Followers, fans
and fairytale
endings:
how to monetize
social media
Morpheus: This is your last
chance. After this, there is no
turning back. You take the blue
pill, the story ends, you wake
up in your bed and believe
whatever you want to believe.
You take the red pill, you stay
in Wonderland and I show you
how deep the rabbit hole goes.
The Matrix, 1999
There may once have been a time when executives could
close their eyes, stick their fingers in their ears and pretend
that monetizing social media was a fiction. But the firms
taking that blue pill are becoming fewer and fewer. We’ve
started down the rabbit hole, and there’s no going back now.
Indeed, anyone hoping for a return to the days when a one-way, one-to-many marketing approach
was the only way to communicate is living in a dream. Consumer expectations have changed, driven
by smartphone ubiquity, always-on connectivity and the advent of social networks that enable people
to share, compare and collaborate in a nanosecond; meanwhile the rise of roles such as the chief
listening officer are testament to the changing dynamic of the provider-customer relationship.

The social media Wonderland offers a wealth of opportunities – and businesses had better be able
to respond.

For some firms, this might seem a daunting new reality. And in many ways, it is. Most recognize that
getting to grips with social media is essential, but building genuine online relationships that show
clear, measurable links to the bottom line has proven difficult. In fact, it’s the $64,000 question: how
do I make money off the back of my social media efforts?

There’s been a lot of trial and error. There have been mistakes made along the way. But while
monetizing social media is difficult, it’s not impossible. Does anyone have the definitive answer?
No. But plenty of firms are seeing returns on their social media campaigns and turning better
communication into bigger profits.

Monetizing social media is the new reality. Social media is already proving to be a game-changer for
firms looking to reduce costs, drive sales and build better brand engagement. You could join them.
Take the red pill. Our social media roadmap will show you how…
01-
FIRST STEPS:
LOCATE,
LISTEN &
LEARN
               It’s no longer enough just
               to ‘do’ social media; you
               need to ‘get’ it as well.
               Twitter, YouTube, Facebook,
               LinkedIn – each platform
               offers a different experience
               and attracts a different
               customer base. So, think:
               where is the market?
JAmES mINER                                               JEFF HAyzLETT                                              THOmAS mARzANO
                  SVP DIgITAL mEDIA                                         FORmER CmO                                                 gLObAL CREATIVE DIRECTOR
                  ESPN STAR SPORTS                                          KODAK                                                      ONLINE COmmS, PHILIPS



Social marketing works best when                          I look at all the social media tools                      Brands need to learn to listen
you listen first.                                         and approach them all.                                    before they speak, to find out what
                                                                                                                    consumers have to say.
We have to remember to always have a measurable           Let’s get engaged on social media. There are
approach that starts with what’s already happening        conversations going on over the internet, out there       We learn so much through what people say in the
– so that when you do actually act in a social media      on social media platforms like Twitter, Facebook          social space and what people are telling us through
space or in any of these interactive forums that let      and on blogs, and those conversations are going to        blogs, either by them directly interacting with us, or
the consumer’s voice into your strategy, you already      happen whether you’re there or not – they’ll take place   through the research that we do – there are so many
have an idea of the environment you are entering          either with you, or without you, so why not join the      ways to learn and to listen. It’s very easy to get stuck
into. That way, your relevancy and your connection        conversation?                                             in your function with your own responsibilities and
will be much better at the first attempt.                                                                           objectives, but if we forget to listen to what people
                                                          I talk about ROI being your return on ignoring, and if    say, we will never be able to orchestrate a unified
You don’t need to spend a lot of money on tools. You      you ignore these conversations and these customers        experience for these people.
need to understand what you’re trying to measure.         then I can tell you what your return is going to be:
And sometimes what you’re trying to measure is            nothing. You need to get the word out there and turn      But it’s not just a question of listening; it’s also about
how few times people hate you for poor service as         people into brand ambassadors.                            interpreting what that all that chatter means. It’s about
opposed to your competitors, not how much they love                                                                 understanding the emotional journey that people go
you. Put a stop to the bad conversations in social                                                                  through when they interact with your brand or with
media to start with, then you can build with less noise                                                             the category that your brand wants to be in. A brand
around your brand.                                                                                                  is what people think it is. And, if we fail at any one of
                                                                                                                    those points in the journey, it doesn’t matter how good
                                                                                                                    you are in the others; that’s the thing that they will
                                                                                                                    remember you by.
mAx FORD
                        gLObAL CONFERENCE DIRECTOR
                        iSTRATEgy


Social media has unique potential to reach valuable interest                                     QUICK NOTE
groups, but momentum has to be earned. Social marketers
must be intelligent, focused and perceptive from day one.
                                                                                                 1. Find the platforms. Which networks         “The most
Shouting the benefits of your product over the noise of a crowded conference floor won’t get
                                                                                                     are seeing the most buzz among existing   valuable
                                                                                                     and potential customers?
you any deals. But introduce yourself into smaller groups – circles of meaningful discussion –                                                 promotional
and there’s business to be had.
                                                                                                 2. Do your homework. Align campaign           social spaces
                                                                                                     goals with the habits and preferences
For companies new to social media, this requires a departure from traditional marketing
                                                                                                     of customers communicating across
                                                                                                                                               are created
habits. There is a profound difference between the one-way channels of traditional marketing
and the personalized, interactive world of social networking.
                                                                                                     different networks                        by users
                                                                                                                                               themselves”
Patience, and a fair amount of humility, can go a long way. The most valuable promotional
                                                                                                 3. Take your time. Successful campaigns
                                                                                                     are more about steering discussion
social spaces are created by users themselves; the most effective campaigns are there to
                                                                                                     than they are broadcasting promotional
shape and steer discussion.
                                                                                                     material
For instance, at a recent iStrategy event in Melbourne, Facebook’s Matt Hehman explained
how Toyota’s use of Facebook in the wake of its recall crisis proved the value of listening.
                                                                                                 4. Go with the flow. At their core, social
                                                                                                     networks create themselves. Make the
The company discovered brand loyalists who helped it rebuild its damaged image. Without
                                                                                                     most of it
sensitivity to unscripted conversations going on around the Toyota brand, these stories would
have gone unheard.
                                                                                                 5. Keep your ear to the ground.
                                                                                                     Discover what themes and topics               The average
Social networks are defined by freedom of expression and freedom of choice. What are
                                                                                                     customers are already engaging with          Facebook user
customers saying about what they want from their brands? What questions are they asking?
What complaints are they making? This kind of insight can only be gained from social media.                                                      is connected to
                                                                                                                                                  80 community
Brands would do well to make the most of it.                                                                                                      pages, groups
                                                                                                                                                   and events.
LOCATE, LISTEN & LEARN
If your brand is out there,
the chances are people are
talking about it already.
Make sure you know what
they’re saying so you can
respond appropriately.
02-
JOIN THE
CONVERSATION:
gET ENgAgED If you aren’t part of the
            conversation, why are you
            even here? It’s a serious
            question all brands should ask
            themselves when solidifying a
            social strategy. The success of
            engagement is about give-
            and-take, and having brand
            personality.
KIRK mCDONALD                                           THOmAS mARzANO                                            LUUK DE JAgER
                  FORmER PRESIDENT OF DIgITAL                             gLObAL CREATIVE DIRECTOR                                  CREATIVE DIRECTOR FOR ONLINE
                  TImE INC.                                               ONLINE COmmS, PHILIPS                                     bRANDINg, PHILIPS



