The holiday shopping season might seem like it’s months away, but if you listen to consumers, it’s closer than you think. Today we’re going to talk about consumer shopping behavior with some recent research done by Bazaarvoice, and dive into what brands need to know to stay relevant and maximize sales this holiday season.
To help me discuss this topic, I’d like to welcome Zarina Stanford, CMO at Bazaarvoice.
ABOUT ZARINA STANFORD
As CMO of Bazaarvoice, Zarina Lam Stanford leads with a customer-centric, insights-driven, and outcome-based approach to all aspects she touches – from research, brand, communications, product marketing, to sales, demand generation, partner/alliance and field marketing. A recognized growth catalyst, Zarina is passionate about design thinking, the art and science of being relevant, agile leadership, inclusion, and having fun.
Before joining Bazaarvoice, Zarina was CMO at tech giants including IBM, SAP, and Rackspace Technology as well as PE portfolio firm Syniti where she led a total brand transformation. A champion for diversity and inclusion and a global citizen, Zarina has in-depth hands-on experience in Global, North America, Latin America, Europe, Asia Pacific & Japan, and emerging markets. Zarina also serves on the Board of Fortytwo.vc, a global, cross-border fund focused VC firm, and BeyonDiversity Foundation, a non-profit on women empowerment.
Recognized for her visionary strategies and transformative contributions shaping the future of marketing in the technology sector, Zarina was recently named among HotTopics’ Top 100 Global B2B CMOs. Other industry recognitions for Zarina include Diversity Journal’s Woman Worth Watching in STEM, Outstanding 50 Asian Americans in Business by the Asian American Business Development Center (AABDC) and Corporate Achiever Award by the Organization of Chinese Americans (OCA).
Zarina is a Marketing Academy CMO Fellow, a Southern Methodist University MBA, and a graduate of the Asian Advanced Leadership Program at Stanford University’s Graduate School of Business. She also holds a BA in Journalism from the University of North Texas. She is currently authoring a self-leadership book, #DareToGrow.
Born and raised in Hong Kong, the Austin-based Zarina is a nature lover, an ikebana apprentice, a published writer, an aspiring sailor, and a Mini Cooper and a Tesla fan. She describes herself as a proud daughter, sister, a mom, and a remodeling fanatic.
RESOURCES
Bazaarvoice 2024 Shopper Preference Report: https://www.bazaarvoice.com/press/bazaarvoice-2024-shopper-experience-report-return-to-office-boosts-physical-shopping-with-over-50-spending-more-in-store/
Bazaarvoice website: https://www.bazaarvoice.com
Connect with Greg on LinkedIn: https://www.linkedin.com/in/gregkihlstrom
Headed to MAICON 24 – the premier marketing and AI conference? Use our discount code AGILE150 for $150 off your registration code. Register here: http://tinyurl.com/5jpwhycv
Don’t miss a thing: get the latest episodes, sign up for our newsletter and more: https://www.theagilebrand.show
Check out The Agile Brand Guide website with articles, insights, and Martechipedia, the wiki for marketing technology: https://www.agilebrandguide.com
The Agile Brand podcast is brought to you by TEKsystems. Learn more here: https://www.teksystems.com/versionnextnow
The Agile Brand is produced by Missing Link—a Latina-owned strategy-driven, creatively fueled production co-op. From ideation to creation, they craft human connections through intelligent, engaging and informative content. https://www.missinglink.company
Transcript
Note: This was AI-generated and only lightly edited
Greg Kihlstrom:
The holiday shopping season might seem like it’s months away, but if you listen to consumers, it’s closer than you think. Today, we’re going to talk about consumer shopping behavior with some recent research done by Bazaarvoice and dive into what brands need to know to stay relevant and maximize sales this holiday season. To help me discuss this topic, I’d like to welcome Zarina Stanford, CMO at Bazaarvoice. Zarina, welcome to the show.
