The Fourth Gear - Monetization
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The fourth gear is monetization which helps you convert, deliver, satisfy and upsell. This final step is impossible without the previous three gears’ presence making this system a viral and long lasting solution.
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The Fourth Gear - Monetization
- 1. Sephora community superfans spend 10x more than average customers the direct impact of community on monetization is purchase influence the Best Buy community generates $5M in support savings and sales advocacy annually The National Instruments support community saves $7.5M per year in call deflection 30 Lenovo superfans have created 1,200 knowledge base articles and 44% of accepted solutions the indirect impact of community on monetization is: marketing effectiveness increased innovation moving directly from acquisition to monetization is a poor strategy Facebook is great for awareness; communities are best for conversion your performance gear, the part of the machine that helps you convert, deliver, satisfy and upsell. key challenge: it’s easy in the short term, but impossible in the long term without all of the other gears is your monetization gear spinning? • Are your social strategies fully integrated with your monetization engines (e.g., your e-commerce and CRM system)? • Do you have strategies to innovate the social customer experience in your customer community (i.e., do you focus on the point of transaction or the customer journey to that point)? • Do you engage your potential customers before monetization? • Do you continue to engage your customers after monetization and enlist your most passionate customers? • Are your business KPIs well-aligned with the type of community you have developed (e.g., are you looking to deflect calls with a support community or increase SEO with a marketing community?) strong customer relationships increase loyalty and enable repeat monetization reduced support costs skipped or weak engagement/ enlistment gears: • generates churn • devalues the brand • restricts growth • increases cost of lead gen awareness interest desire action Lithium social software helps the world’s most iconic brands increase loyalty, reduce support costs, drive word-of-mouth marketing and accelerate innovation. The leader in social customer experience, our SaaS platform turns social customer knowledge into support at scale and customer passion into competitive edge.