Today’s audiences are no longer                         The world of tomorrow will look                          One of our challenges is how we
content being passive listeners.                        more like the world of the past                          engage in lasting conversations
                                                        than the world of today.                                 with the consumer.
They want to participate. They want to have their
voice heard and they want to find a way to make         People came together at market squares and souks         To do this we create what we call ‘simplicity
sure that their opinions get shared. They enjoy         to engage with brands, entrepreneurs and merchants,      stories’, engaging with people in a natural
creating a personal brand value that is tied to         to buy goods, to share experiences, to have a coffee     way. For example, asking ‘how would you be
sharing the experiences they’ve had.                    together, to judge what the merchants had in stock,      beautiful every day?’ Or, ‘what makes you healthy
                                                        to have a personal connection with the actual person     throughout the year?’
When you push in an environment that is about           who was selling to you. This quality has been an
dialogue, usually you alienate faster than you          intrinsic part of our cultures all over the world and    We also used engaging content, turning the
win new friends. Everything in this environment         it’s one we lost during the industrial age. Big retail   traditional product manual into a kind of sitcom – a
has to have honesty and trust behind it. So when        environments meant the personal connections with         story that unfolds over the months, which gained
conversations are enabled and scaled on this            brands and people were lost.                             fans immediately and explained the benefits of
platform, brand consistency becomes even more                                                                    certain products.
critical. You have to figure out what the message is    With the power of social media, this old tradition
that you bring for your product or service, and bring   is coming back on a much larger scale. It’s global.      By using this consistently across different touch points
to what constituents to make it happen.                 You’re able to connect with a lot more people. But the   – for instance Facebook, YouTube or Philips.com –
                                                        driving need, the driving behavior from a people point   and syndicating it to our e-commerce partners, we
                                                        of view, is exactly the same as the one that has been    started to draw quite a sizeable fanbase, or group, or
                                                        there for centuries: the desire to engage.               a community of people over a number of touchpoints,
                                                                                                                 driving them into conversion and creating a certain
                                                                                                                 amount of loyalty and curiosity about the next event.
ROSS DENSLEy
                        gLObAL CONTENT & SOCIAL mEDIA
                        mANAgER, iSTRATEgy


With the advent of social media we no longer talk to                                               QUICK NOTE
brands, we talk to people. In short, at its core – beyond
all the pomp and gesturing – social media is about
personalized engagement.                                                                           1. Have a personality. I’ve said it before          “Engaged and
                                                                                                       and I’ll say it again: people talk to people,   empowered
                                                                                                       not brands. Take the personal approach
The simple truth is a lack of conversation on a B2B or B2C level can really alienate one                                                               customers are
brand and endear another. Through social media channels like Twitter, customers can                2. Don’t treat customers as a                       more loyal
become lifelong fans of a brand, and most importantly, spread the love (in this case, a good           soundboard. Smashing out promos
experience) to their friends with one click of a mouse.                                                all day will not endear you to potential
                                                                                                                                                       and willing
                                                                                                       customers. Get to know them and react           to share their
At iStrategy Amsterdam, Julien Fourgeaud of Rovio (developer of Angry Birds) explained
that Rovio answer all queries and engage fans on Twitter. He was quick to express how
                                                                                                       accordingly                                     experiences”
tough a job it was, but that it was a job worth doing; it makes customers feel engaged and         3. Produce quality content. Producing
empowered. And it doesn’t take a social Einstein to work out that engaged and empowered                content gives customers an excuse to
customers are more loyal and willing to share their experiences. The result? A better ROI.             engage with you, but make sure it is fresh
                                                                                                       and original to keep them coming back
As Jeffrey Hayzlett, the former CMO of Kodak has said, there are conversations going on with
or without your brand on social platforms. Why not get your corporate feet wet and start talking   4. Get on the same page. Social media
to your customers on a personalized level? Two-way discussions on blogs or Twitter or any              engagement shouldn’t be restricted to the
social platform should be a no-brainer for a brand that is serious about their social strategy.        social media manager. Everyone in your
                                                                                                       business should be keen to engage

                                                                                                   5. Listen! Social media engagement is a                22%
                                                                                                       great way to learn more about your brand          of total time on
                                                                                                       – what you could do better and how. So             the internet is
                                                                                                       listen to the customer!                           spent on social
                                                                                                                                                            networks.
gET ENgAgED
Becoming part of a
community is a great
way of endearing your
brand to potential
customers, and it’s a fine
way to understand what
customers feel about
your brand.
03-
CREATINg
ADVOCACy:
FANS AND     An advocate is somebody



SUPER FANS
             that helps potential customers
             believe in the brand or
             believe what the brand stands
             for – and the value of having
             somebody recommend your
             brand to others is immense.
             But how do you find and
             engage these super fans?
mANNy ANEKAL                                             JEz FRAmPTON                                            HARESH KHOObCHANDANI
                  gLObAL DIRECTOR OF bRAND                                 CHIEF ExECUTIVE OFFICER                                 CHIEF mARKETINg OFFICER
                  ADVERTISINg, zyNgA                                       INTERbRAND                                              mICROSOFT ASIA PACIFIC



Fans are really the most vital aspect                    We always believed our friends                           Be smart about indentifying who
of our network and our platform.                         more than we believed anyone else.                       the influencers are.

