12 Ways to Monitize Social Media
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1) Corporate Social Network Analytics NOTE: both internal and external social networks (assuming there is an internal network - an example could be SharePoint) (per week, per month, per quarter, per year) - Total # of Posts - Sentiment of Posts - Pie Chart of Contributing Sites - SharePoint, Facebook, Twitter, LinkedIn - Content trends (tag cloud) - Total time spent - Total number of pages viewed - Top contributors (leader board) 2) Profile of someone on the leader board (per week, per month, per quarter, per year) - Total # of Posts - Pie Chart of Contributing Sites - SharePoint, Facebook, Twitter, LinkedIn - Content trends (tag cloud) - Total time spent - Total number of pages viewed - Dollar amount of his connections (I have the algorithm for this)
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12 Ways to Monitize Social Media
- 1. 12 Ways to Monetize Social Media By Paul Dunay @pauldunay
- 2. CMO’s Believe Social Marketing Will Pay Off. . . Eventually 2 © 2011 Networked Insights
- 3. 3 © 2011 Networked Insights
- 4. Selling Direct with Twitter CONCEPT Sell 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 OUTPUT Produced between $3 - $6 Million Dollars of Sales directly from this channel 4 © 2011 Networked Insights
- 5. 5 © 2011 Networked Insights
- 6. Creating Customer and Employee Community CONCEPT Collaborate 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 OUTPUT Support calls dropped by 28% and sales to new customers jumped by 27% 6 © 2011 Networked Insights
- 7. 7 © 2011 Networked Insights
- 8. Delivering Social Customer Support CONCEPT Use 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 OUTPUT Saved over 50 customers per year at a replacement cost of $10,000 each! 8 © 2011 Networked Insights
- 9. 9 © 2011 Networked Insights
- 10. Leveraging the Long Tail of Conversations CONCEPT Focus 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 OUTPUT 100s of ads for your brand that are all relevant and in context at a fraction of the cost of traditional PR 10 © 2011 Networked Insights
- 11. 11 © 2011 Networked Insights
- 12. Finding Intent to Purchase CONCEPT Finding 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 OUTPUT Example - $250,000 sale consummated in 13 days found using Social Media 12 © 2011 Networked Insights
- 13. 13 © 2011 Networked Insights
- 14. Activating Brand Advocates CONCEPT Harness 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 OUTPUT Major brands are getting 5 – 9X ROIs by activating their best Brand Advocates 14 © 2011 Networked Insights
- 15. 15 © 2011 Networked Insights
- 16. Optimizing Media Buys CONCEPT Finding 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 OUTPUT Made $700,000 perform like $1,000,000 a 42% Increase In Ad Performance 16 © 2011 Networked Insights
- 17. 17 © 2011 Networked Insights
- 18. Finding TV shows before they go Mainstream CONCEPT Identifying 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 OUTPUT Spent $65,000 per 30-second spot rather than spending $220,000 per 30-second spot 18 © 2011 Networked Insights
- 19. 19 © 2011 Networked Insights
- 20. Improving Audience Segmentation CONCEPT Targeting 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 OUTPUT How to Reach Premium Audience Without Paying Premium Pricing 20 © 2011 Networked Insights
- 21. 21 © 2011 Networked Insights
- 22. Maximizing Paid, Owned and Earned media CONCEPT October 1.2% Maximizing social lift September 0.3% Sometimes media buys have Earned August 2.6% often been run by separate Media departments within a brand Ripple* July 1.7% or agency; synergies not well June 0.1% coordinated May 0.7% April 0.7% March 0.2% Social data can help sequence February 0.7% these areas to create synergies and provide social lift Earned Impressions Earned Brand Value* 31,383,872 $62,768 OUTPUT Spent $18 million instead of $30 million on new product launch 22 © 2011 Networked Insights
- 23. 23 © 2011 Networked Insights
- 24. Finding the right Celebrity CONCEPT Find the intersection of Brand X and Celebrity Y Focus groups are slow, biased and expensive Social media analysis can quickly and efficiently test different celebrities as candidates for brand endorsers OUTPUT Instead of spending $ on the wrong celeb for your brand, spend less on the right one 24 © 2011 Networked Insights
