Date post: | 06-Dec-2014 |
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Business |
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Monetizing Social MediaSocial Media as the Vehicle… not the
Destination + 4 Specific ROI Opportunities
What This Presentation Is Not…
A holistic and successful approach to monetizing your social media efforts
@chasesagum
A Little About Me
• 7 years experience in Internet Marketing• 2006-07 project manager• 2007-2009 small business owner• 2009-2011 Director of SEO at 1on1 Marketing• Webmaster at AccessData• Married• Utah Valley• I’m a Bare-Foot Ultra Marathon Runner
Truth #1 = Social Media is not a Marketers platform. It’s a Consumers Platform.
@chasesagum
Truth #2 = There is no “one-size fits all” strategy. Each business succeeds in Social
Media differently.
@chasesagum
Truth #3 = Social Media is an amplifier. Good products or services are made to look great. Bad products or services are made to look terrible.
@chasesagum
Truth #4 = Social Media and Content Marketing go together… like peanut butter and jelly!
@chasesagum
Truth #5 = You don’t have full control of your message. So adapt!
@chasesagum
Truth #6 = Differentiation from your competitors is critical
@chasesagum
Truth #7 = Your website must Educate, Market and Sell
@chasesagum
Truth #8 = Your blog is the hub of your social media presence and strategy.
@chasesagum
Truth #9 = Social Media sites are where all the people are
@chasesagum
Truth #10 = Trust in traditional advertising continues to erode.
@chasesagum
4 Keys to Success for Monetizing Social Media
The 3 C’s of Social Media are…
• Consumption• Curation• Creation
@chasesagum
Authenticity. Nobody likes “fake” people, especially in Social Media.
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Automation. Automating your social efforts just enough so you don’t lose authenticity
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@chasesagum
Analytics & Reporting = how do you really know if Social Media is working for you or not if you’re
not tracking your efforts?
ROI = (revenue – investment)/ investment *100
@chasesagum
ROI Opportunity #1 = Brand Development
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Quick ROI Math
• $100,000 in video production• $20,000 in Facebook advertising• August 2011 – 735,000 units sold to Wal-Mart• $1 per unit• Spent $120,000 to make $735,000• 512% ROI
ROI Opportunity #2 = Social Proof
@chasesagum
Quick ROI Math
• $500 in social promotion efforts• 1.23% CVR to 2.21% CVR• Went from 26 to 44 units sold• $70 per can of paint• Spent $5,000 to make $1,260• 152% ROI
ROI Opportunity #3 = Media Buying
@chasesagum
Purchasing Ads Through…
Margin = (Revenue – COGS) / Revenue
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• “Like” targeting
• Group targeting
• User targeting
ROI Opportunity #4 = SEO
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In the world of SEO, Social Media acts as a ranking signal telling search engines like Google that “this site isn’t spam and we can prove it!”
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Correlate & Isolate SEO Data
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Reputation Management
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Get your social profiles ranked to improve your reputation online.
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How Much Are These Worth To Your Business?
• Improved Customer Service (retention)• Testimonials• Traffic Diversification• Learning your customers language• Competitive intelligence• Solid reputation• Continual decrease in online marketing costs over time• Recruiting and hiring new talent• Upsells and Cross-sells
Social Media helps turn prospects into customers, and helps keep customers
@chasesagum
3 Golden Questions
• What do I want my brand to be known for?• What are my potential customers biggest
challenges and how can I help them overcome these?
• How much is each individual customer worth to me?
My Soapbox = Focus on Small Wins!
@chasesagum
Social Media is the Vehicle, not the destination when it comes to monetization
@chasesagum
Some Recommended Reading for you
Download This Presentation & Other Resources for Free
http://bit.ly/yCEzsj
Sources:• http://mashable.com/2011/11/15/social-media-roi-measure/• http://
socialmediatoday.com/socialmedia-canada/265351/social-media-roi-idiots• http://www.reelseo.com/orabrush-youtube-success-story/• http://adage.com/article/news/orabrush-national-walmart-deal-youtube-vide
os/229914/
• http://adly.com/• http://sponsoredtweets.com/• http://mylikes.com/• http://bufferapp.com/• http://hootsuite.com/• http://en.wikipedia.org/wiki/Twitter• http://www.quicksprout.com/2011/08/24/how-social-media-affects-seo/• http://www.seomoz.org/article/search-ranking-factors