Monetizing Social Media: Proven Strategies for Driving Revenue and New Customer Acquisition
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It’s time to turn all the social media marketing talk into business results. In this presentation, you will see in-depth case studies from multiple brands that have successfully leveraged social referral programs to acquire new customers at a lower cost per acquisition (CPA) than any other channel.
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Monetizing Social Media: Proven Strategies for Driving Revenue and New Customer Acquisition
- 1. Monetizing Social Media November 18, 2009 , Presenters: Kara Trivunovic, Sr. Director of Strategic Services, StrongMail Matt St M tt Stewart, Marketing Associate, Zecco t M k ti A i t Z PROPRIETARY AND CONFIDENTIAL
- 2. Agenda #SoMe • Introductions • How Marketers are Monetizing Social Media • Case Studies • Mint.com • Hyatt Concierge • CSN Stores • How Zecco Generated 14% Lift in New Account Acquisition • Getting Started Proprietary and Confidential | 2
- 4. Online Marketing Solutions for Email and Social Media StrongMail enables marketers to reach, engage and influence their target audience. • Reach audiences with a powerful, cost-effective email marketing platform • Extend the reach of your existing f campaigns into social media • Engage audiences by leveraging creative services and cutting-edge strategy • Identify and Influence your strongest brand advocates
- 5. A Few of Our Customers Proprietary and Confidential | 5
- 6. It’s No Secret… Marketers are Leveraging Social Media #SoMe Proprietary and Confidential | 6
- 7. How Can You Monetize It? #SoMe •L Leverage it natural strengths. its t l t th • Build awareness with key influencers, peer influencers and social influencers. • Enable your customers to spend their “social capital” for you and promote your brand or offer on your behalf. Proprietary and Confidential | 7
- 8. The POST Methodology #SoMe People eople. Understand U d t d your audience and what motivates th di d h t ti t them. Obj ti bjectives. Identify what you are trying to accomplish and why. Strategy. Define the best approach to meeting and exceed objectives. Technology. Determine the tools you need to get the job done. Proprietary and Confidential | 8
- 9. Marketers are… Acquiring New Customers #SoMe 9 Proprietary and Confidential |
- 10. Marketers are… Acquiring New Customers #SoMe Proprietary and Confidential | 10
- 11. Marketers are… Acquiring New Customers #SoMe Streamlined Interface drove higher invites per user.
- 12. Marketers are… Acquiring New Customers #SoMe One mailing drove a 44% lift in New Users versus prior week Actual Opened: 48% Invited Friends: 10% Average Invites: 5 New Users per Invite: 1: 2.6 Average CPA: $0.50
- 13. Marketers are… Servicing their Customers #SoMe 13 Proprietary and Confidential |
- 14. Marketers are… Driving Purchases #SoMe Proprietary and Confidential | 14
- 15. Marketers are… Driving Purchase #SoMe Proprietary and Confidential | 15
- 16. Social Media’s Positive Impact on Email #SoMe Proprietary and Confidential | 16
- 17. Monetizing Social Media If you offer a free service, you may monetize your business by driving site traffic and advertiser #SoMe impressions – increased subscribers may have a direct correlation to site traffic allowing you to attribute a lifetime value to the acquisition of a new customer. Driving D i i customer service t t i type conversations in 140 ti i characters or less on Twitter may be successfully measured by reducing call-center traffic which offer residual savings rather than producing revenue. g p g Your primary objective may be to drive subscription or enrollment but true success is measured by the actual incremental revenue that’s driven from that referral base. Not just revenue – but incremental purchase behavior.