- 25. 25 © 2011 Networked Insights
- 26. Acquiring Media that Fills a Gap CONCEPT Brand lock out situation Sometimes other brands beat you to the punch and buy up an 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 OUTPUT How to make $2 million dollars of ad budget deliver $42 million dollars of payback 26 © 2011 Networked Insights
- 27. Data vs Insights Strategic Marketing Messaging/SEO Customer Segmentation Campaign Measurement Market Research Product Research Sentiment Analysis Interactive Buying Lead Generation ANALYTICS MONITORING Product Innovation Competitive Tracking Customer Support Brand Protection Influencer Marketing Crisis Management Tactical Reactive Graph based on Forrester research. Proactive 27 © 2011 Networked Insights
- 28. Key Takeaways 1) Don't Focus on the Tools 2) Do one thing really Well 3) Constantly Experiment 4) Incorporate Social Data 5) Challenge the Norm 28 © 2011 Networked Insights
- 29. How to contact me? Paul Dunay CMO Networked Insights Mobile: 917.306.8440 paul.dunay@networkedinsights.com Don’t forget to become part of my network! LinkedIn: linkedin.com/in/pauldunay Facebook: facebook.com/pauldunay Twitter: twitter.com/pauldunay Blog: pauldunay.com 29 © 2011 Networked Insights
- 30. We fuel insights, helping brands and their agencies make better marketing decisions. Paul Dunay Founded in 2006 by industry leaders and 917.306.8440 seasoned entrepreneurs in the fields of social paul.dunay@networkedinsights.com media and customer intelligence. Headquartered in Madison, WI, with offices networkedinsights.com in New York and Chicago.
Editor's Notes
- But when you look at the most recent stat from the MarketingSherpa around social mediaIt says that 62% of CMO’s believe Social Media Marketing will pay off … Eventually. This is a tragic fact. And lucky for you that day is todayI believe it’s because they are trying to find the right tool Well I got news for you … there is no toolSocial Media is a bunch of disparate / fragmented mediaAnd everyone has a different mix – so its not a tool you need its an approach that makes the difference. And what I am going to show is a collection of 12 different approaches from real companies who got real resultsSome of which I personally delivered, wrote books on and blogged about and others I curated.So lets get started with some easy and go from there
- OK so here is an obvious one … Dell has been at the vanguard of Social Media for quite some timeThe Dell Outlet Twitter feed has over 1,500,000 followers but only 35 people that they follow (which has to be some kind of record)Dell distributes valuable discount coupon codes for out of stock or overstock merchandise using a custom links through TwitterThat’s it! No magic - No pixy dust
- By the way this is how we handled it years ago in the early days of the web. 10 years ago this funny thing called Google Adwords came around and I used 3 5 7 different pages to track a single keyword and optimize performanceAs digital marketers - we have plenty of tools both old and new at our disposal to measure and track so many things on the web You need to think about what you can sell – replacement parts, out of stock merchandise, left over merchandise, refurbished merchandiseOr at the very leastwhat can you measure - if Dell can measure with a coupon code what can you be doing to track the flow of social media with special 800#, special email addresses, special landing pages?
- SAP has more than 2 million individuals and 9,000 companies participate in SAP's online communities. At one point they had roughly 25,000 new participants sign up each month, And their number of page views doubled to more than 150 million (similar too small search engine online)more than 3.5 million posts have accumulated in these forums from roughly 100,000 members The SAP Developer Network is the crown jewel of the communityfrom the time a developer posts a question until she or he receives a response takes 17 minutes, on averageAnd about 85% of all discussion threads are closed as complete.
