SEJ Summit 2017: The Rise of Intelligent Search and Tomorrow's Consumers by Duane Forrester
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Duane Forrester discusses the evolution of corporate social responsibility (CSR) and the shifting expectations of millennials and Gen Z regarding corporate ethics and community engagement. He highlights the importance of brands adapting to consumer demand for convenience, sustainability, and ethical practices, particularly noting how young consumers prefer experiences over ownership and engage in the sharing economy. Forrester also emphasizes the role of technology, particularly voice search and AI, in shaping future consumer behavior and brand interactions.
SEJ Summit 2017: The Rise of Intelligent Search and Tomorrow's Consumers by Duane Forrester
- 1. The Rise of Intelligent Search and Tomorrow's Consumers Duane Forrester VP OF INDUSTRY INSIGHTS, YEXT
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- 4. Who Am I? Duane ForresterVP OF INDUSTRY INSIGHTS, YEXT @duaneforrester #SEJSummit@duaneforrester
- 6. The FUTURE of CSR: Economic/legal/ethical & philanthropic responsibilities. Creation of public value, establishing long-lasting relationships with charitable organizations. Philanthropic Responsibilities (Be a good corporate citizen) Contribute resources to the community; improve the quality of life Ethical Responsibilities (Be ethical) Obligation to do what is right, just and fair; avoid harm Legal Responsibilities (Obey the law) Law is society’s codification of right & wrong; play by the rules Economic Responsibilities (Be profitable) The foundation for all businesses/commerce ! Millennials are changing the face of CSR: ! 70% identify as “social activists” ! 75% believe corporations should create economic value for society by addressing needs ! “CSR is millennials’ new religion.” The PAST of CSR: Economic/legal/ethical responsibilities. Avoiding harm and donating to charitable organizations. 1 1 – Quote by Andrew Swinand, co-founder of Chicago-based Frequency540 (startup accelerator) CSR Pyramid source: Carroll/The Pyramid of CSR, Swinand/Crain’s Chicago Business Slide originally created and shared by Roland Berger corp. Pyramid of CSR (Corporate Social Responsibility) #SEJSummit@duaneforrester
- 7. • GenZ is 25% of the US population– ~100M • Inheriting control over 6+ trillion dollars in wealth • Affected by the recession; savers not spenders • Believe in corporate responsibility • How they describe themselves: • Loyal, compassionate, thoughtful, open-minded, responsible, determined • Competitive, adventuresome, spontaneous, curious • Want to be trusted by GenZ? • Link your business with actions appealing to GenZ: corporate giving, community involvement, ethical practices, adherence to standards, etc. Millennials & Beyond #SEJSummit@duaneforrester
- 8. • Young shoppers are turning to grocery store alternatives • Biggest shift in the history of the industry • Amazonfresh, UberEats, GrubHub, WalMart, Target, 7/11, farmer’s markets – it’s about fresher, faster, convenience • This is driving down spending– Millennials spend ~$1K/year less than 1990 cohorts “The object is to eat well for as little as possible” Food Tells a Story #SEJSummit@duaneforrester
- 9. Friendship v. Fanship Engagement v. Push Source: Youtube 2016 Influentials Shifting, Celebs Losing Ground #SEJSummit@duaneforrester
- 10. • In 2016, ad agency Moosylvania spoke with >1500 Millennials. Here are their top 12 brands. Brands Millennials Love #SEJSummit@duaneforrester
- 11. • Target owns the affordable/stylish intersection. They offer gender- neutral décor options and don’t label toys for gender. • Apple is the leader in design, creating a useful ecosystem that delights users. • Google has a similar ecosystem approach but layers on search knowledge/data. • Amazon is a leader in easy shopping/ fulfillment and often a price leader. Why Millennials Love These Brands Convenience Value Connectedness Innovation SocialAwareness Accessibility #SEJSummit@duaneforrester
- 12. What else do you need to be aware of? Major Shake Ups in our Midst #SEJSummit@duaneforrester
- 13. The Sharing Economy • Zipcar, Mechakari, Rent The Runway, Audi – the list goes on • Consumers are moving from owning to sharing. • Cars, clothes, fashion, bikes, movies, etc. • Leading fashion sharing app Mechakari features long-term “try before buying”. • “Sharing” means knowing where things are, where you will be and matching the two to smooth the path to consumer. #SEJSummit@duaneforrester
- 14. • If this isn’t your #1 for investment, you’re losing • 73% of kids 8 – 15 have a smartphone (63% have a tablet) • 80% download online content (despite parents controlling money) • 91% have a smartphone, not an “ancient” handset • 30% have an iPod; 22% have an MP3 player (WTH is that?!) • 82%: parents pay the bills. 13%: kids pay • Seeing investments across the board in Assistants and AI • Apps have taken over, consuming 50% of our time on devices Mobile #SEJSummit@duaneforrester
