before we move on to the next topic. You know, just are there any other takeaways that you'd recommend, you know, brands and retailers take away from this report?
- [08:36]
Zarina Stanford
Yeah, I would say two things. First and foremost, let's start from our individual lens, right? As consumers, I think that we should really open up here a little bit. Just the very topic we talk about right on private label and they really just knock off. So they really, you know, and in fact I, I, I'm based right here in Austin. And if you are Austin based or Texas based, you know how people go all of the way to just go look for that particular grocery store just because that they have gotten that kind of loyalty and that kind, Speaking of loyalty, that's the second thing I wanted to highlight is that when everyone is competing on that spend of dollars, right, let's say it's a dollar for the purpose of what we're talking about, consumers are also telling us that they are in fact going all of the way, that if there are rewards, that is actually of interest, that they will actually change their behavior. So what do we read from it? Two things. One is that while price or value is really critical, that's not the only thing they're looking for. They're actually looking for that experience. And if there's something along the lines of loyalty or something along the line of rewards or maybe even gamification to some extent, I think they're telling us that they value that. So I think for brands and retailers, that's one thing to think about. The old days of just thinking about the brand awareness or the conversion for the purchase is absolutely critical. But we have got to also think about efficacy and loyalty. The second thing that I like to also hone in on this is that this is becoming even more profound. Where consumers are saying is that in this kind of tight environment, they are even more and more going to look at what other shoppers like them say about a particular product before they make the purchase. So leverage. Again, this is part of what I've always does, so it's a little bit biased. But the reality is that we all know that if you reflect to how you had done the last purchase, what information do you look for? You look for what else, what other people are saying. And that's a really important part and that's the piece that I would say this is really two big things to think about.
- [10:53]
Podcast Host/Interviewer
Yeah, that's great. So, yeah, in addition to the 2024 Shopper Preference Report, Bazaar Voice also did some research on the upcoming holiday shopping season. So did a survey around that. And I also wanted to talk about a few points in that. So starting with the timing. I mean, you know, here we are in, in July and we're talking about the holiday shopping season. So, you know, according to the survey, over half of people, so about 55% start their holiday shopping in October or earlier and over a third or about 37 start in September or earlier. So, you know, what is, what does this mean for brands?
- [11:31]
Zarina Stanford
Well, you know, in fact, I asked this after our study, I asked friends myself as well too, is that when is actually their planning cycle. And not to be surprised, many of them actually says that actually it's beginning right now in full earnest. And I think now in our study, what we didn't do is the actual not we do do demographics, but what we didn't do is that what kind of Persona are they a parent, are they a grandparent, are they a sister, a sibling, what have you that does skew as to how quickly someone actually would shop. I think that's, I mean, what would begin their season, you know, the holiday shopping. I think that the reality is that regardless of how recent they are, number one thing, all brands of retailers they think about is how are you extending your social presence, all of us. And I'm going to bring yourself into this equation too, Greg. I'm assuming that you are a typical shopper. Most of us are because the study basically says that that's about 70 so percent of us are going to look for information and shop online and on social. And therefore it really makes it critical for brands to say if I'm starting to think only about my stores, if I have brick and mortars, I may be too late. I need to start thinking about what is the social presence and what are some of the specific content and in fact take full advantage of consumer content as to what they're telling you. That's prices. In fact, we did a webinar yesterday and fortunate to have the director of E commerce from Lowe's with us. And one other thing, before our webinar, we went to a low store and in fact, while we were there, she was talking about, you know, in the reality is that there were some toolboxes that people start shopping for them. There are colors, different colors, and they are miniature toolboxes they went like hotcakes. People are starting to look for them already.
- [13:39]
Podcast Host/Interviewer
Yeah. Wow.
- [13:40]
Zarina Stanford
Pure fact. True fact, right? Not natural fact.
- [13:43]
Podcast Host/Interviewer
Yeah. So another thing from the survey is about findability and how findability matters for brands and products within brands. So shoppers are pretty intentional when they're searching for holiday products with 42% searching for specific products and 25% searching for products from specific brands and retailers. So how do brands make sure that they and their products stand out here? And what does this mean for competitors?