Zarina Stanford: Well, thank you, Greg, for having me. Really a pleasure to be here. And my very favorite topic as well, too, shopping.
Greg Kihlstrom: We’ll dive in in a second. But first, why don’t we start with you giving a little background on yourself and your role as CMO at Bazaarvoice.
Zarina Stanford: Awesome. Awesome. Yeah. So in case you have caught up on the accent, I actually grew up in Hong Kong and I came to the US for college many, many, many, many years ago. And as we just talked about, I was actually trained as a journalist. So the storytelling piece is a critical part of my background. And I was really fortunate enough to have joined Bazaarvoice two and a half years ago. And just to hone in a little bit of Bazaarvoice, Bazaarvoice really is the company that was founded by a consumer who really, truly understands the power of the individual. And that’s kind of the mission I’m on. So in my role, I’m responsible for elevating our brand, generating demand and revenue, of course, And then growing advocates, right? That’s a really important part, both among brands, retailers, as well as consumers. But at the end of the day, like you and I were talking about, shopping has come through a complete, complete evolution. And you and I being consumers ourselves is something that we experience as well. So this is a lovely topic I love to talk about.
Greg Kihlstrom: Great, great. Well, yeah, let’s let’s dive in. And so we’re going to start by talking about Bazaarvoice ‘s 2024 Shopper Preference Report and We’re going to link to it in the show notes as well for those listening. In the report, a few trends stood out, one of which is particularly relevant recently, and that’s private labels. How has consumers’ opinion of private labels changed over the past year or so?
Zarina Stanford: a major, major favorite topic of mine. Just to share a little bit in terms of the shopper preference report, we do this on a pretty much regular basis, typically annually, whereby we survey approximately somewhere just under 10,000 consumers like ourselves. And one of the things that was really quite profound, we are all aware around the world, the macroeconomics that we’re all facing. And so at the time when we were just creating the instrumentation, I kind of said, hey, you know what, let’s see what people think about private labels. A more elegant way of calling private labels are retailer brands or private brands, if you will. And I think that there is no doubt, and let’s just put the alpha and alpha room here, is that many, many of us in the past had associated private labels as not boffs, and really the cheap, cheap version of something. And I’m going to be the first one to tell you that I’m among many, many of them. In fact, 72% or 77% of the surveys of those whom we surveyed had actually said that they actually have already purchased Private Label and I’m one of them. And so allow me to just kind of drill down on what my point of view as well as Bizarre Boy’s point of view. Private labels or retail brands or private brands has gone through such evolution somewhat quietly over the last few years to the point that they are actually very much just like national brands. You know, I’m going to attest it to say, right, if you live in a neighborhood that has Trader Joe’s, if you live in a neighborhood that has Target, if you live in a neighborhood that has something along those lines, you likely have already experienced what private labels and the quality and certainly the value that they offer. So I think this is the one part of the reality is that it’s totally a phenomenon that is right for the time and that it has actually tens of years improving and really elevating as an industry. My speculation is that we’re going to see more and more of that phenomenon happening, certainly among retailers heavily, as well as even some brands, right? They are actually entering the space.
Greg Kihlstrom: Yeah, yeah. Another aspect touched on in the report is there’s a lot of talk about the economic climate in a number of different ways, but looking at this from a consumer and a shopping standpoint, how are consumer shopping habits being shaped by the current economic climate?
Zarina Stanford: That’s a really, really great question. And there is a little bit, not quite profound, and I’d be very happy to share the specifics from the study as well, too, for those who want to see it. Some differences between different regions and different countries, but holistically speaking, across the world, shoppers are saying is the first thing they look for is value for the money. And there’s just no doubt that the macro environment is part of it. because they’re contending with, you know, this is from our Shopper Experience Index. It’s another one of our annual research work. And the reality is that we all have basic needs as well as some not as basic, maybe even stretching to the luxuries. So there is a slight category differences as well. You know, when we look into this research work, one part is very clear is that on the essentials, they’re not, consumers are not actually backing off But they are declining in terms of the purchases for some of the non-essentials, if you will. But the reality is, too, is that three out of four of us, consumers around the world whom we survey, said that they are, in fact, adjusting their spending. So there’s no secret that it’s really, truly happening.