We have a big focus on monitoring our super fans         The difference is we can now access them in a            Who are the people starting conversations?
and making sure that they’re happy. We focus on          nanosecond, and we can also talk to a very wide          Identify the people who are actually influencing
bringing our super fans to Zynga HQ all the time, we     base of people around the world. But while social        what other people are saying and thinking, and
show them around, show them the game studios,            media is becoming increasingly important, it is not      then figure out how to bring these influentials in
talk to them about what features they like best, what    a strategy in itself. It is a mechanism whereby you      for a discussion, for a dialogue – not once, but on
they would like to see in the game in future.            can achieve things.                                      a regular basis.

It’s the 1/9/90 rule: one-percent of your audience       Your goal is not to have a Facebook page. Your           The moment you do that, you start to build trust
– the super fans – are going to be the ones who          goal is to develop your business and increase the        and build a good connection where there’s a real
spread the most social messages and generate the         degree of engagement with your consumers and             dialogue taking place, and that allows them to get
most conversation; the next nine percent are going       your people. So you should always force yourself         out there and be real advocates for your brand.
to basically help share that; and the other 90 percent   back to the fundamental strategies that drive your
are going to consume that content. So if you can find    business and your brand.                                 It takes time and it takes effort, because you’re
that one percent that really cares about your brand,                                                              doing it one-to-few, not one-to-many. It doesn’t
it’s critically important.                               Social media and the proliferation of enabling devices   scale. But when you do it with lot of transparency
                                                         is changing the way that we buy, the way that we think   and you do it in a genuine fashion, you win hearts
                                                         about brands, the way that we think about interactions   and minds very, very quickly.
                                                         with each other. These are fundamental changes
                                                         in the way that humans behave. And that creates
                                                         enormous opportunity for all of us.
RICHARD OWEN
                         VP bUSINESS DEVELOPmENT
                         iSTRATEgy


This might come as a wake-up call to all those people                                                   QUICK NOTE
out there sweating over building up their likes, followers
and fans, but here it goes: social media is not a popularity
contest, and followers do not equal influence.                                                          1. Look for evidence of influence.
                                                                                                            Examples include comments on blog
                                                                                                            posts, high follower counts, active
It’s a widely held misconception that social media is a high volume game. Instead, what really              discussion threads, frequent updates,
counts is the value of the connections you do make. Not all social recommendations are                      Google ranking
created equal – because not all consumers are created equal.
                                                                                                        2. Engage with them. Obvious, right? But
While most consumers are content to occasionally retweet a promotion or like a Facebook                     engaging with advocates on their own turf
page, there is a hardcore group of people who talk about brands habitually, debating product                – social media channels – is essential to
benefits on blog posts, writing in-depth reviews, engaging with brands via Twitter and                      earning their respect
Facebook – and influencing others in their thousands. With a few well-chosen words, these                                                               Facebook research shows
highly connected ‘advocates’ can almost singlehandedly kickstart consumer trends and                    3. Get samples in their hands. Give             social context within
                                                                                                                                                        branded marketing on the
initiate buying habits across the web.                                                                      advocates experience with the product       site generates:
                                                                                                            so their reviews will be personal and
Advocates are prolific creators of information. They influence the opinions and purchases of their          more meaningful                             1.6x lift in brand recall
friends. They love to talk and are probably already talking about your brand. They like to use social                                                   2x lift in message
media to help people. And most importantly, they want to be known for their valuable insights.          4. Give them insider status. Anything that      awareness
                                                                                                                                                        4x increase in purchase
                                                                                                            feels exclusive (samples, access, sneak     intent
Unless you already have a superbrand like Nike or Apple – and even if you do – your brand                   peeks at new products) is compelling –
needs these advocates to help develop ‘social media magnetism’ before you can look to make                                                              By getting someone to
                                                                                                            and compelling gets talked about            engage with your brand on
any money. Finding, engaging, developing and nurturing key influencers who will evangelize on
                                                                                                                                                        Facebook in a meaningful
your behalf is therefore an essential step on the road to effective social media monetization.          5. Encourage dialogue. Marketing has to         and authentic way, that
                                                                                                            be a two-way street, and frequent, open,    person’s friends are
                                                                                                                                                        potentially four times more
                                                                                                            responsive communication will pay long-     likely to purchase your
                                                                                                            term dividends                              product
CREATE ADVOCATES
When the most effective
marketing can come
from consumers
themselves through word
of mouth, who wants
to spend millions on
advertising, promotions
and product placement?
04-
mONETIzATION:
FROm
FANS TO
CUSTOmERS
                Moving engaged users
                from random fandom to
                hand-in-the-pocket custom
                may not be the strapline
                on your social media vision
                statement, but it is the hard
                line that should run through
                every campaign and every
                engagement.
mATT HEHmAN                                                   JEFF WEINER                                               JAmES mINER
                   DIRECTOR OF SALES                                             CHIEF ExECUTIVE OFFICER                                   SVP DIgITAL mEDIA
                   FACEbOOK                                                      LINKEDIN                                                  ESPN STAR SPORTS



Levi’s are one of the best marketers                          It’s important to realize that with                        If you can’t figure out how to make
on Facebook because they don’t                                B2B it’s not always about sheer                            it work, trying using social media
just use it as a platform for                                 volume or scale.                                           as an HR tool and watch it impact
communicating with people.                                                                                               your bottom line.
                                                              Typically with B2C you see people trying to go after
They have enabled their website with social plug-ins so       the largest possible audience, but with B2B we’re          We helped our HR team recruit hundreds of
that I can ‘like’ certain pairs of jeans, but can also log    seeing more of a focus on influencers.                     people through social media, reducing our
into the Levi’s website and see all my friends who have                                                                  recruitment fees and therefore showing an
interacted with that site and what they liked.                For example, Philips has a very large B2B                  immediate return. So there are ways that we can
                                                              operation, and one of those businesses is                  do things that are very measurable, very finance-
It also tells me if friends’ birthdays are coming up. So      healthcare supplies. So when they’re trying to             oriented and very important to the business.
say I go there to look at jeans for myself, but then          reach potential customers for their radiology
realize it’s my brother’s birthday and he likes a certain     equipment, they’re not trying to reach every single        You don’t need to spend a lot of money on tools.
pair of jeans, I can then buy them as a gift. It’s ended up   radiologist; instead, they try to target the influential   You need to understand what you’re trying to
driving a twofold increase in traffic back to Levis.com.      radiologists – the ones who affect the purchasing          measure. Over 36 percent of all conversation in
                                                              decisions of others in their field. So what’s the best     social media contains a brand reference. The
It’s about how much engagement you can generate,              way to do that?                                            ‘social object’ is what people talk about, and 36
because that’s what generates sales. Macy’s does an                                                                      percent of the time the thing they’re talking about
incredible job of that. They created a Mother’s Day           One way they found to be extremely effective is to         is your brand. So this is not a leap of faith; it is a
campaign around being able to thank your mother via           create a custom group on LinkedIn, where they can          market priority.
Facebook, and buy things for her – more specifically,         actually stimulate conversation amongst healthcare
having your mother recommend things that she would            professionals, and it has really exceeded their
actually want. I think that creates a really relevant         expectations – both in terms of the number of
experience. It’s something that’s easily shared and           people they were able to draw into the group, and
creates more engagement, it’s not just about likes.           the level of engagement of the people participating
                                                              in those conversations.
ADAm bURNS
                        DIRECTOR OF CUSTOmER
                        ExPERIENCE & mASTER OF
                        CEREmONIES, iSTRATEgy

