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



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



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



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



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



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



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



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



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



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



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



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



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


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


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


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]

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12 Ways to Monitize Social Media