Greg Kihlstrom: Yeah. Well, and that’s interesting that it’s a global, more, you know, more a global, I’m sure there’s some nuances and differences and stuff, you know, if you dive in super granular, but it’s interesting that it’s, it’s kind of a macro trend. Right.
Zarina Stanford: But I think so too. And yeah, it should be told to, right. We work with thousands, tens of thousands of brands, as well as retailers around the world. We’re actually hearing them sharing the same phenomenon as well. So it’s truly seen by both the demand side and the supply side, as well as us being the intermediaries, connecting brands and consumers. We’re definitely seeing that. And consumers have also very explicitly told us that they are making changes.
Greg Kihlstrom: Yeah. Yeah. Well, there’s, there’s a lot else in the report, but you know, just one, one more thing before we move on to the next topic, you know, just, are there any other takeaways that you’d recommend, you know, brands and retailers take away from this report?
Zarina Stanford: Yeah, I would say two things. First and foremost, let’s start from our individual lens, right? As consumers, I think that we should really open up here a little bit, just the very topic we talked about, right, on private label, and they really just knock off. So they really, you know, and in fact, I, I, I’m based right here in Austin. And if you are Austin Bay or Texas Bay, you know how people go all of the way to just go look for that particular grocery store, just because they have gotten that kind of loyalty and that kind. Speaking of loyalty, that’s the second thing I wanted to highlight, is that when everyone is competing on that spend of dollars, right? Let’s say it’s a dollar for the purpose of what we’re talking about. Consumers are also telling us that they are, in fact, going all of the way that if there are rewards that is actually of interest, but they will actually change their behavior. So what do we read from it? Two things. One is that while price or value is really critical, that’s not the only thing they’re looking for. They’re actually looking for that experience. And if there’s something along the lines of loyalty or something along the line of rewards, or maybe even gamification to some extent, I think they’re telling us that they value that. So I think for brands and retailers, that’s one thing to think about. The old days of just thinking about the brand awareness or the conversion for the purchase is absolutely critical, but we have got to also think about advocacy and loyalty. The second thing that I like to also point out on this is that this is becoming even more profound where consumers are saying is that in this kind of tight environment, They are even more and more going to look at what other shoppers like them say about a particular product before they make the purchase. So leverage, again, this is part of what Beside Voice does. So it’s a little bit biased, but the reality is that we all know that. If you reflect on how you had done the last purchase. What information do you look for? You look for what other people are saying. And that’s a really important part. And that’s the piece that I would say this is really two big things to think about.
Greg Kihlstrom: Yeah, that’s great. So yeah, in addition to the 2024 Shopper Preference Report, Bazaarvoice also did some research on the upcoming holiday shopping season. So did a survey around that. And I also wanted to talk about a few points in that. So starting with the timing, I mean, you know, here we are in, in July and we’re talking about the holiday shopping season. So, you know, according to the survey, over half of people, so about 55% start their holiday shopping in October or earlier and over a third are about 37% start in September or earlier. So, you know, what does what does this mean for brands?
