Archive for May, 2008

Brett Hurt Total Leadership and Bazaarvoice’s Amazing Culture

May 25th, 2008 by Brett Hurt Founder and CEO

Total Leadership coverTwo weeks ago, I presided over an amazing “experiment” with my friend and mentor, Stew Friedman.  But before I tell you about the experiment, let me tell you a little about Stew and Wharton.

Stew was my Leadership and Teamwork professor at Wharton’s MBA program.  Wharton is a pretty hard-nosed school, located in a tough area in Philadelphia, with famous graduates like Steve Wynn, Donald Trump, Donny Deutsch, Charles Butt (of local fame), Leonard Lauder, Lawrence Lessig, Peter Lynch, Harold McGraw III, Michael Milken, Michael Moritz, Elon Musk, Ronald Perelman, Lewis Platt, J.D. Power III, Mortimer Zuckerman, and countless investment bankers and management consultants.  Stew actually founded the Leadership and Teamwork program at Wharton in 1991.  Hard to believe that no business school, in the U.S. at least, taught this subject until then.

Like many Wharton MBA candidates, I was skeptical of the subject.  Most of us were thinking, “why are we in this class learning this ’soft’ stuff when we could be learning the ‘real’ stuff?” (note: Stew’s class was part of the core, or required, curriculum).  However, a few years after I graduated, I wished I had paid more attention.  As an entrepreneur, I can tell you that this is the most important subject of any MBA program.  You cannot build a great company without great people.  And you cannot attract and retain great people without great leadership and teamwork.  Realizing this a few years after graduation, I contacted Stew and he has been a fantastic mentor ever since.

Stew is one of the world’s foremost experts on the subject of work/life balance, pioneering in the field since 1984 (read his amazing bio).  He doesn’t like the term “balance”, though, as it implies tradeoffs.  So, for the last few years, he has working on a program he pioneered called “Total Leadership”, which challenges the participants on the “balance” notion.  By the way, when I say working, I mean practicing in the field, as in with real companies.  This is one of the best aspects of a world-class MBA program: professors that actually learn from the field instead of inside an ivory tower.

Stew’s new book, appropriately named Total Leadership, will be released on June 8.  I have been a student of leadership and teamwork for over a decade now, and I honestly think this is the single most powerful book I have read on the subject (I was an early reader, per my mentoring relationship with Stew).  So I decided to buy everyone in our company a copy of it and ask Stew to visit us in Austin and personally train us on it.  Graciously, he accepted.

Stew trained all of us on Wednesday, May 14 for the entire afternoon.  It was the most powerful moment in our culture’s history, in my opinion.  Prior to his visit, I told my co-founder, Brant, that this would have a “massive impact” on our culture, and I wasn’t disappointed in our company’s initial response. Many employees thanked me afterwards, and the fun is only beginning (we are going through the entire program and all of its exercises over the next four months).

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Brant Barton Bazaarvoice Radius – Funny Name, Serious Impact

May 12th, 2008 by Brant Barton Co-Founder and Chief Innovation Officer

Ever heard of Long Bets?  It's a fascinating site, one that can provide profound insights into the future of information technology, consumerism, even civilization itself, thanks to the predictor-challenger-argument format.  Many of the bets are indeed long, as in 148 years long, but others have already been won or lost.  One of my favorites, for its relevance to our industry, correctly predicted that in 2007 blogs would outrank traditional media sites, specifically The New York Times, in search engine results for top news stories.  The challenger of this bet just happened to be the CEO of New York Times Digital.  That one must have stung.  

On a related note, last week we placed a bet of our own at Bazaarvoice.  Not long in the way (duration) implied by Long Bets, but long in terms of our bullish outlook on user-generated content.  We expect this bet to pay off for our customers and their consumers in a big way and in the near term.  

Last Monday, we announced the launch of Bazaarvoice Radius, the industry's first ecosystem of partner relationships, integrated solutions, and best practices designed to drive strategic adoption of user-generated content.  That's PR talk, so what do I really mean?

For almost three years, since launching our first Ratings & Reviews customer way back in October 2005, we've been working with clients to integrate UGC into their online marketing programs and complementary e-commerce applications, thereby extending its value to the enterprise and to the end consumer.  Thanks to these integrations, our clients can measure the bottom-line impact of UGC and their customers can use UGC in a variety of contexts to discover and shop products and services with more confidence and greater trust.  

Bazaarvoice Radius is both a partnership program and an integration platform that brings our best thinking on the many multi-channel and enterprise uses of UGC, integration resources and tools (Web Services APIs, XML Data Feeds, etc.), and expert assistance (our team) together under one umbrella, accessible to our clients and partners. 

In summary, the goal of Radius is to accelerate UGC adoption and marketing innovation.  Our clients want ideas and integrated solutions, and our partners want opportunities to extend their solutions to support UGC and social commerce.  It's a perfect marriage. 

Check Radius for information on your current partners and/or vendors you may be evaluating.  If you have questions or suggestions, let us know, as the program will evolve rapidly with your feedback!  