- 18. #SoMe How Zecco Generated 14% Lift in New Account Acquisition Matt Stewart Marketing Associate, Zecco Proprietary and Confidential | 18
- 19. About Zecco #SoMe Zecco.com is a financial portal of Zecco Holdings, Inc., which also provides access to Zecco Trading, Inc.'s trading service. Zecco Holdings, inc. is not a securities broker/dealer. All securities and investments are offered to self- directed investors by Zecco Trading, Inc. Member FINRA /SIPC. More information is located on the disclosures page: http://www.zecco.com/trading/tradingpolicies.aspx http://www zecco com/trading/tradingpolicies aspx All material presented is for educational and informational purposes only and should not be construed as advertisement or an offer for brokerage services. Content may not be presented in its entirety, out of 19 date or time-sensitive. | For more information about Zecco Trading, Inc., please visit www.zecco.com. Proprietary and Confidential
- 20. Zecco Friends Program: First Generation #SoMe Existing referral program designed to drive new customer acquisition. • July 2007 to July 2009 Worked well • Generated 6% of all accounts • 11% of allocated accounts Offer history • $50 with no funding minimum • $65 with 1¢ minimum • $75 with $500 minimum Proprietary and Confidential | 20
- 21. Opportunity to make it better #SoMe Previous “Unsocialized” Program Social Opportunity No social media Expand reach into social media No ZeccoShare integration Leverage the community Other Opportunities No reward choice Improve reward capacity No A/B testing Test offers, creative and copy Confusing customer status page Reduce customer service calls No internal reporting interface Streamline program management 21 Proprietary and Confidential |
- 22. Website Integration www.zecco.com/zeccoshare 22 Proprietary and Confidential |
- 23. One-click Facebook Integration #SoMe 23 Proprietary and Confidential |
- 24. Status Page #SoMe Old- Misleading Old Mi l di New- Clear 24 Proprietary and Confidential |
- 25. Testing #SoMe 40% of accounts f t 39% of accounts 21% of accounts * Test conducted with equal numbers of emails and ad impressions. 25 Proprietary and Confidential |
- 26. Employee Link Program #SoMe 26 Proprietary and Confidential |
- 27. Post-Purchase Engagement #SoMe 27 Proprietary and Confidential |
- 28. The Results: Acquisition Boost 250 Referral Accounts, 2009 #SoMe 200 150 100 50 0 J F M A M J J A S » 26% week-to-week growth for 1st 7 weeks after launch (184% overall) » 14% boost in overall acquisition » One new account for every 2.2 inviters » Already cost-effective program became lowest CPA channel cost effective Proprietary and Confidential | 28
- 29. The Results: Social Leverage #SoMe » 9% of visitors to ZeccoShare to become influencers for the brand » 85% referred friends via email » 15% referred via websites and social networks » While more people shared via email, posting to social networks generated 2.5 times as many clicks. 29 Proprietary and Confidential |
- 30. Conclusion #SoMe • Simple • Easy • Effective Proprietary and Confidential | 30
- 31. Let’s Recap… #SoMe DO: identify opportunities to leverage social channels to enhance your marketing efforts DON’T: create a reason to use social just to say you leverage social marketing l i l k i DO: get relevant and personal DON’T: over communicate or be pushy Proprietary and Confidential | 31
- 32. Let’s Recap… #SoMe DO: monetize social marketing through existing metrics and goals, goals like: • Measuring lift in site traffic over a previous time period • Creating additional advertiser impressions g p • Acquiring new customers • Reducing call center traffic • Driving incremental revenue for your business Proprietary and Confidential | 32
- 33. Get Started Today #SoMe 1. Check out the Zecco case study and others to see how StrongMail clients are successfully leveraging Social Influence Marketing. Marketing http://strongmail.com/resources/our-customers/case-studies.php 2. Inventory your current programs to identify possible opportunities for growth. Do you have an existing referral program that could benefit from social media? 3. Give us a call! We’ll help you build a strategy and approach for incorporating social marketing efforts in to your programs – successfully! Proprietary and Confidential | 33
- 34. Questions? • Visit www.strongmail.com • Whitepapers • Case studies • Webinars • Blogs • Twitter: @strongmail Kara Trivunovic 219.365.6445 ktrivunovic@strongmail.com Matt Stewart 650.645.1266 matt.stewart@zecco.com hello.zecco.com/matt