Social media is awash with buzzwords like relationships,                                           QUICK NOTE
dialogue and engagement. But often one wonders what is
below the buzz – where are the guts of the thing? They are
here, in these five words: turn fans into paying customers.                                        1. Levi’s. Enable your website with social
                                                                                                       plug-ins
I once asked Alex Hunter – brand consultant, angel investor, digital ninja and friend of           2. Macy’s. How can YOU best enable
iStrategy – who had got it right: who had managed to create fans and turn them into paying             customer engagement?
customers online.                                                                                                                               You down with
                                                                                                   3. Philips. Target influential customers,    OPM?
“Jet Blue [a domestic airline in the US] has nailed it,” he told me. “They tried things and they       provide a place to talk, stimulate the
made mistakes, and then they learned from those mistakes and now they have a great social              conversation                             Make your content as
brand. Their initial Twitter presence was price, price, price, price, promo, sale, distressed                                                   portable as you can.
inventory, and people were like, ‘Ugh, this is a completely one-way conversation; you’re not       4. ESPN. Monetization can mean cost-         It means everything
listening to me.’                                                                                      reduction                                that you create – every
                                                                                                                                                e-mail, every sale,
“They realized that you have to have a mix of conversation between users, acknowledging            5. Jet Blue. Reply to your fans and          every promo, every
feedback, understanding concerns… people asking, ‘What terminal does my flight go out of?’             followers and reward them exclusively    coupon – can be
Which seems like a very mundane question, but all someone has to do is reply and you think,                                                     broadcast with one
‘Oh wow, they were actually listening to me.’                                                                                                   click by your audience
                                                                                                                                                back into their social
“That’s a very empowering, wonderful feeling. And then you sprinkle in promos exclusively for                                                   network. Result:
the people that follow you on Twitter. And what are they going to do with that? They’re going                                                   genius marketing with
to retweet it and they’re going to send it to all of their friends.”                                                                            OPM (other people’s
                                                                                                                                                money)
Suffice to say JetBlue make money from their social media strategy. And you can bet your
bottom dollar that money is a buzzword business will never tire of.
mONETIzATION
Like the stick in a
candyfloss, paying
customers enable you
to deliver the sweet and
fluffy stuff. Without
them, you’re just left
with a sticky mess.
05-
USINg mETRICS:
mEASURE IN
ORDER TO
mANAgE
             The need for informative
             measurement is obvious.
             As marketing departments
             allocate ever-larger budgets
             to social media strategies,
             there is growing incentive to
             quantify campaign success.
RICK WION                                                  FREDERICK TOWNES
                    DIRECTOR OF SOCIAL mEDIA                                   CTO
                    mCDONALD’S CORPORATION                                     mASHAbLE



At McDonalds we want to                                       What kind of workflow do you
understand what it is that drives                             have for how you produce content
our customers’ passions.                                      and drive engagement?
We can get people to click on Facebook and give us            It was a Cairo activist during the Arab revolution     your service or a competitor’s service, and having
a ‘like’, and that’s okay, but if we find a touchpoint that   earlier this year who said: “We used Facebook to       a strategy for what you’re going to do about it.
gets someone really excited, we want to be able to            schedule the protests, Twitter to coordinate, and
engage with people on a deeper level.                         YouTube to show the world.” That’s really profound.    Making sense of your interactions is critical.
                                                              That literally is a workflow. There’s actually a       Figure out which networks you’re interested in
The difficulty is that we get tons of information; there’s    process in terms of how these services are being       and develop some performance indicators –
100s of metrics that we track, but not all of them are        used and how they connect.                             whether that’s how actively they are Tweeting,
important to our brand. We have 500 different metrics                                                                how many mentions of a keyword, or something
and multiple dashboards. We do look at all of them, but       How do you cultivate relationships, how do you         like that. Think of it in terms of characterizing the
we want to keep it simple so we concentrate on just a         measure the quality of those relationships that        desired behavior you want to measure, then work
couple of key engagement metrics.                             you’re cultivating, and how do you characterize and    backwards from that perspective. What are the
                                                              identify your brand champions, your tastemakers        indicators that make certain types of activity, and
We also want to look at the actual impact of our efforts.     and so on and so forth?                                certain types of users, interesting?
We have baselines of chatter about our brands and
our products that we see all the time. If we see 10,000       Because it’s not just about being on Facebook          As you develop a dossier of data around your
mentions on Twitter about something, I have to work           and being on Twitter and broadcasting; it’s about      users, it will help you develop better messaging to
out whether we would have got 10,000 mentions if              jumping into conversations, having a dialogue,         better identify and focus services. Once you’re able
we hadn’t done anything. It’s about establishing the          trying to figure out who’s got some influence. It’s    to focus, the situation changes from ‘drinking from
delta between what would have happened organically            not just about your Klout score or your number of      the fire hose’ of the internet to actually being able
and what we actually did, because I don’t want to be          followers, but figuring out who’s engaging with your   to make sense of the data you’re gathering. That’s
spending money on what we’re not influencing.                 brand, talking about your product, talking about       the bottom line: then you’re effective.
NEIL ATKINS
                         CHIEF mARKETINg OFFICER
                         iSTRATEgy


Tracking social media is an evolving art. While industry                                            QUICK NOTE
associations strive to reach a standard metric, the emphasis
is on marketers to make the best use of what data we
already have: trending topics, follower counts, likes,                                              1. Be flexible. Recognize there is no set       “Time spent
retweets, comments.
                                                                                                        standard of social media success            researching,
                                                                                                    2. Be led by your goals. The real test          building and
Without an understanding of the level of engagement your campaign is attracting, it’s                   is how far your social media strategy is    tailoring your
impossible to judge ROI. With worldwide spend on social media campaigning expected to                   helping you to meet campaign objectives
run to nearly $6 billion this year, there’s a lot at stake. Even if standard benchmarks of social
                                                                                                                                                    toolkit will
media success emerge, there will still be a need for marketers to identify which data is most       3. Build your toolkit. Social media             be paid back
relevant to them. It is relatively easy to judge how far a tweet or Facebook group is reaching,         analytics is a crowded industry. Research   tenfold”
but the more pressing question is how well activity is contributing towards strategic goals.            what each different tool does

