PRESS: Prediction Series 2019: Interview with Mike Austin, CEO and Co-Founder, Fresh Relevance
What opportunities and challenges did you and/or Fresh Relevance identify at the start of the 2018 and have things worked as planned?
We are all social creatures and tend to base our actions on the behavior of others when faced with an overwhelming range of options. However, tactics that have received a lot of media attention recently, such as Influencer Marketing, aren’t necessarily the most effective or scalable ones. Therefore, many retailers are still unsure how to leverage the power of social in their marketing to drive conversions and engagement.
Social proof is a strategic tactic for retailers looking to increase sales across the board. It helps make customers feel part of a tribe and creates a sense of urgency to purchase in fear that the product might be gone soon. Tactics such as user-generated content, product ratings and scarcity-related information, like showing trending products or how often an item has been purchased recently, can easily be deployed across the website and emails and are very scalable. Also, retailers already have all the data they need to execute social proof campaigns readily available, e.g. inventory and website traffic data or customer photos and posts on Instagram or Twitter.
Fresh Relevance offers a comprehensive set of digital marketing tools to harness social proof and we see that these tactics really do help generate revenue for retailers. Brands usually see a minimum 3% increase in conversions by including a ‘trending products’ feed on the homepage, and can increase that much further by adding social proof widgets to show scarcity or popularity on products.