nj tech meetup 50: steve jacobs cio gilt, how emotions drive kpis
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NJ Tech Meetup 50: Steve Jacobs CIO Gilt, How Emotions Drive KPIs at Stevens, Hoboken, NJ at the NJ Tech Meetup More at: @giltech @njtech www.njtechmeetup.comTRANSCRIPT
Connection:How emotions drive KPIs.
Gilt
Sample Sales
Sample Sales Deconstructed
Great products
Discount prices
Limited quantity
Great Product
What is Fashion about?
Maslow's hierarchy of needs.
Discount Prices
Limited Quantity
KPI: Fear of regret drives
conversions.
Limited Time
Exclusive Access
“I got this on Gilt. Do you know it? … No? You have to know Gilt. I’ll invite you to join!”
vs.
“We went to this great country club that my family belongs to this weekend.”
KPI: Exclusivity drives referrals
Integrity: Emotions are sacred
Source: Proceedings of the National Academy of Sciences of the United States of America
Scaling Emotion
● Site is open to everyone.● Not all inventory is as limited.
Personal Shoppers: Do they scale?
Connection
1. Understand your customer
2. Do things to create connection
3. Communicate the things you are doing
Using Personalization to create Connection
“It is an excellent idea. Although I did
not select anything on this
offering, I am sure another
will be successful.”
Using A/B testing to foster Connection
Example
“Be the first to shop with Chrome push notifications!”
vs.
“Get notified the moment sales start with Gilt Chrome notifications.”
KPI: 8% lift in opt-
ins.
Negative Example
Because this price has been further reduced, this item is not returnable.
Motivation vs Friction: Going to the Gym
Motivation > FrictionI feel overweight. Takes too much time.
My body is sore from dis-use. Too far too drive.
I’m going to the beach in a month. It’s going to hurt.
Motivation vs Friction: Buying on Gilt
Motivation > FrictionI don’t want to miss out on owning this. Too expensive.
It’s going to look amazing on me. I want it right now.
I need new jeans. I’m afraid it won’t fit.
Connection in other companies: Amazon
Connection elsewhere: internal tools
KPI: Adoption
and satisfaction are high.
Connection elsewhere: recruiting
KPI: Hiring and
retention rates are
up.
Dress Like Nathan Day
http://tech.gilt.com