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The Fourth Gear - Monetization
 

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 ...

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 The Fourth Gear - Monetization Document Transcript

    • 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.