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January 25, 2008

Personally, I'm a huge fan of social shopping sites. Several times per year our family, just like everyone else, is tasked with purchasing various gifts for relatives, Christmas, birthdays and other such moments. Like most guys out there, I rarely, if ever know what to buy!

Enter social shopping sites. According to a recent AP article on MSNBC "Web surfers buying into social shopping sites":

Social shopping sites with such names as Kaboodle, ThisNext, Wishpot and StyleHive combine two of the Web's most prominent activities: engaging in commerce and chatting with like-minded folks. The sites don't directly sell things, but encourage users to share links to good bargains, obscure finds, products that work and ones that don't.

All of those sites are pretty sweet, if you ask me. While not a 'social shopping' site per se, I'm partial to using Gifts.com as well. I've gotten some solid ideas from there as well.

With Valentine's Day just around the corner (hmm...what should I get this year???), now is a great time to test out all of the social shopping engines to see what kind of goodies they recommend.

Personally, Kaboodle and Gifts.com had the most ideas for gifts I'd likely purchase. However, the others had some good ideas as well. Wishpot is actually powered by results from Shopping.com.

Now, how does all of this have anything to do with the likely "stimulus package" that we're about to receive? (If you've not tuned in to the $150B economic stim pack banter, here's a square assessment from the WSJ[sub]). Well, if you believe that Americans will follow a similar behavior pattern following tax refund time (Tax-refund season helps kick off the spring shopping season. Last year, retail sales jumped 12% to 20% in March), there's going to be a portion of us, 12% to 28% of us, depending on who you ask, who will go out and immediately spend the money, it's a marketer's world and the smartest marketer will win when seeking their fair share of the potential 'windfall' check that consumers are likely to receive this late spring to early summer. Here's where really knowing your customers and their behavior can pay off. A few ideas:

  1. Go back to your customer or buyer profile and figure out who in your customer base will be getting the lion's share of the stimulus monies. For reference, families with <$110K in earnings and individuals with <$75K will be getting the most, while the lowest income and highest income segments of the population will be getting the least. Needless to say, this won't be the time to go after your high rollers who just got a check for $200...
  2. Run a contest or a survey or something to get inside the heads of your customers. If you're doing a regular email newsletter, throw in a survey question or two that takes a fun approach at getting after "what they're going to do with their checks". Segment out those that intend to 'spend it' for a separate marketing effort around the time that checks are distributed.
  3. Be mindful of all of the recession talk. People might not splurge on that big gas grill they've been lusting over, but they might be interested in securing a raft of gift cards or gift certificates to kick off their Christmas or birthday shopping. Now would be a great time to mention that yours have no expiration date and that they're a great way to stretch their dollars for themselves and their loved ones

Whether or not you agree with the efficacy of the stimulus package, if you look at this from the perspective of 'customer behavior' and tap into the most 'likely to buy' segment of your customer base, you're setting yourself up to capture your fair share of the $150B that's likely to be doled out.


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