Monetizing Social Media: Social Media as the Vehicle... not the Destination
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Monetizing Social Media: Social Media as the Vehicle... not the Destination

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This is a presentation I gave at the Utah Business Summit in Provo, Utah 3.13.2012. It was about Social Media ROI and specifically inside I cover 4 specific ROI opportunities that we should all be ...

This is a presentation I gave at the Utah Business Summit in Provo, Utah 3.13.2012. It was about Social Media ROI and specifically inside I cover 4 specific ROI opportunities that we should all be taking advantage of.

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  • Take some notes. Q&A at the end.
  • This is not a cheesy sales pitch on a product or software “that will solve all of your social media problems once and for all!”
  • This is not an energy packed presentation where I teach you how you can make millions of dollars with a new amazing fantastic business plan nobody has ever heard of!
  • Nor is it about Global Warming!
  • “Let me quickly tell you about me” My name is Chase Sagum…
  • So let’s first establish who we are essentially talking about when we say “Social Media”
  • And who could forget every woman's favorite?
  • The type of social media I am not talking about…
  • Different from marketing platforms of the past. Entirely controlled by the people instead of marketing organizations.
  • Value. Value. Value.
  • I believe that you can’t have one without the other. They NEED each other.
  • Tell story about University of Phoenix and the EDU Lead Gen market. You don’t want control of your message… you want people saying good things about you while you’re sleeping at night.
  • Sometimes just being involved in social media is enough of a differentiation between you and your competitors.
  • It’s not good enough any more to have just an “average” website. One Sharp Design plug-in.
  • Literally. All of them. As of June 2011 Twitter had 350 million users. As of Dec 2011 Facebook had 845 million ACTIVE users.
  • Some principles Social Media is built upon… without these you won’t succeed. Give Twitter example of these 3 in action.
  • Facebook and YouTube have built in analytics
  • Let’s talk about a few different ROI opportunities.
  • After $28 in Facebook Ads targeted towards Wal-Mart employees and a few YouTube Videos to go along with it… Orabrush lands a deal to have their product sold in over 3,500 stores nationwide.
  • Skyrocket helped me increase conversion rate from 1.23% to 2.21%. Results of A/B test after adding social icons.
  • Twitter note: using Ad.ly, Sponsored Tweets and MyLikes.
  • “Precise Interest” targeting is what it’s called in Facebook
  • What’s #tweets impact on a ranking? # of keywords? Etc. Also… the individual rankings of those social pages.
  • All we have to do is adjust our calculations to track it properly. To prove to ourselves that it’s worth our time and efforts.
  • For example: telemarketers don’t ask “what’s the ROI of a phone call?” instead they ask “what’s the conversion rate of our sales calls?”Email marketers don’t ask “what’s the ROI of this email newsletter?” instead they ask “what’s the conversion rate of our email blasts?”Social Media is very similar. You can’t just ask “what’s the ROI of social media?” You have to ask “what’s the ROI of specific activities that we engage in via social media?”
  • $20 or so on Amazon.
  • 15 minutes...

Monetizing Social Media: Social Media as the Vehicle... not the Destination Monetizing Social Media: Social Media as the Vehicle... not the Destination Presentation Transcript

  • Monetizing Social Media Social Media as the Vehicle… not the Destination + 4 Specific ROI Opportunities
  • What This Presentation Is Not…
  • @chasesagumA holistic and successful approach tomonetizing your social media efforts
  • 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
  • @chasesagumTruth #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.
  • @chasesagum Truth #3 = Social Media is an amplifier. Goodproducts or services are made to look great. Bad products or services are made to look terrible.
  • @chasesagumTruth #4 = Social Media and Content Marketing go together… like peanut butter and jelly!
  • @chasesagumTruth #5 = You don’t have full control of your message. So adapt!
  • @chasesagumTruth #6 = Differentiation from your competitors is critical
  • @chasesagumTruth #7 = Your website must Educate, Market and Sell
  • @chasesagumTruth #8 = Your blog is the hub of your social media presence and strategy.
  • @chasesagumTruth #9 = Social Media sites are where all the people are
  • @chasesagumTruth #10 = Trust in traditional advertising continues to erode.
  • 4 Keys to Success for Monetizing Social Media
  • @chasesagumThe 3 C’s of Social Media are…• Consumption• Curation• Creation
  • @chasesagumAuthenticity. Nobody likes “fake” people, especially in Social Media.
  • @chasesagumAutomation. Automating your social efforts just enough so you don’t lose authenticity
  • @chasesagumAnalytics & Reporting = how do you really knowif Social Media is working for you or not if you’re not tracking your efforts?
  • @chasesagumROI = (revenue – investment)/ investment *100
  • @chasesagumROI Opportunity #1 = Brand Development
  • 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
  • @chasesagumROI Opportunity #2 = Social Proof
  • 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
  • @chasesagumROI Opportunity #3 = Media Buying
  • Purchasing Ads Through…
  • @chasesagumMargin = (Revenue – COGS) / Revenue
  • • “Like” targeting
  • • Group targeting
  • • User targeting
  • @chasesagum ROI Opportunity #4 = SEO
  • @chasesagum In the world of SEO, Social Media acts as aranking signal telling search engines like Google that “this site isn’t spam and we can prove it!”
  • @chasesagumCorrelate & Isolate SEO Data
  • @chasesagum Reputation Management
  • @chasesagumGet your social profiles ranked to improve your reputation online.
  • 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
  • @chasesagumSocial Media helps turn prospects intocustomers, and helps keep customers
  • 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?
  • @chasesagumMy Soapbox = Focus on Small Wins!
  • @chasesagum Social Media is the Vehicle, not thedestination when it comes to monetization
  • 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- videos/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