Sam Decker Bazaarvoice Social Commerce Summit Sold Out

May 8th, 2008 by Sam Decker Chief Marketing Officer

As expected, we recently sold out the Bazaarvoice Social Commerce Summit. When we announced the summit we limited attendance to 200 and we had more than enough interest to fill that limit. If you were not able to get in, we will be posting blog entries on some of the takeaways from the conference, and clients will have access to many of the presentations after the event. We may expand the size of the event next year, but not by much. In our experience, smaller events provide much better sharing of best practices and networking.

We’re very excited about the summit as it is the first time we’re bringing together clients, prospects, partners, social commerce gurus, authors, entertainers, and mixing in a lot of fun  through an authentic Austin experience. Attendees and partners will interact with forward thinking marketing leaders from WalMart, Intuit, Sears, Dell, The Home Depot, PETCO, QVC, Ice.com, Macy’s, Nike, Sam’s Club and many many others.

If you are a client, partner or speaker who is interested in attending or speaking next year, email us at summit@bazaarvoice.com

Brant Barton Partner Interview: Chris Duskin, Sr. Director of Product Management, Omniture Test&Target

May 2nd, 2008 by Brant Barton Co-Founder and Chief Innovation Officer

After Omniture's acquisition of Offermatica late last year, I made a note to catch up with Chris Duskin, who is now part of the Test&Target team at Omniture.  Testing, optimization, and targeting solutions have come a long way since my first experiences with Offermatica, Optimost, and others, so I wanted to tap Chris for ideas on how to apply these advanced technologies to the task of optimizing social commerce and social influence marketing.  I've spoken with a number of customers and prospects about their plans to invest in this area, so I hope this interview is helpful to those efforts.  

1. Let's discuss Omniture Test&Target – I associate Test with Offermatica and Target with TouchClarity, two companies and technologies that Omniture acquired separately.  Why do they fit together so cohesively?

The capabilities that TouchClarity and Offermatica delivered separately didn’t really overlap and are even more powerful when used together. People often think of basic A/B testing as being on one end of the online optimization spectrum and fully automated one-to-one predictive targeting as being on the other. But in between are a variety of other capabilities like geo targeting, targeting to marketer-defined behavioral segments, multivariate testing, and automated champion-challenger tests. Marketers can benefit from all these capabilities and, with Test&Target, can use them together to truly change the game for their business. You may learn from a one-to-one campaign on your home page that a particular behavior is predictive. Well, you might then target the segment of visitors that hasthepredictive characteristic in a landing page campaign. At the same time, you might be running a multivariate test (MVT) on your registration page and an A/B test on calls to action throughout your site. Test&Target averages about 14 active tests or campaigns per customer at any time, which is a testament to the impact of putting marketers in control, enabling them to try ideas quickly, and automating key parts of the optimization process.

2. Our customers are often interested in A/B testing the impact of customer reviews and other user-generated content.  What are the key considerations and test design factors to keep in mind when planning this type of test? What types of impact should customers look for, beyond the obvious like conversion?

Every test will have a specific goal and will be associated with a success metric. A company’s initial tests typically focus on conversion rate or revenue per visitor, but more sophisticated tests also consider metrics like registrations, cart abandonment rate, newsletter sign-ups, and participation in a site’s community. With product reviews, a key event is always review contribution. But whether people page through reviews as a result of your test is also important since it reflects meaningful engagement with the content.

In addition to thinking about success events, marketers should also consider visitor segments when creating their tests. Different types of visitors will respond differently to your alternatives. What matters to the person who frequently contributes to reviews might not matter at all to someone who only reads reviews, which of course suggests that I need to target different experiences and content to different types of visitors. We published an interesting case study from CNET related to this concept. On their mp3.com site, they relocated an artist photo widget to the top of the page for visitors who had previously interacted with that widget in its original, below-the-fold location. They saw a double-digit increase in engagement for those customers. And, the best part of the story is how quickly they turned a simple idea into an effective test using Test&Target. It took less than an hour to create the visitor segments, design the test, and launch it. Nobody from IT was even involved.

With product reviews, there are a lot of opportunities for testing and targeting beyond the product detail page. How can I use product review information in gift registries? Do star ratings in the cart reduce abandonments? Do I get more reviews when I target a homepage review solicitation to past purchasers?

3. The possibilities of behavioral targeting based on social engagement are virtually limitless – how should companies leverage the behavior of writing a review, asking a question about a product, or simply using reviews (sorting, searching, etc.)?

When people interact with UGC, they’re telling you something about what is relevant to them. Marketers can use these signals to target more and more relevant experiences. Of course, they’ll need to use testing to evaluate their efforts because people’s interests change – what was effective last year, last month, or last week might be less effective today. Companies using Test&Target to capitalize on this opportunity have developed a culture of optimization that embraces the ongoing and iterative nature of testing and targeting. Marketers are empowered to make site changes without waiting for IT, can try new ideas quickly, and can use predictive models that respond instantly to changes in interests. Gone are the days when you had to write one MRD to put up a new promotional banner and another MRD to pull it down a week later.

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