Optimize Relationships

10 Ways to Monetize

Engagement

May 26, 2015

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Kathy HerrmannPrinciple Business Consultant, Personifykherrmann@personifycorp.com

Paul GannonVP Marketing, Personifypgannon@personifycorp.com

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Customer Engagement refers to the actions (interactions) a customer has with

an organization.

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Customer Experience is the perception or emotional experience customers have of all

their interactions with an organization.

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"Customers who had the best past experiences spend 140% more compared to those who had the poorest past experience."

- Peter Kriss, Customer Experience Research Scientist at Medallia and the Director of Research for Vision Prize, HBR article

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Monetize engagement, with positive experience, to capture increased revenues.

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1. Incentivize members to complete online profiles.

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83% of customers feel positive about an org that puts to good use the information and data they hold on their customers. - Esteban Kolsky, ThinkJar.

Customers are responsive to orgs that generate value for them.

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Customers want well-targeted products and services.

20% will complete feedback questionnaires & 20% will give demographic feedback to

facilitate targeting.- Kolsky.

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Member information also forms the building blocks of much that follows.

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2. Align your content…

…with new and existing sources of recurring

revenue.

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Go beyond marketing benefits of content

generation like brand awareness.

Find ways to use content to sell products…

…or make content the product itself. Eg. subscriptions for premium content.

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Ebooks.

Infographics.

Slidedecks.

White papers & reports.

Worksheets & templates.

Videos.

Case studies.

Blog posts.

Podcasts.

Directories.

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3. Create multi-platform engagement

84% of customers have a positive impression of orgs that communicate in the channel of their

preference.- Kolsky

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Give members opportunities to engage and buy…

…across all platforms.

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Use stored member information to accelerate online registration

and payment.

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4. Stimulate gamification

Taking a website, a web app, an online community, etc. – and integrating game mechanics into it to motivate

participation, engagement, and loyalty.

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Example – Gamify fundraising.

Create a framework so supporters can:• Launch their own peer-to-

peer fundraising campaign.

• Showcase sponsors, assign teams, organize events.

• Track their results & compare to other groups.

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5. Monetize mobile.

McKinsey analysts estimate that app-related revenues reached $25 billion in 2013 and will

rise to more than $70 billion by 2017.

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• Make data available through APIs (web interfaces) — Consider partnering with other orgs that will leverage your data.

• Revenue models:• Pay-per-use.• Subscription model.• Revenue-sharing.

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6. Implement cross & up-selling

Cross-Selling adds to 0.2% of sales (such as displaying “people who bought this item also bought”).

Up-Selling (in which visitors are shown similar but more expensive products) drives over 4% of sales.

- Ash Web Studio.

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Upselling performs 20x better than

cross-selling when it comes to product

pages. 

Cross-selling is much more effective when presented on check

out pages versus product pages.

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According to Forrester research analyst Sucharita Mulpuru, product recommendations are responsible for an

average of 10-30% of eCommerce site revenues.

7. Foster product rating and reviews

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Google favors fresh user-generated

content in its search results.

25% - 35% traffic for large

e-commerce sites is organic search (SEO).

Here’s why…

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8. Monetize Community

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Provide premium content or subscription(s). Marry with free.

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Match product offerings with

content.

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Offer top engagers exclusive offers.

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• Recruiting / Jobs Classified.

• Advertising – Your products and affiliates.

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"Advertisers worldwide will spend $23.68 billion on paid media to reach consumers on social networks this year, a 33.5% increase from 2014. 

By 2017, social network ad spending will reach $35.98 billion, representing 16.0% of all digital ad spending globally.“ - eMarketer

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Marry web stats with engagement stats to

build strong case for $$$ ad rates.

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9. Reward engagement

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Give discounts to volunteers or other high engagers as measured by your engagement system.

Give a freebie…add an opportunity to up-sell or cross-sell. 

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10. Sell your most engaged member list…

…or let other companies advertise to your most engaged customers.

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Because your partners will be as interested in your

most engaged members as you are.

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Summary

1. Incentivize members to complete online profiles.

2. Align your content.

3. Create multi-platform engagement.

4. Stimulate gamification.

5. Monetize mobile.

6. Implement cross- & up-selling.

7. Foster product rating and reviews

8. Monetize Community.

9. Reward engagement.

10. Sell your most engaged member list.

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