12 Ways to Monitize Social Media
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Transcript of 12 Ways to Monitize Social Media
12 Ways to Monetize Social Media
By Paul Dunay@pauldunay
© 2011 Networked Insights2
CMO’s Believe Social Marketing Will Pay Off. . . Eventually
© 2011 Networked Insights3
© 2011 Networked Insights4
Selling Direct with Twitter
OUTPUTProduced between $3 - $6 Million Dollars of Sales directly from this
channel
CONCEPTSell Overstock Merchandise directly
Traditional approach to a new channel like Twitter
Using “coupon codes” and direct links they are able to generate sales from this channel
© 2011 Networked Insights5
© 2011 Networked Insights6
Creating Customer and Employee Community
OUTPUTSupport calls dropped by 28%
and sales to new customers jumped by 27%
CONCEPTCollaborate internally and externally
Jive users generated 32% more ideas, sent 27% less email and found answers to questions 32% faster
Employees spent 42% more time communicating with customer, which in turn led to a better retention rate
© 2011 Networked Insights7
© 2011 Networked Insights8
Delivering Social Customer Support
OUTPUTSaved over 50 customers per year at a replacement cost of
$10,000 each!
CONCEPTUse Social Media for Support
Supporting existing customers rather than losing them, which is always a good strategy
Customer prefer a very good customer experience over lower prices
© 2011 Networked Insights9
© 2011 Networked Insights10
Leveraging the Long Tail of Conversations
OUTPUT100s of ads for your brand that are all relevant and in context at a
fraction of the cost of traditional PR
CONCEPTFocus on Conversations not Publications
Traditional PR is broken and needs to refocus on Conversations
Use social media to reach your exact target audience with relevant content in the places buyers hangout
© 2011 Networked Insights11
© 2011 Networked Insights12
Finding Intent to Purchase
OUTPUTExample - $250,000 sale consummated in 13 days found using Social Media
CONCEPTFinding leads using Social Media
Analyzing social media you can find leads using a variety of search terms
Both competitive and non competitive search teams reveal buyers
© 2011 Networked Insights13
© 2011 Networked Insights14
Activating Brand Advocates
OUTPUTMajor brands are getting 5 – 9X ROIs by activating their best Brand
Advocates
CONCEPTHarness the Power of your Brand Advocates
Find your die hard fans on Twitter and Facebook and activate them for your brand
Get them to make recommendations and build your brand with the power of their voice
© 2011 Networked Insights15
© 2011 Networked Insights16
OUTPUTMade $700,000 perform like $1,000,000
a 42% Increase In Ad Performance
Optimizing Media Buys
CONCEPTFinding diamonds in the rough
Nielsen defines market value of a show by gross rating points (GRPs) and target rating points (TRPs)
Buying shows where social data indicates a highly engaged audience and traditional data indicates low GRPs/TRPs produces optimized buys and tremendous value
© 2011 Networked Insights17
© 2011 Networked Insights18
OUTPUTSpent $65,000 per 30-second spot
rather than spending $220,000 per 30-second spot
Finding TV shows before they go Mainstream
CONCEPTIdentifying a hit before it goes on air
Traditional ratings need an audience to see a show air before they can get audience reaction
Social data is predictive: buzz before the show airs can point the way to a great buy before the market has realized the high value
© 2011 Networked Insights19
© 2011 Networked Insights20
OUTPUTHow to Reach Premium Audience Without Paying Premium Pricing
Improving Audience Segmentation
CONCEPTTargeting audiences through hyper-segmentation
Traditional metrics lead to expensive buys for shows and other channels that can deliver along only a few key demographics
Social data can find audiences through context and conversation leading to more efficient buys of hyper-targets — e.g., the intersection of auto enthusiasts and fans of a show or a Website
© 2011 Networked Insights21
© 2011 Networked Insights22
October 1.2%
February 0.7%
March 0.2%
April 0.7%
May 0.7%
July 1.7%
August 2.6%
September 0.3%
June 0.1%
OUTPUTSpent $18 million instead of $30 million on new product launch
CONCEPT Maximizing social lift
Sometimes media buys have often been run by separate departments within a brandor agency; synergies not well coordinated
Social data can help sequence these areas to create synergiesand provide social lift
Earned Impressions31,383,872
Earned Brand Value*$62,768
Earned Media Ripple*
Maximizing Paid, Owned and Earned media
© 2011 Networked Insights23
© 2011 Networked Insights24
OUTPUTInstead of spending $ on the wrong celeb for your brand,
spend less on the right one
Finding the right Celebrity
CONCEPTFind the intersection of Brand X and Celebrity Y
Focus groups are slow, biasedand expensive
Social media analysis can quickly and efficiently test different celebrities as candidates for brand endorsers
© 2011 Networked Insights25
© 2011 Networked Insights26
OUTPUTHow to make $2 million dollars of ad budget
deliver $42 million dollars of payback
CONCEPTBrand lock out situation
Sometimes other brands beat you to the punch and buy upan exclusive on TV
Social data analysis can quickly identify the same audience online and show you how to reach the same impact at a fraction of the price
Acquiring Media that Fills a Gap
© 2011 Networked Insights27
Data vs Insights
Crisis Management
Customer Support
Competitive Tracking
Influencer Marketing
Lead Generation
Product Innovation
Interactive Buying
Product ResearchSentiment Analysis
Campaign MeasurementMarket Research
Customer SegmentationMarketing Messaging/SEO
Brand Protection
Graph based on Forrester research.
Strategic
TacticalReactive Proactive
ANALYTICSMONITORING
© 2011 Networked Insights28
Key Takeaways
1) Don't Focus on the Tools 2) Do one thing really Well3) Constantly Experiment 4) Incorporate Social Data 5) Challenge the Norm
© 2011 Networked Insights29
How to contact me?
Paul DunayCMONetworked Insights
Mobile: [email protected]
Don’t forget to become part of my network!LinkedIn: linkedin.com/in/pauldunay Facebook: facebook.com/pauldunay Twitter: twitter.com/pauldunayBlog: pauldunay.com
We fuel insights, helping brands and their agencies make better marketing decisions.
Founded in 2006 by industry leaders and seasoned entrepreneurs in the fields of social media and customer intelligence.
Headquartered in Madison, WI, with offices in New York and Chicago.
Paul [email protected]
networkedinsights.com