- [14:15]
Zarina Stanford
Yeah, that's a really key part. And in fact, in the space of what we talk about, you can call it discovery. I mean, you can call it findability discovery. In the trade, we also talk about eyeballs. How many people actually could see your product? Because seeing is the first step and then the next step, first step is that what are others talking about that particular product. And so there is in the business where we're in talking about user generated content, first and foremost, that it goes back to what we talked about earlier. Shoppers are truly looking for a total seamless experience wherever they may be and wherever you may be. So let's take the case that if you happen to be a brand that has both brick and mortars in stores as well as marketplace as well as some other social channel that you happen to be on, 8 out of 10 of US shoppers expect the same experience seamlessly. Regardless of where I encounter you, I think that's the first thing that brand has to make sure that they have a very holistic, true omnichannel and true always on presence. Because what we all care about are those eyeballs that turns into purchases. That's the first thing I think the second thing that I would also highlight majorly is that there is really truly no doubt that. And the study that we've done show the same thing is that if you have a product that actually has affinity to having consumers showcasing the use of your product, let's say if you are in apparel, right. Showing someone or having as consumer actually showcasing. I just bought this and this is what I look like. I really like the fit of it. Or they may say it fits a little bit tiny, so you may want to go one size higher. That's the kind of information consumers looking for. Yeah, they want to know how that particular product, when used, it could be a sauce, it could be, you know how I put it into a recipe. For that matter, those are the kind of content and especially video versions of it. Tremendous, tremendous ability to make sure that your products get seen and get found and most importantly get considered. I mean that's really, really phenomenal. Video as we talked about yesterday on the webinar video is the future.
- [16:45]
Podcast Host/Interviewer
Yeah. And I guess along those lines I know you had touched on reviews as well before. Just another stat from the survey though. 40% of respondents said they checked to make sure there are not only positive reviews, but both positive and negative reviews. So you know, kind of to your point about, you know, people definitely checking for that stuff but the other, the other thing here, you know, are consumers just getting more savvy when it comes to reviews, you know, because they're checking for both and you know, what do brands need to do here?
- [17:19]
Zarina Stanford
I think just to underscore what you said, right. That there is no doubt and in reality what is truly authentic and real and therefore could be trusted is what's going to carry. So most of us would really look for sometimes if you hear and see things. Let's just use review as one example because that's just one of the format of user generated content or shopper content or shopper commentaries that many actually will go out of the way to look for the negatives or the not so not as positive because they want to know what to look for, what to be guarding against. That's really powerful. I think that's one great advice that I, I would have for brands. The other piece of it is that a little bit off kilter here, but I just wanted to go ahead and share that sometimes the insights that's embedded in those not so positive reviews or commentaries can lead to rise of new products, improved versions and tremendously because you are incorporating the voice of the consumer, you are taking the consumer's input to the design and a lot of our. And I think I could go ahead and say that because it was in one of our summit content. So Philips as an example, the company, the electronics company, they embedded user content as a part of their product development cycle to the point that if it doesn't have enough content in it, they wouldn't launch a particular product until it's available. Yeah, because that's that to me I love the spirit because that's truly customer first. That's truly. What are the people whom we care the most think about that? Right. I think this is the part is learning from it, getting the insight and also ensuring that we're all human and it's totally okay for a product to be not always 100% or 200%. It's just wise to share that essence. Yeah, yeah.
- [19:32]
Podcast Host/Interviewer
I think along Those lines too is like, I mean, everyone has different taste, right? So it's like, you know, I mean, I may like a movie that someone else hates. Right. So that's just subjective opinion. Or like I may like the fit of clothes that someone else hates because they're, you know, just we're all different or whatever. So yeah, I think the, I think that variance there, it's like I, because I mean, I'm just thinking in my own experience, like I've gotten insights, I've bought products that had negative reviews because I read those reviews and I was actually like, oh, well, I actually like that feature or whatever this other person might not have. So like, you know, I, I think to your point, it's like consumers are getting smarter enough to know that, okay, well, a two star rating, there might be something to that that I should explore because it's not just, you know, it's, it's not a binary, like yes or no. Right?
- [20:29]
Zarina Stanford
Yeah, yeah. It actually goes back to an earlier question you have that we touched on too. Is that what do, what do shoppers look for? For what types of information are they looking for and when do they look for information online and on what other people say. Right, right. It is not just only when they're trying to discover something.
- [20:52]
Podcast Host/Interviewer
Right.
