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Monetizing Engagement

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10 tips non-profits can use to monetize engagement.

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Monetizing Engagement

  1. 1. Optimize Relationships 10 Ways to Monetize Engagement May 26, 2015
  2. 2. 2 Kathy Herrmann Principle Business Consultant, Personify kherrmann@personifycorp.com Paul Gannon VP Marketing, Personify pgannon@personifycorp.com
  3. 3. 3 Customer Engagement refers to the actions (interactions) a customer has with an organization.
  4. 4. 4 Customer Experience is the perception or emotional experience customers have of all their interactions with an organization.
  5. 5. 5 "Customers who had the best past experiences spend 140% more compared to those who had the poorest past experience." - Peter Kriss, Customer Experience Research Scientist at Medallia and the Director of Research for Vision Prize, HBR article
  6. 6. 6 Monetize engagement, with positive experience, to capture increased revenues.
  7. 7. 7 1. Incentivize members to complete online profiles.
  8. 8. 8 83% of customers feel positive about an org that puts to good use the information and data they hold on their customers. - Esteban Kolsky, ThinkJar. Customers are responsive to orgs that generate value for them.
  9. 9. 9 Customers want well- targeted products and services. 20% will complete feedback questionnaires & 20% will give demographic feedback to facilitate targeting. - Kolsky.
  10. 10. 10 Member information also forms the building blocks of much that follows.
  11. 11. 11 2. Align your content… …with new and existing sources of recurring revenue.
  12. 12. 12 Go beyond marketing benefits of content generation like brand awareness. Find ways to use content to sell products… …or make content the product itself. Eg. subscriptions for premium content.
  13. 13. 13 Ebooks. Infographics. Slidedecks. White papers & reports. Worksheets & templates. Videos. Case studies. Blog posts. Podcasts. Directories.
  14. 14. 14 3. Create multi-platform engagement 84% of customers have a positive impression of orgs that communicate in the channel of their preference. - Kolsky
  15. 15. 15 Give members opportunities to engage and buy… …across all platforms.
  16. 16. 16 Use stored member information to accelerate online registration and payment.
  17. 17. 17 4. Stimulate gamification Taking a website, a web app, an online community, etc. – and integrating game mechanics into it to motivate participation, engagement, and loyalty.
  18. 18. 18 Example – Gamify fundraising. Create a framework so supporters can: • Launch their own peer-to- peer fundraising campaign. • Showcase sponsors, assign teams, organize events. • Track their results & compare to other groups.
  19. 19. 19 5. Monetize mobile. McKinsey analysts estimate that app-related revenues reached $25 billion in 2013 and will rise to more than $70 billion by 2017.
  20. 20. 20 • Make data available through APIs (web interfaces) — Consider partnering with other orgs that will leverage your data. • Revenue models: • Pay-per-use. • Subscription model. • Revenue-sharing.
  21. 21. 21 6. Implement cross & up-selling Cross-Selling adds to 0.2% of sales (such as displaying “people who bought this item also bought”). Up-Selling (in which visitors are shown similar but more expensive products) drives over 4% of sales. - Ash Web Studio.
  22. 22. 22 Upselling performs 20x better than cross-selling when it comes to product pages. Cross-selling is much more effective when presented on check out pages versus product pages.
  23. 23. 23 According to Forrester research analyst Sucharita Mulpuru, product recommendations are responsible for an average of 10-30% of eCommerce site revenues. 7. Foster product rating and reviews
  24. 24. 24 Google favors fresh user- generated content in its search results. 25% - 35% traffic for large e-commerce sites is organic search (SEO). Here’s why…
  25. 25. 25 8. Monetize Community
  26. 26. 26 Provide premium content or subscription(s). Marry with free.
  27. 27. Match product offerings with content. 27
  28. 28. 28 Offer top engagers exclusive offers.
  29. 29. 29 • Recruiting / Jobs Classified. • Advertising – Your products and affiliates.
  30. 30. 30 "Advertisers worldwide will spend $23.68 billion on paid media to reach consumers on social networks this year, a 33.5% increase from 2014. By 2017, social network ad spending will reach $35.98 billion, representing 16.0% of all digital ad spending globally.“ - eMarketer
  31. 31. 31 Marry web stats with engagement stats to build strong case for $$$ ad rates.
  32. 32. 32 9. Reward engagement
  33. 33. 33 Give discounts to volunteers or other high engagers as measured by your engagement system. Give a freebie…add an opportunity to up-sell or cross-sell.
  34. 34. 34 10. Sell your most engaged member list… …or let other companies advertise to your most engaged customers.
  35. 35. 35 Because your partners will be as interested in your most engaged members as you are.
  36. 36. Summary 1. Incentivize members to complete online profiles. 2. Align your content. 3. Create multi-platform engagement. 4. Stimulate gamification. 5. Monetize mobile. 6. Implement cross- & up-selling. 7. Foster product rating and reviews 8. Monetize Community. 9. Reward engagement. 10. Sell your most engaged member list. 36
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