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Bazaarvoice Social Trends Report Details How To Thrive In The Connected Economy

Stocks in this article: BV

AUSTIN, Texas, May 8, 2013 (GLOBE NEWSWIRE) -- Bazaarvoice, Inc. (Nasdaq:BV), one of the world's largest shopper networks connecting consumers, brands, products and retailers, has released its Social Trends Report 2013, an in-depth review of the topics explored by social strategists and marketing thought leaders during the sixth annual Bazaarvoice Summit. The report highlights the ways consumers share knowledge in the connected economy—where shared, collaborative relationships are networked between businesses, customers and other influencers—and how companies can engage with and tap into the collective power of these innovators, trendsetters and advocates.

The four P's of marketing are rewritten

In the connected economy, social communication creates a transparent marketplace where the classic pillars of marketing—product, promotion, place and price—take on new meanings that require new strategies. In particular, the Social Trends Report highlights that digital marketing gives consumers the power to bounce between what used to be well-defined channels while shopping and buying. The most successful brands today recognize more consumers are shopping online and offline simultaneously and, as a result, they connect with them on their own websites, on social networks, on retailer sites and in the aisles via mobile and store displays. Blending these channels helps create experiences that are helpful, entertaining, educational and unique, resulting in value for consumers that can translate into premium product pricing.

Data-literate companies thrive in the face of consumer change

The connected economy is creating a massive trail of data containing everything needed to identify and deliver exactly what consumers want. A brand's future rests on its ability to quickly distill that data to constantly improve every aspect of the consumer experience. The Social Trends Report outlines how data literate companies will tie together seemingly unrelated data on purchases, sentiment, demographics, interests and more into a holistic "data self" that predicts shoppers' preferences and enables brands to deliver highly relevant, helpful experiences. Consumers will choose to share more about themselves with the brands that use their data to make their lives better and, in turn, these conversations will provide a mine of product insights that can impact product R&D, marketing, and more.

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