- Recent survey of 2000 Jive clients showed they received on average32% more ideas27% less email32% answers faster42% more time communicatingBetter customer retention rates28% decrease in support callsAnd 27%increase in new salesSo think about ways to connect things like your offline Global Advisory Board to keep your customers engaged in the off seasonI don’t care whether you buy or rent a community – it’s a good idea
- So here is one I spent the last 2 years working on – after I stumbled into this one myself here is a Homework assignment for everyone in the roomGo to search.twitter.com and search for your your brand nameYou you be amazed to see what comes upI did this on one of my first weeks working with AvayaAnd its didn’t take very long to find a comment that was interesting enough to print out and show the head of Service at Avaya
- 185,000 customer with over 20 million endpoint something is bound to go wrong on any given dayAnd by surprising and delighting them with remarkable customer service on social media you can create a significant ROIAn ROI so simple even a caveman can calculate itSay for example we saved 50 people who were in an adversarial state and moved them into an advocate stateThat’s worth something no? That’s one less customer we have to replace – 50 X 10000 – 500000 are we spending 500000 no wayCustomer prefer a very good customer experience over lower prices. As a premium vendor, they expect outstanding customer support, which drives positive word of mouth. This is really what a lot of the social technologies are very good at spreading, and things start coming together when providing social support. Happy customers are less likely to defect, which means that your company overall is much more profitable.What we’re showing here are actually tweets from existing customers who have received support and are ecstatic about the support they’ve received on a social basis.
- The US is becoming a newspaper less country – we are losing newspapers at a record rate these daysEntire websites have been built to keep track of this dynamicSome major towns have gone completely newspaper lessI predict we will have 5 major newspapers – WSJ NYT LA Times Washington Post and USA TodayOver time that my go down to just 3Compare that dynamic to the number of companies started every day in the USAll of them are looking / hoping to get a feature in one of these pubsNumber of publications are shrinking – number of companies are growing
- PR needs to move from publications to conversationsYou need to really track and engage in conversations where you brand would fit bestStart by commenting at least 1 time per day on the stories that are relevant to you – B2B – Cloud Computing, Social Media Analytics Leads to 250 articles with mentions and maybe some links back to your site over 1 yearIts like having 100s of ads out there for your brand that were all relevant and in context at a fraction of the cost of traditional PR
- Listening for mentions of your brand or product or even your competitors brands is a great way to find leadsImagine my surprise when one day I saw a tweet pop up that said … Shortel or Avaya which one should I choose?How do you answer that? Of course as a good corporate citizen I would say .. Buy Avaya – but that might not go over well in social mediaSo it took me 15 min to craft a tweet that said something like this – We have experts on our staff who can help you make an informed decision either way – DM me Seconds later I got a response – 13 days later we closed a deal for 250,000Do the math that’s - $4000 a Character
- So I began to think there must be more conversations like that out there – if I hear someone say “replace Cisco” – don’t you think that’s a conversation Avaya should be engaged in? Grant it there haven’t been a ton of those conversations but if you add up all your competitors and your own brands product lines it becomes meaningful.
- So the gold standard case study in leveraging Brand Advocates is a B2C example from DisneyWhen they launched the Wizard World of Harry Potter Disney could have spent millions of dollars instead they decided to hold a FREE invite only webinar at midnight for 7 bloggersThey told 7 people – got 350 Million people to hear their message
- Honestly I believe you need to treat your brand advocates differently – look at the great connection I made with people giving them outstanding social customer supportAnd in the same way you wouldn’t want your best friend finding out about your new job from a press release you would rather tell them personallyI feel advocates deserve the same treatment – I wouldn’t want and I didn’t want my best advocate learning about a new product launch from a press release they why I gave them a special previewThere are entire companies with service like Zuberance that collect these advocates for you so you can activate them when you need them(disclaimer I am on the board of Zuberance) you can get them to make recommendations and build your brand with the power of their voice
- We have reached the half way point – the first 6 case studies were really about the approach to using social media tools and the next 6 case studies are going to be about the approach to using social media data.
