monetizing social media: social media as the vehicle... not the destination

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.

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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.

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Truth #4 = Social Media and Content Marketing go together… like peanut butter and jelly!

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Truth #5 = You don’t have full control of your message. So adapt!

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Truth #6 = Differentiation from your competitors is critical

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Truth #7 = Your website must Educate, Market and Sell

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Truth #8 = Your blog is the hub of your social media presence and strategy.

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Truth #9 = Social Media sites are where all the people are

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Truth #10 = Trust in traditional advertising continues to erode.

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4 Keys to Success for Monetizing Social Media

The 3 C’s of Social Media are…

• Consumption• Curation• Creation

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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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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

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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

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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

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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