Posts Tagged ‘social-networks’

Brett Hurt This Election Was Won by Social Media

November 9th, 2008 by Brett Hurt Founder and CEO

Barack ObamaSo much has been written about the recently concluded Presidential campaign, so I will be careful not to rehash it here.  But if there is one lesson coming out of this period that is relevant for you, as the readers of Bazaarblog, it is that social media defined this campaign.  Back in June, I wrote about Obama and The Open Brand (a reference to Kelly Mooney’s brilliant book).  Then my good friend and fellow entrepreneur Auren Hoffman wrote an article for BusinessWeek in August about technology being the defining factor in election campaigns.  From Obama’s social network to the will.i.am music-video community-collage to his exceptional use of the Web as a fundraising vehicle (raising an amazing 400% more than McCain), Obama’s use of social media has defined a new era for election campaigns.  Remember that Obama’s innovation adoption of social media comes at a time where five social networks, including Facebook, have recently moved into the top-ten most trafficked websites in the world (reference my June post on Mary Meeker). 

When voting moves online, as it undoubtedly will (just think about all of the tax money we would save if we did not have to set up temporary voting centers everywhere), the marriage of social media and election campaigns will be that much more profound.

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Sam Decker Retailers & Manufacturers “Share” with Social Networks

October 18th, 2007 by Sam Decker Chief Marketing Officer

This week I returned from speaking on a panel at Forrester Consumer Forum. 700 executives from manufacturers and retailers attended the conference in Chicago, which was entirely focused on Social Technologies. Our advisor, Ze Frank, also spoke on a keynote panel to discuss the future of media (hint: it’s ‘bottoms up’). Yesterday I returned from Silicon Valley, meeting with several Web 2.0 companies and partners. These meetings are helpful for me to bridge the Web world of social networking to the needs of online retailers, and vision new capabilities into our roadmap. Where do social networking and retailing mix? How do manufacturers and metrics-driven online retailers drive measurable results and relevancy in these new spaces?

We started answering that question today with the launch of our newest feature, called ShareThis(tm). It is a FREE feature for our clients allowing their shoppers and customers to share a review, profile or product to their favorite social networking or bookmarking site. And because we’re already hosted in their site, we can turn this live within days without IT involvement.

Dow Jones covered the launch, including commentary from Dell. Here’s a snippet from the article:

The feature enables a person who is, say, excited about the Dell monitor he just bought to share the news by posting on his Facebook profile a link to a review that he or someone else wrote. The post, which can also include an image of the monitor or the Dell logo and brief comment from him, will show up on his profile mini feed and in the news feed his Facebook friends see. Bazaarvoice says no money will change hands; shoppers won't be paid for posting reviews and Facebook won't get fees.

"It's making (consumers) an advocate" for brands on sites where the audiences are highly desirable to marketers, yet tend to be skeptical of online marketing, says Greg Sterling, of Oakland, Calif., consulting firm Sterling Market Intelligence. "It's trying to leverage a more trusted environment" and a form of marketing — word-of-mouth — that is particularly trusted by consumers.

It is also an effort to engage people who online-marketers have come to call "influencers" — people who through their expertise and efforts to share that expertise in online forums have gained outsized influence over other consumers. Sites like Facebook, del.icio.us and Digg are places where these people, and other less-active Web users, love to express themselves and have access to large numbers of other people.

"Now, for the first time ever, whenever (consumers) see a product they like, they can post it as a representation of who they are and what they like," says Sam Decker, chief marketing officer at Bazaarvoice.

I couldn’t have said it better myself! :-)

You can see it live on these sample product pages from Dell, Toshiba and Jewelry Television.

We have future plans for this functionality, plus other ideas on social network integration with user generated content. Drop me a note if you’re interested in discussing them (sam at bazaarvoice.com).

If you’re a client interested in adding this to your site, it just takes a call or email to your Community Manager…otherwise you’ll be hearing from them! :-) Remember, it's free! I mean FREE!

Brett Hurt Facebook Approaches $10 Billion While Google Surpasses Wal-Mart

September 25th, 2007 by Brett Hurt Founder and CEO

Facebook's logoWow – do we ever live in the digital age!  You have probably already heard the buzz about Facebook having a rumored $10 billion valuation.  Microsoft is thinking about investing to own 5% of this incredibly valuable and young (as in the age of the company) social network.  Two years ago when Brant and I were in Silicon Valley on our initial Bazaarvoice fundraising tour, there was a ton of buzz about Facebook taking $10 million in funding at a $100 million valuation.  Accel Partners, one of my investors in Coremetrics (the company I founded prior to Bazaarvoice), had led the round and taken a 10% stake.  Now Accel's stake in Facebook is worth $1 billion, for a 10,000% return so far.

Google's logoBut you probably haven't heard about this: today, Google's valuation surpassed Wal-Mart's for the first time.  Wal-Mart is the largest company in the world as the Fortune and Global 1.  As of today's market close, Google is worth $177.6 billion while Wal-Mart is worth $175.58 billion.  Wal-Mart has a P/E ratio of 14.46 while Google's is 46.24.  The high relative P/E is a reflection of Google's insane growth (and projected growth) and margins since their founding (that may seem like a high P/E overall but note that Yahoo!'s is 51.75 and the only explanation is that the market must value a more diversified and theoretically more stable revenue stream).

And talk about a young company.  While Facebook was founded in 2004, Google was founded in 1998 (that's around $20 billion of value created every year since their founding).  It's amazing to think that only around 10% of all advertising is spent online today.  The revenue shift from offline to online advertising is mindboggling.  We are witnessing the creation of the most valuable company in the history of the world.

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Sam Decker The Holy Grail of Social Networks

May 31st, 2007 by Sam Decker Chief Marketing Officer

I was reading an article on Brand Republic titled "Is Social Recommendation the New Currency", and at the bottom was a comment by Guatama Payment, which was especially interesting. He makes the point that the true gold is in the influencers. Ultimately I believe it's a larger audience than 1% that spread the word on your products, perhaps many of them offline, but the principle is valid. By engaging these influencers you are reaching the 'holy grail' of your customer set!

The credibility that underlies word-of-mouth and it's endorsement is nothing new. We've all been communicating person to person since the dawn of time. If anything we are returning to our roots, preferring relationships with people, that are meaningful and rewarding to the cold mass automation of the factory mindset.

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Brett Hurt Word-of-Mouth Wisdom #4: The Wharton School, Marketing

February 11th, 2007 by Brett Hurt Founder and CEO

For my fourth interview in the Word-of-Mouth Wisdom series, I decided to tap two of the smartest people I know in the field of marketing.  Dr. Peter Fader and Dr. David Reibstein both teach marketing at The Wharton School, where I was fortunate enough to earn my MBA.  Both have been friends and advisors ever since graduation, and somehow I convinced them to invest in Bazaarvoice!

Dr. Peter FaderPete is well known on many levels.  He was helping CDnow run analysis back in the pre-boom times.  He has been very outspoken in the age of digital music, advising music companies on how to market in these rapidly changing times.  I remember him best as my Markstrat professor, one of the better MBA classes I had the pleasure of taking.

Dr. David ReibsteinDave is also very well known.  He consults for companies all over the world.  He served as the Executive Director of the Marketing Science Institute.  And few know him as the co-founder of BizRate, where he served on their Board of Directors from its inception to when Scripps bought the company for $525 million in cash almost two years ago.

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