SOCIAL COMMERCE LESSONS: SOCIAL COMMERCE LESSONS: The 6 Social Principles that Increase Sales

Social Commerce, the use of social technologies to listen, understand and engage in order to improve the shopping experience, will triple this year to reach $3 billion in the U.S. alone. Next year this number is projected to double. By 2015 Booz & Company estimates that the Social Commerce industry will grow to a $30 billion dollar business worldwide. Social media platforms, the housing environment for Social Commerce, continue to grow as well, with Facebook adding more than 700,000 users per day...
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SOCIAL COMMERCE LESSONS: SOCIAL COMMERCE LESSONS: The 6 Social Principles that Increase Sales SOCIAL COMMERCE LESSONS: SOCIAL COMMERCE LESSONS: The 6 Social Principles that Increase Sales The 6 Social Principles that Increase Sales February, 2012 1 SOCIAL COMMERCE LESSONS: The 6 Social Principles that Increase Sales Introduction to Social Commerce 3 Why Social Commerce Growth and Drivers 6 Social Principles 8 Applying Social Principles in the Social Funnel 10 Applying Social Principles with B2C Prospects 11 Applying Social Principles with B2C Customers 14 Applying Social Principles with B2B Prospects 17 Applying Social Principles with B2B Customers 19 Applying Social Principles with Media and Influencers 21 Measuring Success 22 About Awareness 25 2 SOCIAL COMMERCE LESSONS: The 6 Social Principles that Increase Sales Introduction to Social Commerce Social Commerce, the use of social technologies to listen, understand and engage in order to improve the shopping experience, will triple this year to reach $3 billion in the U.S. alone. Next year this number is projected to double. By 2015 Booz & Company estimates that the Social Commerce industry will grow to a $30 billion dollar business worldwide. Social media platforms, the housing environment for Social Commerce, continue to grow as well, with Facebook adding more than 700,000 users per day, and Twitter adding almost 500,000 per day. Google+ reached 90 million users in 7 months, and is adding 625,000 users per day. Booz & Company Estimate of Social Commerce Market Size (2010-2015; in US$ Billions) $30 30 25 $20 $14 U.S. +56% 20 $9 15 $14 10 $9 $5 Rest of $16 $3 the World $5 $12 5 $1 $8 $6 $4 0 2010 2011 2012 2013 2014 2015 Note: Numbers might not add up because of rounding Source: Forrester Research; GP Bullhound; Euromonitor; Booz & Company analysis Social Commerce definition: Social commerce is the use of social technologies to connect, listen, understand, and engage to improve the shopping experience. Lora Cecera, Altimeter Group 3 SOCIAL COMMERCE LESSONS: The 6 Social Principles that Increase Sales Success stories in Social Commerce range from big brands like the Gap, bringing in sales of $11 million in one day, to tiny brands like Orabrush tongue cleaners, whose YouTube videos and Facebook ads landed them shelf space at Wal-Mart. authority trust relationships liking SUCCESS funnel reciprocity scarcity consistency Though the success stories are diverse, they all drive purchase decisions through the Six Social Principles - Social Proof, Authority, Liking, Reciprocity, Scarcity, and Consistency. The Social Principles underlying the meteoric success of Social Commerce can be applied to more successfully attract prospects, more reliably nurture them through the sales and marketing funnel, and more consistently delight them once they become customers. These same Principles can help brands attract influencers and break through to the media. The Six Social Principles can be used as the foundation for all marketing programs because they involve nurturing relationships, building longstanding trust with customers and maximizing the growth of Social Media investments along the way. 4 SOCIAL COMMERCE LESSONS: The 6 Social Principles that Increase Sales The 6 Social Principles at a Glance recip liking rocit y sc rity Follow Return ar ho Friends & Favors ci aut Colleagues ty ...