- 15. • People are keeping phones longer than ever • 54% keep their phone until it dies • Carriers will look to alternative revenue sources: connected cars, tablets, and IoT devices • Today, more than 50% of all web traffic is via mobile #SEJSummit@duaneforrester Mobile
- 16. • Data use by cars is expected to skyrocket • Google, Apple, AT&T, Ford, Microsoft are early entrants • Consumers will expect car connectivity to be standard • The telecom metric of ARPU will evolve to ARPC: Average Revenue Per Car (Note: “connected” brings together related concepts, such as Wi-Fi, Bluetooth and evolving cellular networks, incl. 3G, 4G/LTE, 5G, etc.) Did you know the average car sold today has more than 150 information processing units capable of sharing data? Cars, Our Most Connected Devices #SEJSummit@duaneforrester
- 17. Cars, Our Most Connected Devices In 2016… • For the first time, net adds of connected cars (32%) rose above net adds of smartphones (31%). • More people connected cars than new phones. • Y-O-Y mobile sales dropped 6.5% in North America and 10.8% in Europe. https://techcrunch.com/2016/08/28/how-connected-cars-are-turning-into-revenue-generating-machines/ #SEJSummit@duaneforrester
- 18. 100+ Attributes Name Sublocality Categories City State Address Display Address Logo Emails Website Main Phone Mobile Phone Call to Action Fax Year Established Twitter Handle Facebook Page Bios Events MenuProducts Brands Closed Flag Call to Action URL Latitude Longitude Address Visible Suite Postal Code Country Payment Methods Website Display URL Specialties Keywords Languages Associations Attribution Logo Alternate Phone Additional Hours Text Toll-free NumberBusiness Hours Holiday Hours Photos Description YouTube Video URLs
- 19. Growth in “Near Me” searches continues to rise each year. 28%of location searches result in a purchase 76%of people who use location search visit a business within one day Total Location Search Users Think With Google, 2016 Location Search Is Exploding —And Denotes Extreme Intent #SEJSummit@duaneforrester
- 20. Voice Search • Amazon Echo, Cortana, GAssistant, Siri – all seeing significant investments • GenZ to fully embrace voice search • Context will influence content even more: future generations will move away from infinite choices and towards a select few, proven, reliable results. #SEJSummit@duaneforrester
- 21. Google Home/Assistant • Newest assistant on ~60% of Android phones • Home is as good as the parts of the Google ecosystem • Hardware is very good – looks, quality, sound and microphone are all good • Still cannot track flights • Still cannot manage multiple calendars easily • Third-party Actions are a mixed bag • Shopping is very limited Voice Search Amazon Echo • Excellent voice control interface • Great design • Easy linking to a Prime account • Shopping is like wishing for a product • Limited to product ecosystem • No mapping ability, so no traffic updates • Third-party Skills are a mixed bag • Not easy to get started with Cortana • No hardware • Exists as an app for phones • Very intelligent and easy to engage with • Limited usage due to market share issues for Microsoft mobile devices Siri • Powered by Cortana • Apple retains ability to filter outputs tailored to their own product needs/ desires • Current gen much better at voice recognition #SEJSummit@duaneforrester
- 22. • AI will allow apps to think logically like humans. This will help apps help humans to be better and faster. • Robots and AI will improve or take over: • Driving and delivery • Cleaning, home security • Health and vitals monitoring • Food distribution, crime analysis • Basic jobs such as inventory movement, meeting scheduling, and simple financial planning http://stanford.io/ 2bLQYny Search evolves; apps evolve; assistants truly help Artificial Intelligence #SEJSummit@duaneforrester
- 23. • Uber investing $500M in mapping tech to remove dependencies • Engines continue to see growth in map app engagements • Google buys Urban Engines to boost “real time” location map data Mapping #SEJSummit@duaneforrester
- 24. • No strings attached Loyalty programs • No fees, restrictions or minimums • Rewards for social media engagement • Retweets, shares, pins, likes = reward points • Amplifying CSR • Getting caught being a good community member – authentic PR • Blending programs – SEO, PPC, social, to communicate the same campaign message Tactics of Successful Brands #SEJSummit@duaneforrester
- 25. • YouTube • A must-have • Quality doesn’t need to be perfect • Usefulness of content matters • Markup, Mobile, Usability • Implement and get it close to perfected • Reviews matter, so engage & manage • Customer Journey • Developed personas, consumer pathway tracking & analysis, to anticipate needs A good player skates to where the puck is. A great player skates to where the puck is going to be. More Tactics That Matter #SEJSummit@duaneforrester
- 26. Thank You! Duane ForresterVP OF INDUSTRY INSIGHTS, YEXT @duaneforrester