Do you want to focus on a single campaign, or mentions of a brand-related keyword? Do you           4. Characterization pays. Analytics help to
wish to track how many target users are landing on your website? Broad-brush campaigns                  round out the personality of your market
might live or die according to a follower or ‘like’ count, whereas more targeted strategies
focus on the profile quality of the engagers. There are different tools for each objective.         5. Feedback is key. Use the data to further
                                                                                                        develop your strategy moving forward
These range from analytics-enabled short URLs, email reports and survey services to Google
Analytics plug-ins and data aggregators. Time spent researching, building and tailoring your
toolkit will be paid back tenfold.

Once the data is in, the whole process can start again. Look very carefully at what outreach is
                                                                                                                                                       53%
gaining traction – who your users are; where they are; how active they are within the network;                                                         of businesses
what their habits, interests and aspirations are. Characterizing your market is a helpful step                                                         are unsure of
towards crafting and controlling ongoing conversation.                                                                                               their ROI through
                                                                                                                                                           Twitter.
FIND THE mETRICS
Rolling analysis of
what works – and
what doesn’t – makes
campaigns more
effective and sustainable,
and is key to effective
monetization.
The time when brands could ignore social media has passed.
But there is more to a social strategy than simply saturating
social networks with your brand presence and hoping the
money starts to roll in.
Sure, your customers are likely to be found among the 700 million users on Facebook, or the 200
million users on Twitter; but understanding how to reach out to them and not become lost amidst
the social media noise that has drowned out businesses in the past is a different story altogether.

If you‘ve got this far and are still reading, then you will have understood that a sound digital
strategy is critically important to generating the best ROI. It isn’t an easy process: according
to a recent study, 80 percent of brands acknowledged difficultly in tracking ROI within social




                                                                                                                                !
media. That is a sizeable percent in anyone’s book, but it needn’t be insurmountable. Despite
social media being a relatively new marketing platform, experienced brands are finally starting to
understand the nuances of turning content, communities and all other social activity into revenue.
And it is these brands – those that fall into the 20 percent – that come to iStrategy to share their
successes and failures with those companies who understand that a good marketing strategy
must include a sound digital strategy.

The iStrategy Conference is a global digital media conference of industry-leading forums for           The next events take place
marketing, social media, online business development, digital and creative professionals involved
in all aspects and levels of online branding and strategic management positions.
                                                                                                       in Atlanta on 13-14 September
                                                                                                       and Amsterdam on 25-26 October.

                                                                                                       Visit:
                                                                                                       www.istrategyconference.com
                                                                                                       for more information –
                                                                                                       and don’t forget to follow the
                                                                                                       hashtag #istrategy on Twitter.

Followers, Fans and Fairytale Endings: How to Monetize Social Media.

