Battling Amazon: How Target, Macy’s and Kohl’s are driving consumer conversations
As any brand communicator knows, Amazon’s impact on the retail industry is undeniable—each and every retailer now competes with the e-commerce giant. And rightfully so, according to new research from Engagement Labs—Amazon dominates consumer conversations, and is the focus of more consumer talk than any other retail brand, which equates to increased sales.
In a recent study, Engagement Labs proved that conversations about brands drive 19 percent of U.S. consumer purchases, on average—representing between $7 and $10 trillion in annual sales. As a formidable competitor across every retail category, it is imperative for retail marketers to leverage strategies that motivate consumers to talk about their brands.
According to the new analysis of offline (face-to-face) and online (social media) consumer conversations, many retail brands are doing well—and in some cases, even better than Amazon—in certain conversational categories. With a greater understanding of the power of consumer talk, as well as a holistic view of online and offline consumer conversations, retailers can more effectively stand up against Amazon in the battle for social influence and market share.
“While it is obvious that Amazon is redefining the retail industry, there is still tremendous opportunity for retailers to compete,” said Ed Keller, CEO of Engagement Labs, in a news release. “Our research found that several retailers outperform Amazon in offline conversation—which is equally important in driving consumer sales as the conversations happening online. By understanding consumer conversations, and optimizing marketing campaigns based on this data, retailers have the opportunity to increase their marketing ROI and revenue.”
Read the full Bulldog Reporter article, here.
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