- So let me ask you a question – if you could get more mileage out of your existing car – would you do it? Of course you would! So if I could show you how to improve the “gas mileage of your existing marketing budget – would you do it? Same dollars just more effective. Of course you would!Years ago John Wanamaker once said – 50% of my marketing budget is wasted I just don’t know which 50% - I would argue that right now that dynamic is even worse – with the fragmentation and choices available in media these days that has to be more like 75% of my budget is wasted!So how do you make a marketing budget more effective without changing the dollar amount, it sounds almost like a magic trick. Well you take the program budget (non compensation dollars) and you rank order them by spending level. What you get is a list of media type, sponsorships, and events.The kingpin of the spend is usually some sort of TV ad spend (if you are B2C) and print/online media spend (if you are B2B). It’s easy to see how social media data can be used to optimize major media spending like TV ad for B2C by aligning the shows you buy with the best fit for the audience you are trying to reach. Easily done now with the mounds of social data out there.For B2B you certainly can use social data to optimize the effectiveness of your search spending by mining what words your ideal customers use to describe your products or services. Again easily done now with the reams of social data out there. You can also look at what sites your ideal customers go to online to better inform where you deploy your display ad budget and perhaps even what sites and events you sponsor.With all this great data on what your ideal customer are actually doing online, saying online and spending time online, you can make better more informed and more effective decisions on ad spending. Now that's how to make a Small Budget have Big Impact!
- Buy Low and Sell High is concept that works well in the stock marketBut I think it could work in Media as wellAt least in the sense of finding the undervalued stock By looking at conversational volume of a TV show you can get a good picture of the excitement buzz and engagement around the showBut
- Pure conversational volume alone will lead you astray – because it will show you the shows that have been around the longest with the largest number of conversationsYou need to predict the trajectory of that show – and the velocity of the conversation if you want to find a real winnerIn B2B we bought TV time on the Golf Channel or Sunday football for the Redskins because that’s what the CEO likedWouldn’t it be so much better to make an informed decision?
- It costs millions of dollars to get an ad agency to create a buyer persona for youCost a lot and takes a long time
- Audience segmentation. Again, we can segment the data the target audience should care about. There’s no more need for the 37,000 interviews, the 18 months. McKinsey used to charge $5 million, $10 million, $15 million to target a specific set of segments. That’s not necessary any more. Why not use the information and the knowledge of your customers to drive a set of demographics and that show how relevant conversations are happening in all of these places. Networked Insights can do this because of our overlay with Quantcast, Google, and comScore.We can pull that information back in now and look at different segments. Gone are the days of static segmentation and changing your segmentation every 18 months. Instead, we’re now in the era of dynamic segmentation or hyper-segmentation. That’s what we can accomplish by using this type of information.
- Bunch of rockets
- Paid, owned and earned – it’s all about sequencing. Which do you do first, when do you do it, and why do you do it? Example: EA Games is one of our clients. They were preparing to launch “Need for Speed 11,” so we took a look at “Need for Speed 10.” With “Need for Speed 10,” they spent $30 million on awareness advertising. But at some point, when they stopped spending, it plateaued. Then all of the sudden it took off by itself again. Why? That was the important question. We analyzed that. Where did it happen? How did it happen? What content areas drove it? We took that insight and pulled it back to Day One for “Need for Speed 11.” So for “Need for Speed 11” they ended up spending only $18 million instead of instead of $30 million, yet both their trajectory and awareness were greater. Why? Because we sequenced paid, owned and earned correctly. Our analysis showed that paid wasn’t the first thing they should do. Instead, we suggested they focus on earned and owned first because the product didn’t have credibility yet. In fact, we suggested that they should gain credibility by targeting something in earned media first. Once that credibility was in place, they could then “juice it” with paid. That’s how you approach the social media market and leverage SocialSense. It isn’t by saying these are three different silos that don’t interact with each other and they’re served by three different agencies. Instead, you should be having a discussion about all three in one room. It isn’t about media, PR, or social or about visual or TV. It is about paid, owned and earned media.