  • 1.
  • 2.
    Morpheus: This isyour last chance. After this, there is no turning back. You take the blue pill, the story ends, you wake up in your bed and believe whatever you want to believe. You take the red pill, you stay in Wonderland and I show you how deep the rabbit hole goes. The Matrix, 1999
  • 3.
    There may oncehave been a time when executives could close their eyes, stick their fingers in their ears and pretend that monetizing social media was a fiction. But the firms taking that blue pill are becoming fewer and fewer. We’ve started down the rabbit hole, and there’s no going back now. Indeed, anyone hoping for a return to the days when a one-way, one-to-many marketing approach was the only way to communicate is living in a dream. Consumer expectations have changed, driven by smartphone ubiquity, always-on connectivity and the advent of social networks that enable people to share, compare and collaborate in a nanosecond; meanwhile the rise of roles such as the chief listening officer are testament to the changing dynamic of the provider-customer relationship. The social media Wonderland offers a wealth of opportunities – and businesses had better be able to respond. For some firms, this might seem a daunting new reality. And in many ways, it is. Most recognize that getting to grips with social media is essential, but building genuine online relationships that show clear, measurable links to the bottom line has proven difficult. In fact, it’s the $64,000 question: how do I make money off the back of my social media efforts? There’s been a lot of trial and error. There have been mistakes made along the way. But while monetizing social media is difficult, it’s not impossible. Does anyone have the definitive answer? No. But plenty of firms are seeing returns on their social media campaigns and turning better communication into bigger profits. Monetizing social media is the new reality. Social media is already proving to be a game-changer for firms looking to reduce costs, drive sales and build better brand engagement. You could join them. Take the red pill. Our social media roadmap will show you how…
  • 4.
    01- FIRST STEPS: LOCATE, LISTEN & LEARN It’s no longer enough just to ‘do’ social media; you need to ‘get’ it as well. Twitter, YouTube, Facebook, LinkedIn – each platform offers a different experience and attracts a different customer base. So, think: where is the market?
  • 5.
    JAmES mINER JEFF HAyzLETT THOmAS mARzANO SVP DIgITAL mEDIA FORmER CmO gLObAL CREATIVE DIRECTOR ESPN STAR SPORTS KODAK ONLINE COmmS, PHILIPS Social marketing works best when I look at all the social media tools Brands need to learn to listen you listen first. and approach them all. before they speak, to find out what consumers have to say. We have to remember to always have a measurable Let’s get engaged on social media. There are approach that starts with what’s already happening conversations going on over the internet, out there We learn so much through what people say in the – so that when you do actually act in a social media on social media platforms like Twitter, Facebook social space and what people are telling us through space or in any of these interactive forums that let and on blogs, and those conversations are going to blogs, either by them directly interacting with us, or the consumer’s voice into your strategy, you already happen whether you’re there or not – they’ll take place through the research that we do – there are so many have an idea of the environment you are entering either with you, or without you, so why not join the ways to learn and to listen. It’s very easy to get stuck into. That way, your relevancy and your connection conversation? in your function with your own responsibilities and will be much better at the first attempt. objectives, but if we forget to listen to what people I talk about ROI being your return on ignoring, and if say, we will never be able to orchestrate a unified You don’t need to spend a lot of money on tools. You you ignore these conversations and these customers experience for these people. need to understand what you’re trying to measure. then I can tell you what your return is going to be: And sometimes what you’re trying to measure is nothing. You need to get the word out there and turn But it’s not just a question of listening; it’s also about how few times people hate you for poor service as people into brand ambassadors. interpreting what that all that chatter means. It’s about opposed to your competitors, not how much they love understanding the emotional journey that people go you. Put a stop to the bad conversations in social through when they interact with your brand or with media to start with, then you can build with less noise the category that your brand wants to be in. A brand around your brand. is what people think it is. And, if we fail at any one of those points in the journey, it doesn’t matter how good you are in the others; that’s the thing that they will remember you by.
  • 6.
    mAx FORD gLObAL CONFERENCE DIRECTOR iSTRATEgy Social media has unique potential to reach valuable interest QUICK NOTE groups, but momentum has to be earned. Social marketers must be intelligent, focused and perceptive from day one. 1. Find the platforms. Which networks “The most Shouting the benefits of your product over the noise of a crowded conference floor won’t get are seeing the most buzz among existing valuable and potential customers? you any deals. But introduce yourself into smaller groups – circles of meaningful discussion – promotional and there’s business to be had. 2. Do your homework. Align campaign social spaces goals with the habits and preferences For companies new to social media, this requires a departure from traditional marketing of customers communicating across are created habits. There is a profound difference between the one-way channels of traditional marketing and the personalized, interactive world of social networking. different networks by users themselves” Patience, and a fair amount of humility, can go a long way. The most valuable promotional 3. Take your time. Successful campaigns are more about steering discussion social spaces are created by users themselves; the most effective campaigns are there to than they are broadcasting promotional shape and steer discussion. material For instance, at a recent iStrategy event in Melbourne, Facebook’s Matt Hehman explained how Toyota’s use of Facebook in the wake of its recall crisis proved the value of listening. 4. Go with the flow. At their core, social networks create themselves. Make the The company discovered brand loyalists who helped it rebuild its damaged image. Without most of it sensitivity to unscripted conversations going on around the Toyota brand, these stories would have gone unheard. 5. Keep your ear to the ground. Discover what themes and topics The average Social networks are defined by freedom of expression and freedom of choice. What are customers are already engaging with Facebook user customers saying about what they want from their brands? What questions are they asking? What complaints are they making? This kind of insight can only be gained from social media. is connected to 80 community Brands would do well to make the most of it. pages, groups and events.
  • 7.
    LOCATE, LISTEN &LEARN If your brand is out there, the chances are people are talking about it already. Make sure you know what they’re saying so you can respond appropriately.
  • 8.
    02- JOIN THE CONVERSATION: gET ENgAgEDIf you aren’t part of the conversation, why are you even here? It’s a serious question all brands should ask themselves when solidifying a social strategy. The success of engagement is about give- and-take, and having brand personality.
  • 9.
    KIRK mCDONALD THOmAS mARzANO LUUK DE JAgER FORmER PRESIDENT OF DIgITAL gLObAL CREATIVE DIRECTOR CREATIVE DIRECTOR FOR ONLINE TImE INC. ONLINE COmmS, PHILIPS bRANDINg, PHILIPS Today’s audiences are no longer The world of tomorrow will look One of our challenges is how we content being passive listeners. more like the world of the past engage in lasting conversations than the world of today. with the consumer. They want to participate. They want to have their voice heard and they want to find a way to make People came together at market squares and souks To do this we create what we call ‘simplicity sure that their opinions get shared. They enjoy to engage with brands, entrepreneurs and merchants, stories’, engaging with people in a natural creating a personal brand value that is tied to to buy goods, to share experiences, to have a coffee way. For example, asking ‘how would you be sharing the experiences they’ve had. together, to judge what the merchants had in stock, beautiful every day?’ Or, ‘what makes you healthy to have a personal connection with the actual person throughout the year?’ When you push in an environment that is about who was selling to you. This quality has been an dialogue, usually you alienate faster than you intrinsic part of our cultures all over the world and We also used engaging content, turning the win new friends. Everything in this environment it’s one we lost during the industrial age. Big retail traditional product manual into a kind of sitcom – a has to have honesty and trust behind it. So when environments meant the personal connections with story that unfolds over the months, which gained conversations are enabled and scaled on this brands and people were lost. fans immediately and explained the benefits of platform, brand consistency becomes even more certain products. critical. You have to figure out what the message is With the power of social media, this old tradition that you bring for your product or service, and bring is coming back on a much larger scale. It’s global. By using this consistently across different touch points to what constituents to make it happen. You’re able to connect with a lot more people. But the – for instance Facebook, YouTube or Philips.com – driving need, the driving behavior from a people point and syndicating it to our e-commerce partners, we of view, is exactly the same as the one that has been started to draw quite a sizeable fanbase, or group, or there for centuries: the desire to engage. a community of people over a number of touchpoints, driving them into conversion and creating a certain amount of loyalty and curiosity about the next event.
