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How are local consumers engaging with local businesses and retail brands? On which platforms are these engagements taking place?
These are only a couple of the questions raised – and answered – by local analytics company Venuelabs when it recently launched a series of quarterly industry benchmarks. The series was made in partnership with the Location-Based Marketing Association (LBMA), and highlighted the opportunities and challenges faced by marketers, business owners, and retail executives today. One of the most surprising conclusions drawn from the data provided is this: across the entire retail industry, brands are missing 88 percent of local consumer feedback.
By “local consumer feedback,” we’re referring to online interactions people have with retail brands. These include posting (and sharing) online reviews, check-ins, comments, tips, photos. Venuelabs also indicated where most of these interactions are happening:
- Location-based discovery platform and online reviews aggregator Foursquare (93 percent)
- Review and recommendations site Citysearch (66 percent)
- Social networking site Facebook (65 percent)
- Social networking site and online reviews platform Google (59 percent)
- Local search and review site YP.com / YellowPages (55 percent)
- 14.7 million people engage locally for a total of over 558.8 million times. This means that on every retail storefront, about 13 people perform over 500 interactions.
- Listening to the voice of the local consumer, Venuelabs also found that people are 127 percent more likely to talk about staff negatively, while also being 275 percent more likely to talk about price positively.
- While most retail brands miss majority of local consumer feedback, a few retailers stand out for engaging effectively with customers and monitoring reviews and feedback closely: SuperValu, JC Penny, Best Buy, Target, and Rite Aid.
“With this data from Venuelabs…marketers and executives (can) connect and contrast the ‘brand promise’ to the actual local in-store brand experience,” said LBMA President Asif Khan. Added Venuelabs CEO Neil Crist: “Consumer feedback has an implicit context – where the consumer is – allowing merchants to turn casual consumer sharing into directly actionable feedback.”
Are you managing a retail brand or store? Check out the infographic below and let us know what you think in the comments section.