Zarina Stanford: Well, you know, in fact, I asked this after our study, I asked friends myself as well, too, is that when is actually their planning cycle? And not to be surprised, many of them actually says that actually is beginning right now, in full earnest. And I think in our study, what we didn’t do is the actual, not, we do do demographics, but what we didn’t do is that what kind of persona are they? Are they a parent? Are they a grandparent? Are they a sister, a sibling, what have you? That does skew as to how quickly someone actually would shop. I think that’s, I mean, would begin their season, you know, the holiday shopping. I think that the reality is that regardless of how recent they are, Number one thing all brands and retailers need to think about is how are you extending your social presence? All of us, and I’m going to bring yourself into this equation too, right? I’m assuming that you are a typical shopper. Most of us are because the study basically says that, you know, that that’s about 70, 70 or so percent of us are going to look for information and shop online and on social. And therefore, It really makes it critical for brands to say, if I’m starting to think only about my stores, if I have break-in orders, I may be too late. I need to start thinking about what is the social presence and what are some of the specific content, and in fact, take full advantage of consumer content as to what they’re telling you. That’s prices. In fact, we did a webinar yesterday and fortunate to have the director of e-commerce from Lowe’s with us. And one other thing before our webinar, we went to a Lowe’s store. And in fact, while we were there, she was talking about, you know, and the reality is that there were some toolboxes that people start shopping for them. There are colors, different colors, and they are miniature toolboxes. They went like hotcakes. People are starting to look for them already. Yeah. Wow. Pure fact, true fact, right? Natural fact.
Greg Kihlstrom: So another thing from the survey is about findability and how findability matters for brands and products within brands. So shoppers are pretty intentional when they’re searching for holiday products with 42% searching for specific products and 25% searching for products from specific brands and retailers. So how do brands make sure that they and their products stand out here and what does this mean for competitors?
Zarina Stanford: Yeah, that’s a, that’s a really key part. And in fact, in the space of what we talk about, you can call it discovery. I mean, you can call it findability, discovery. In the trade, we also talk about eyeballs, right? How many people actually could see your product? Because seeing is the first step. Yeah. And then the next step, first step is that what are others talking about that particular product? And so there is, you know, in the, in the business where we’re in talking about user generated content, first and foremost, that it goes back to what we talked about earlier. Shoppers are truly looking for a total seamless experience wherever they may be and wherever you may be. So let’s take the case that if you happen to be a brand that has both brick and mortar stores, as well as marketplace, as well as some other social channel that you happen to be on. 8 out of 10 of us shoppers expect the same experience seamlessly regardless of where I encounter you. I think that’s the first thing that brand has to make sure that they have a very holistic, true omni-channel and true always-on presence. Because what we all care about are those eyeballs that turns into purchases. That’s the first thing. I think the second thing that I would also highlight majorly is that there is really truly no doubt that, and the study that we’ve done show the same thing, is that if you have a product that actually has affinity to having consumers showcasing the use of your product, let’s say if you are in apparel, right, showing someone or having a consumer actually showcasing, I just bought this and this is what I look like, I really like the fit of it. Or they may say, it fits a little bit tight, so you may want to go one size higher. That’s the kind of information consumers looking for. They want to know how that particular product, when used, it could be a sauce, it could be how I put it into a recipe for that matter. Those are the kind of content and especially video versions of it. tremendous, tremendous ability to make sure that your products get seen and get found. And most importantly, get considered. Right. I mean, that’s really, really phenomenal. Video, as we talked about yesterday on the webinar, video is the future.
Greg Kihlstrom: Yeah. And I guess along those lines, I know you had touched on reviews as well before, just another stat from the survey, 40% of respondents said they checked to make sure there are not only positive reviews, but both positive and negative reviews. So to your point, about, you know, people definitely checking for that stuff. But the other the other thing here, you know, are consumers just getting more savvy when it comes to reviews, you know, because they’re checking for both. And, you know, what do brands need to do here?