  • 10.
    ROSS DENSLEy gLObAL CONTENT & SOCIAL mEDIA mANAgER, iSTRATEgy With the advent of social media we no longer talk to QUICK NOTE brands, we talk to people. In short, at its core – beyond all the pomp and gesturing – social media is about personalized engagement. 1. Have a personality. I’ve said it before “Engaged and and I’ll say it again: people talk to people, empowered not brands. Take the personal approach The simple truth is a lack of conversation on a B2B or B2C level can really alienate one customers are brand and endear another. Through social media channels like Twitter, customers can 2. Don’t treat customers as a more loyal become lifelong fans of a brand, and most importantly, spread the love (in this case, a good soundboard. Smashing out promos experience) to their friends with one click of a mouse. all day will not endear you to potential and willing customers. Get to know them and react to share their At iStrategy Amsterdam, Julien Fourgeaud of Rovio (developer of Angry Birds) explained that Rovio answer all queries and engage fans on Twitter. He was quick to express how accordingly experiences” tough a job it was, but that it was a job worth doing; it makes customers feel engaged and 3. Produce quality content. Producing empowered. And it doesn’t take a social Einstein to work out that engaged and empowered content gives customers an excuse to customers are more loyal and willing to share their experiences. The result? A better ROI. engage with you, but make sure it is fresh and original to keep them coming back As Jeffrey Hayzlett, the former CMO of Kodak has said, there are conversations going on with or without your brand on social platforms. Why not get your corporate feet wet and start talking 4. Get on the same page. Social media to your customers on a personalized level? Two-way discussions on blogs or Twitter or any engagement shouldn’t be restricted to the social platform should be a no-brainer for a brand that is serious about their social strategy. social media manager. Everyone in your business should be keen to engage 5. Listen! Social media engagement is a 22% great way to learn more about your brand of total time on – what you could do better and how. So the internet is listen to the customer! spent on social networks.
  • 11.
    gET ENgAgED Becoming partof a community is a great way of endearing your brand to potential customers, and it’s a fine way to understand what customers feel about your brand.
  • 12.
    03- CREATINg ADVOCACy: FANS AND An advocate is somebody SUPER FANS that helps potential customers believe in the brand or believe what the brand stands for – and the value of having somebody recommend your brand to others is immense. But how do you find and engage these super fans?
  • 13.
    mANNy ANEKAL JEz FRAmPTON HARESH KHOObCHANDANI gLObAL DIRECTOR OF bRAND CHIEF ExECUTIVE OFFICER CHIEF mARKETINg OFFICER ADVERTISINg, zyNgA INTERbRAND mICROSOFT ASIA PACIFIC Fans are really the most vital aspect We always believed our friends Be smart about indentifying who of our network and our platform. more than we believed anyone else. the influencers are. We have a big focus on monitoring our super fans The difference is we can now access them in a Who are the people starting conversations? and making sure that they’re happy. We focus on nanosecond, and we can also talk to a very wide Identify the people who are actually influencing bringing our super fans to Zynga HQ all the time, we base of people around the world. But while social what other people are saying and thinking, and show them around, show them the game studios, media is becoming increasingly important, it is not then figure out how to bring these influentials in talk to them about what features they like best, what a strategy in itself. It is a mechanism whereby you for a discussion, for a dialogue – not once, but on they would like to see in the game in future. can achieve things. a regular basis. It’s the 1/9/90 rule: one-percent of your audience Your goal is not to have a Facebook page. Your The moment you do that, you start to build trust – the super fans – are going to be the ones who goal is to develop your business and increase the and build a good connection where there’s a real spread the most social messages and generate the degree of engagement with your consumers and dialogue taking place, and that allows them to get most conversation; the next nine percent are going your people. So you should always force yourself out there and be real advocates for your brand. to basically help share that; and the other 90 percent back to the fundamental strategies that drive your are going to consume that content. So if you can find business and your brand. It takes time and it takes effort, because you’re that one percent that really cares about your brand, doing it one-to-few, not one-to-many. It doesn’t it’s critically important. Social media and the proliferation of enabling devices scale. But when you do it with lot of transparency is changing the way that we buy, the way that we think and you do it in a genuine fashion, you win hearts about brands, the way that we think about interactions and minds very, very quickly. with each other. These are fundamental changes in the way that humans behave. And that creates enormous opportunity for all of us.
  • 14.
    RICHARD OWEN VP bUSINESS DEVELOPmENT iSTRATEgy This might come as a wake-up call to all those people QUICK NOTE out there sweating over building up their likes, followers and fans, but here it goes: social media is not a popularity contest, and followers do not equal influence. 1. Look for evidence of influence. Examples include comments on blog posts, high follower counts, active It’s a widely held misconception that social media is a high volume game. Instead, what really discussion threads, frequent updates, counts is the value of the connections you do make. Not all social recommendations are Google ranking created equal – because not all consumers are created equal. 2. Engage with them. Obvious, right? But While most consumers are content to occasionally retweet a promotion or like a Facebook engaging with advocates on their own turf page, there is a hardcore group of people who talk about brands habitually, debating product – social media channels – is essential to benefits on blog posts, writing in-depth reviews, engaging with brands via Twitter and earning their respect Facebook – and influencing others in their thousands. With a few well-chosen words, these Facebook research shows highly connected ‘advocates’ can almost singlehandedly kickstart consumer trends and 3. Get samples in their hands. Give social context within branded marketing on the initiate buying habits across the web. advocates experience with the product site generates: so their reviews will be personal and Advocates are prolific creators of information. They influence the opinions and purchases of their more meaningful 1.6x lift in brand recall friends. They love to talk and are probably already talking about your brand. They like to use social 2x lift in message media to help people. And most importantly, they want to be known for their valuable insights. 4. Give them insider status. Anything that awareness 4x increase in purchase feels exclusive (samples, access, sneak intent Unless you already have a superbrand like Nike or Apple – and even if you do – your brand peeks at new products) is compelling – needs these advocates to help develop ‘social media magnetism’ before you can look to make By getting someone to and compelling gets talked about engage with your brand on any money. Finding, engaging, developing and nurturing key influencers who will evangelize on Facebook in a meaningful your behalf is therefore an essential step on the road to effective social media monetization. 5. Encourage dialogue. Marketing has to and authentic way, that be a two-way street, and frequent, open, person’s friends are potentially four times more responsive communication will pay long- likely to purchase your term dividends product
  • 15.
    CREATE ADVOCATES When themost effective marketing can come from consumers themselves through word of mouth, who wants to spend millions on advertising, promotions and product placement?
  • 16.
    04- mONETIzATION: FROm FANS TO CUSTOmERS Moving engaged users from random fandom to hand-in-the-pocket custom may not be the strapline on your social media vision statement, but it is the hard line that should run through every campaign and every engagement.
  • 17.