- Is Lady Gaga right for your brand?How would you knowRecent report – ni.com/ladygaga.com
- Celebrities – this is really ground-breaking use of social media data. For years people have used the Q Score or E Score to measure the familiarity and appeal of a brand, company, celebrity or television show. But they don’t use social data to gauge how big or small a particular celebrity is. At Networked Insights, we can identify the trend and trajectory around a certain celebrity and combine that data with the trend and trajectory of your brand to provide really useful insights.Example: Imagine being able to have a discussion with a celebrity and show him/her your brand has a this Q Score and that he/she, the celebrity, has that Q or E Score. Then imagine showing them the potential of combining the two scores together to create greater trajectory. This type of insight can allow you to have a totally different type of discussion/negotiation with that celebrity. Networked Insights just performed that type of analysis at the Super Bowl and shared the results with a number of the celebrities who were involved. Through those discussions, we were able to drive down or eliminate the transaction cost – the $3 million it costs to put a celebrity in the show or the $1 million it costs to put M&M in the commercial. Changing those equations is easy when you have analytics around your brand and around the celebrity’s brand.Dead Celebs!
- NFLLockout hear about tomorrow?NBA Lockout now tooHow are Major Advertisers like MillerCoors, BudwiseretcGoing to replace the millions of impressions they get from these leagues on TV and the tie ins associated with them offlineThis is something we are helping brands with right nowWe got a taste of this a few weeks back when …
- Content – how do we find content that’s valuable? Let’s use Discovery to guide the acquisition of it. By understanding the content taxonomy that your customers care about – they like sports, they like these types of sports, they like these types of celebrities, they like this type of content – then we can help you use those insights to determine the types of content you should acquire, other content that you should have made originally for your company, or other content that you want to publish on your sites. Let’s leverage the insight we gain from Discovery so we can use social data as the leading indicator of future media planning decisions.In this case we helped a client in a Competitive Brand lockout for the NCAA with some insights into how they can reach the same audience at a fraction of the cost of their competitor. We identified NCAA “upsets” as the driver of the maximum engaged traffic and suggested they buy last year and this years upsets to reach the same audience at a fraction of the cost.NFL Lockout?
- I like to say there is a big difference between Data and InsightsEveryone in the room has gotten at some point a Spreadsheet from a co worker filled with dataBut what does it mean and what do I need to do about itIn fact two people looking at the same spreadsheet could draw 2 different conclusionsMonitoring is a lot like raw data about your brandAnalytics is more like the insights on what you need to do differentlyCrisis – Dell hellSupport/Brand – AvayaLead Gen – Dell Avaya SAPProd Innovation/Research – KraftInteractive Buying – RIMCampaign Measurement – Electronic ArtsCustomer Segmentation – RIMMarketing Messaging – RIMOpportunities exist all over this spectrum to monitize social mediaAnd what really gets me excited is the returns get higher and higher as you go further into analyticsSo don’t listen to anyone tell you that there is no ROI in social media
- Paul Dunay has spent more than 20 years in marketing, creating buzz for leading technology companies such as Google, IBM, BearingPoint, Avaya and Cisco.Paul currently is the acting CMO of Networked Insights He has been a big advocate of social media and author of 4 “for Dummies” books his most recentbook Facebook Marketing for Dummies 2nd edition just launched in FebruaryHe was also named one of BtoBMagazine’s Top 25 Marketers of the Year for the 2nd year in a row!Paul holds a degree from MIT’s Sloan School of Management in Strategy and Innovation and a Bachelor degree from Ithaca College in Marketing and Computer Science.
- 12 Ways to Monetize Social Media A recent survey from the TSIA around social media says that 68% of companies don’t know or can’t measure the fact that they’ve received an ROI when it comes to an investment in social media. Most marketers have been focused on finding the right tools when in reality it the approach that is the problem. There are numerous approaches that could deliver an ROI in Social Media depending on your organization. In this presentation the speaker will help you to grasp a dozen opportunities to monetize social media. As well as illustrate how best of breed organizations are managing this channel to deliver a strong ROI.