Zarina Stanford: I think just to underscore what you said, right, that there is no doubt. And in reality, what is truly authentic and real and therefore could be trusted is what’s going to carry. Yeah. So most of us, right, would really look for sometimes you hear and see things. Let’s just use review as one example, because that’s just, that’s just one of the format of user generated content or sharper content or sharper commentaries that many actually will go out of the way to look for the negatives or the not so not as positive because they want to know what to look for, what to be guarding against. That’s really powerful. I think that’s one great advice that I would have for brands. The other piece of it is that a little bit off culture here, but I just wanted to go ahead and share that. Sometimes the insights that’s embedded in those not so positive reviews or commentaries can lead to rise of new products, improved versions, and tremendously because you are incorporating the voice of the consumer. You are taking the consumer’s input to the design. And a lot of our, and I think I could go ahead and say that because it was in one of our summit content. So Philips as an example, the company, the electronics company, they embedded user content as a part of their product development cycle. To the point that if it doesn’t have enough of content in it, they wouldn’t launch a particular product until it’s available. To me, I love the spirit because that’s truly customer first. What are the people whom we care the most? Think about that. Right. I think this is the part is learning from it, getting the insight, and also ensuring that we’re all human. And it’s totally okay for a product to be not always 100% or 200%. It’s just wise to share that essence. Yeah.
Greg Kihlstrom: Yeah, I think along those lines, too, is like, I mean, everyone has different tastes, right? So it’s like, what, you know, I mean, I may like a movie that someone else hates, right? So that’s just subjective opinion. Or like, I may like the fit of clothes that someone else hates, because they’re, you know, just we’re all different or whatever. So yeah, I think the I think that variants there it’s like I because I mean, I’m just thinking on my own experience, like I’ve gotten insights. I’ve bought products that had negative reviews, because I read those reviews. And I was actually like, Oh, well, I actually like that feature or whatever. Yeah, other person might not have. So like, you know, I think to your point, it’s like, consumers are getting smarter enough to know that, okay, well, a two star rating, there might be something to that, that I should explore. Because it’s not just, you know, it’s not a binary, like, yes or no, right?
Zarina Stanford: Yeah, yeah. It actually goes back to earlier question you have that we touched on, too, is that What do shoppers look for? What types of information are they looking for? And when do they look for information online and on what other people say? It is not just only when they’re trying to discover something. Like I may not be in the market to look for a pair of shoes, but if I see something that I say, wow, that is really awesome, then I get inspired, right? That’s kind of the top of funnel, what we call it in our world, or the eyeball moments, if you will. But the reality is that a lot of them are truly saying, I think I know what I want, but I just want to make sure that I do my due diligence. In fact, it is that very premise that was founded 19 years ago.
Zarina Stanford: Right. The founder was shopping for a stroller and being an engineer himself, being truly, truly getting into, Hey, I really want to say what other people think. That he gained huge insight from this actually is aerospace engineers, right? Review of the particular stroller that he bought. And his moment of entrepreneurship came in to say, Oh my God, there is a business here. And that’s truly, honestly, to be told you can Wikipedia that, that’s how the company was founded.
Greg Kihlstrom: Nice, nice. That’s great. Nice. Well, Zarina, thanks so much for joining here. One last question before we wrap up. You know, we’ve talked through the report, we’ve talked through the survey, you know, you’ve given a lot of great advice already throughout, but you know, wondering if you know, as as brands are, some are already planning for the holiday season, some are about to, you know, what advice would you have for brands that are, you know, trying to stay relevant, trying to stay one step ahead? And, you know, given given the data and the results we’ve we’ve discussed?
Zarina Stanford: Yeah, I would think twofold, if I if I may, sure, in a very, very strategic vices, make sure you truly take the water holding effect to heart. You have got to be where your consumers are and you have got to use their lingo and leverage them to be your sellers. It’s just very pure economics. Typical page content or paid advertising would not perform as well as if you take advantage of, you know, for particular content, whether it’s on your PDPs or on your website, or for that matter, on that TikTok shot, whatever it might be. That’s more of a holistic content and media strategy. I would give also a very tactical and pragmatic approach to it. Know the fact that one out of two of the people whom we surveyed are always looking for deals. They’re truly looking for deals. And so therefore, if you have a particular discount, something or a particular reward, like we talked about, or particular buy one, get one or whatever, you know, whatever might be appropriate in your particular product. Just be aware that 52% of the respondents said that they were actually more likely to buy a holiday product if there is a discount code. Pure and simple. Nice. Yeah.
