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Bazaarvoice Social Trends Report Details How to Thrive in the Connected Economy

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AUSTIN, Texas, May 8, 2013 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV), one of the world's largest shopper networks connecting consumers, brands, products and retailers, has released its Social Trends Report 2013, an in-depth review of the topics explored by social strategists and marketing thought leaders during the sixth annual Bazaarvoice Summit. The report highlights the ways consumers share knowledge in the connected economy—where shared, collaborative relationships are networked between businesses, customers and other influencers—and how companies can engage with and tap into the collective power of these innovators, trendsetters and advocates.

The four P's of marketing are rewritten

In the connected economy, social communication creates a transparent marketplace where the classic pillars of marketing—product, promotion, place and price—take on new meanings that require new strategies. In particular, the Social Trends Report highlights that digital marketing gives consumers the power to bounce between what used to be well-defined channels while shopping and buying. The most successful brands today recognize more consumers are shopping online and offline simultaneously and, as a result, they connect with them on their own websites, on social networks, on retailer sites and in the aisles via mobile and store displays. Blending these channels helps create experiences that are helpful, entertaining, educational and unique, resulting in value for consumers that can translate into premium product pricing.

Data-literate companies thrive in the face of consumer change

The connected economy is creating a massive trail of data containing everything needed to identify and deliver exactly what consumers want. A brand's future rests on its ability to quickly distill that data to constantly improve every aspect of the consumer experience. The Social Trends Report outlines how data literate companies will tie together seemingly unrelated data on purchases, sentiment, demographics, interests and more into a holistic "data self" that predicts shoppers' preferences and enables brands to deliver highly relevant, helpful experiences. Consumers will choose to share more about themselves with the brands that use their data to make their lives better and, in turn, these conversations will provide a mine of product insights that can impact product R&D, marketing, and more.

Paid, owned, and earned media drive each other's success

Social media marketing lets consumers discuss and share all brand-created content, creating a convergence of media channels where no content exists in isolation. The Social Trends Report shows how, in the connected economy, smart brands create campaigns that unify media by encouraging conversation on owned media channels and working it back into both paid and owned content.

Consumers require relationships, not transactions

Consumers today look for businesses that explore new ways to engage beyond the transactional relationship. The Social Trends Report discusses how brands can build association and promote loyalty with consumers by creating communities around their passions. The act of listening and respond to those conversations proves that brands value consumers' input.

"As people become more tech-savvy and hyper-social, they expect brands to listen and respond to their attitudes, preferences and behaviors—and they want to form relationships with the brands that do this well," stated Lisa Pearson, chief marketing officer at Bazaarvoice. "The opportunity for marketers is to create online, offline and mobile experiences that engage consumers all along the purchase path, capture authentic conversations, and forge relationships that help brands to anticipate consumer needs to create products they want now."

About Bazaarvoice

Bazaarvoice is one of the world's largest shopper networks connecting people, products, brands and retailers at each stage of the buying journey. For more than 2,000 clients globally, Bazaarvoice helps channel authentic, consumer-generated branded content into all the places that influence purchase decisions, giving our clients business insights so they can offer consumers more of what they want. Many of the world's largest retailers rely upon Bazaarvoice to drive more traffic to and conversion on their ecommerce sites, and the Bazaarvoice network helps brands participate directly in the retail channel to influence consumers at the point of purchase. Headquartered in Austin, Texas, Bazaarvoice has offices in Amsterdam, London, Munich, New York, Paris, San Francisco, Stockholm and Sydney. For more information, visit www.bazaarvoice.com, read the blog at www.bazaarvoice.com/blog, and follow on Twitter at www.twitter.com/bazaarvoice.

CONTACT: Media Contact: Matt Krebsbach Bazaarvoice, Inc. (512) 551-6612 matt.krebsbach@bazaarvoice.com

Source:Bazaarvoice