- [20:53]
Zarina Stanford
Like I may, I may not be in the market to look for a pair of, pair of shoes, but if I see something that's wow, that is really awesome, then I get, I get inspired. Right. That's kind of the, you know, top of funnel, what we call it in our world, or the eyeball moments, if you will.
- [21:09]
Podcast Host/Interviewer
Yeah.
- [21:10]
Zarina Stanford
But the reality is that a lot of them are truly saying, I think I know what I want, but I just want to make sure that I do my due diligence. In fact, it is that very premise that Bazaar Lawyers was founded 19 years ago.
- [21:23]
Podcast Host/Interviewer
Yeah, right.
- [21:24]
Zarina Stanford
The founder was shopping for a stroller and being an engineer himself, being truly, truly getting into, hey, I really want to say what other people think that he gained huge insight from. This actually is aerospace engineers review of the particular solar that he bought. And his moment of entrepreneurship came in and said, oh my God, there is a business here. And that's truly honestly true. Be told you can Wikipedia that that's how the company was founded.
- [21:56]
Podcast Host/Interviewer
Nice, Nice. That's great. Nice.
- [21:58]
Greg Kilstrom
Well, Zarina, thanks so much for joining here.
- [22:01]
Podcast Host/Interviewer
One last question before we wrap up. You know, we've talked through the report, we've talked through the survey. You know, you've given a lot of great advice already throughout but you know wondering if you know, as brands are some are already planning for the holiday season, some are about to, you know, what advice would you have for brands that are you know, trying to stay relevant, trying to stay one step ahead and you know, given given the data and the results we've, we've discussed.
- [22:29]
Zarina Stanford
Yeah. I would think twofold if I if I may.
- [22:33]
Podcast Host/Interviewer
Sure.
- [22:33]
Zarina Stanford
In a very very strategic advices make sure you truly take the water holding effect to heart. You have got to be where your consumers are and you have to got to use their lingo and leverage them to be your sellers. It is very pure economics. Right. Typical page content or paid advertising would not perform as well as in you take advantage of, you know, particular content whether it's on your PDPs or on your website or for that matter on that TikTok TikTok shop, whatever you might be. That's more of a holistic content and media strategy. I would give also a very tactical and pragmatic approach to it. Know the fact that one other two of the people whom we surveyed are always looking for deals. They're truly looking for deals. And so therefore if you have a particular discount something or a particular reward like we talked about or particular buy one, get one or whatever, you know, whatever might be appropriate in your particular product, just be aware of that 52% of the respondents says that they were actually more likely to buy a holiday product if there is a discount code. Pure and simple. Nice. Yeah, perfect.
- [23:50]
Podcast Host/Interviewer
Well again I'd like to thank Zarina
- [23:52]
Greg Kilstrom
Stanford, CMO at Bazaar Voice for joining the show.
- [23:55]
Podcast Host/Interviewer
You can learn more about Zarina and
- [23:57]
Greg Kilstrom
Bazaar Voice by following the links in the show notes. Thanks again for listening to the Agile brand brought to you by Tech Systems. If you enjoyed the show, please take a minute to subscribe and leave us a rating so that others can find the show more easily. You can access more episodes of the show at www.greggilstrom.com that's G R E G K-I H L S T R O M.com While you're there, check out my series of best selling agile brand guides covering a wide variety of marketing technology topics. Or you can search for Greg Kilstrom on Amazon. The Agile Brand is produced by Missing Link, a Latina owned, strategy driven, creatively fueled production co. Op. From ideation to creation, they craft human connections through intelligent, engaging and informative content. Until next time, Stay Agile.
- [24:51]
Zarina Stanford
The agile brand.
- [25:01]
Marine Corps Narrator
To realize the future America needs, we understand what's needed from us to face each threat head on. We've earned our place in the fight for our nation's future. We are marines. We were made for this.
- [25:14]
Zarina Stanford
Okay, I have to tell you, I was just looking on ebay, where I go for all kinds of things I love.
- [25:19]
Podcast Host/Interviewer
And there it was. That hologram trading card.
- [25:22]
Marine Corps Narrator
One of the rarest.
- [25:22]
Podcast Host/Interviewer
The last one I needed for my set.
- [25:24]
Zarina Stanford
Shiny like the designer handbag of my dreams. One of a kind. Ebay had it. And now everyone's asking, ooh, where'd you get your windshield wipers? Ebay has all the parts that fit my car. No more annoying, just beautiful. Millions of finds, each with a story. EBay. Things people love.