Social proof is one of the most powerful psychological heuristics, it links the persuasiveness of a behavior or idea with how other people respond to it. Your brain reduces the perception of risk associated with an idea, or activity, when you see other people engaging in it. That’s why we’re all drawn to movies with high IMDb scores, best-selling books, and crowded restaurants.
Social proof is very much in the limelight at Qubit at the moment. Whether used in travel, ticket bookings or fashion, on average it delivers a 2.4% uplift in conversions (and has never once delivered a downlift).
“Data-mining”, “drilling down”, “insight extraction.” You might think this sounds like an awful lot like hard work and in reality, it is! Getting insights from a customer data set requires a technically skilled analyst ...with a lot of patience…. and a lot of time. The similarities to the lone miner searching for black gold are striking (geddit). The tools may be different (excel rather than a pick axe) but the realities are the same. It is an inefficient way of finding opportunities.
At Qubit we’re in a neat position where we deliver on web personalization, as well as playing towards the bigger world of Digital Experience Management. Sportscraft’s big idea is a great example of blending these worlds, from front of house UX to behind the scenes supply chain.
For retailers, getting peak right is crucial, but what is ‘getting it right’ in today’s competitive environment? Do you focus on systems, making sure that your site can cope with the influx of visitors, or take advantage of this to get creative and use it as the basis for a long term, customer centric strategy?
Now we’ve explained what Big Ideas are in a Qubit sense, it’s time to crack on with some of our favourites from 2015.
Vitality: Largest disruptor on the block.
Vitality is on a mission to change health and life insurance for good - and they’re getting noticed for it. They are showing the industry that you don’t need to be a small start-up to be disruptive. They have flipped the traditional health insurance model from only interacting when a customer needs cover, to one where they interact daily, changing the focus from illness and risk, to health and wellness.
Cyber Monday is the biggest online shopping day of the year and in the US sales topped $2 billion last year (Fortune, December 2014). Customers with the endurance to make it through the bank balance damaging weekend are still keen for deals and last-minute bargains on Monday. It offers distinct opportunities from Black Friday and if you take advantage of them you’ll see big rewards at the bottom line.