    mATT HEHmAN JEFF WEINER JAmES mINER DIRECTOR OF SALES CHIEF ExECUTIVE OFFICER SVP DIgITAL mEDIA FACEbOOK LINKEDIN ESPN STAR SPORTS Levi’s are one of the best marketers It’s important to realize that with If you can’t figure out how to make on Facebook because they don’t B2B it’s not always about sheer it work, trying using social media just use it as a platform for volume or scale. as an HR tool and watch it impact communicating with people. your bottom line. Typically with B2C you see people trying to go after They have enabled their website with social plug-ins so the largest possible audience, but with B2B we’re We helped our HR team recruit hundreds of that I can ‘like’ certain pairs of jeans, but can also log seeing more of a focus on influencers. people through social media, reducing our into the Levi’s website and see all my friends who have recruitment fees and therefore showing an interacted with that site and what they liked. For example, Philips has a very large B2B immediate return. So there are ways that we can operation, and one of those businesses is do things that are very measurable, very finance- It also tells me if friends’ birthdays are coming up. So healthcare supplies. So when they’re trying to oriented and very important to the business. say I go there to look at jeans for myself, but then reach potential customers for their radiology realize it’s my brother’s birthday and he likes a certain equipment, they’re not trying to reach every single You don’t need to spend a lot of money on tools. pair of jeans, I can then buy them as a gift. It’s ended up radiologist; instead, they try to target the influential You need to understand what you’re trying to driving a twofold increase in traffic back to Levis.com. radiologists – the ones who affect the purchasing measure. Over 36 percent of all conversation in decisions of others in their field. So what’s the best social media contains a brand reference. The It’s about how much engagement you can generate, way to do that? ‘social object’ is what people talk about, and 36 because that’s what generates sales. Macy’s does an percent of the time the thing they’re talking about incredible job of that. They created a Mother’s Day One way they found to be extremely effective is to is your brand. So this is not a leap of faith; it is a campaign around being able to thank your mother via create a custom group on LinkedIn, where they can market priority. Facebook, and buy things for her – more specifically, actually stimulate conversation amongst healthcare having your mother recommend things that she would professionals, and it has really exceeded their actually want. I think that creates a really relevant expectations – both in terms of the number of experience. It’s something that’s easily shared and people they were able to draw into the group, and creates more engagement, it’s not just about likes. the level of engagement of the people participating in those conversations.
  • 18.
    ADAm bURNS DIRECTOR OF CUSTOmER ExPERIENCE & mASTER OF CEREmONIES, iSTRATEgy Social media is awash with buzzwords like relationships, QUICK NOTE dialogue and engagement. But often one wonders what is below the buzz – where are the guts of the thing? They are here, in these five words: turn fans into paying customers. 1. Levi’s. Enable your website with social plug-ins I once asked Alex Hunter – brand consultant, angel investor, digital ninja and friend of 2. Macy’s. How can YOU best enable iStrategy – who had got it right: who had managed to create fans and turn them into paying customer engagement? customers online. You down with 3. Philips. Target influential customers, OPM? “Jet Blue [a domestic airline in the US] has nailed it,” he told me. “They tried things and they provide a place to talk, stimulate the made mistakes, and then they learned from those mistakes and now they have a great social conversation Make your content as brand. Their initial Twitter presence was price, price, price, price, promo, sale, distressed portable as you can. inventory, and people were like, ‘Ugh, this is a completely one-way conversation; you’re not 4. ESPN. Monetization can mean cost- It means everything listening to me.’ reduction that you create – every e-mail, every sale, “They realized that you have to have a mix of conversation between users, acknowledging 5. Jet Blue. Reply to your fans and every promo, every feedback, understanding concerns… people asking, ‘What terminal does my flight go out of?’ followers and reward them exclusively coupon – can be Which seems like a very mundane question, but all someone has to do is reply and you think, broadcast with one ‘Oh wow, they were actually listening to me.’ click by your audience back into their social “That’s a very empowering, wonderful feeling. And then you sprinkle in promos exclusively for network. Result: the people that follow you on Twitter. And what are they going to do with that? They’re going genius marketing with to retweet it and they’re going to send it to all of their friends.” OPM (other people’s money) Suffice to say JetBlue make money from their social media strategy. And you can bet your bottom dollar that money is a buzzword business will never tire of.
  • 19.
    mONETIzATION Like the stickin a candyfloss, paying customers enable you to deliver the sweet and fluffy stuff. Without them, you’re just left with a sticky mess.
  • 20.
    05- USINg mETRICS: mEASURE IN ORDERTO mANAgE The need for informative measurement is obvious. As marketing departments allocate ever-larger budgets to social media strategies, there is growing incentive to quantify campaign success.
  • 21.
    RICK WION FREDERICK TOWNES DIRECTOR OF SOCIAL mEDIA CTO mCDONALD’S CORPORATION mASHAbLE At McDonalds we want to What kind of workflow do you understand what it is that drives have for how you produce content our customers’ passions. and drive engagement? We can get people to click on Facebook and give us It was a Cairo activist during the Arab revolution your service or a competitor’s service, and having a ‘like’, and that’s okay, but if we find a touchpoint that earlier this year who said: “We used Facebook to a strategy for what you’re going to do about it. gets someone really excited, we want to be able to schedule the protests, Twitter to coordinate, and engage with people on a deeper level. YouTube to show the world.” That’s really profound. Making sense of your interactions is critical. That literally is a workflow. There’s actually a Figure out which networks you’re interested in The difficulty is that we get tons of information; there’s process in terms of how these services are being and develop some performance indicators – 100s of metrics that we track, but not all of them are used and how they connect. whether that’s how actively they are Tweeting, important to our brand. We have 500 different metrics how many mentions of a keyword, or something and multiple dashboards. We do look at all of them, but How do you cultivate relationships, how do you like that. Think of it in terms of characterizing the we want to keep it simple so we concentrate on just a measure the quality of those relationships that desired behavior you want to measure, then work couple of key engagement metrics. you’re cultivating, and how do you characterize and backwards from that perspective. What are the identify your brand champions, your tastemakers indicators that make certain types of activity, and We also want to look at the actual impact of our efforts. and so on and so forth? certain types of users, interesting? We have baselines of chatter about our brands and our products that we see all the time. If we see 10,000 Because it’s not just about being on Facebook As you develop a dossier of data around your mentions on Twitter about something, I have to work and being on Twitter and broadcasting; it’s about users, it will help you develop better messaging to out whether we would have got 10,000 mentions if jumping into conversations, having a dialogue, better identify and focus services. Once you’re able we hadn’t done anything. It’s about establishing the trying to figure out who’s got some influence. It’s to focus, the situation changes from ‘drinking from delta between what would have happened organically not just about your Klout score or your number of the fire hose’ of the internet to actually being able and what we actually did, because I don’t want to be followers, but figuring out who’s engaging with your to make sense of the data you’re gathering. That’s spending money on what we’re not influencing. brand, talking about your product, talking about the bottom line: then you’re effective.
  • 22.
    NEIL ATKINS CHIEF mARKETINg OFFICER iSTRATEgy Tracking social media is an evolving art. While industry QUICK NOTE associations strive to reach a standard metric, the emphasis is on marketers to make the best use of what data we already have: trending topics, follower counts, likes, 1. Be flexible. Recognize there is no set “Time spent retweets, comments. standard of social media success researching, 2. Be led by your goals. The real test building and Without an understanding of the level of engagement your campaign is attracting, it’s is how far your social media strategy is tailoring your impossible to judge ROI. With worldwide spend on social media campaigning expected to helping you to meet campaign objectives run to nearly $6 billion this year, there’s a lot at stake. Even if standard benchmarks of social toolkit will media success emerge, there will still be a need for marketers to identify which data is most 3. Build your toolkit. Social media be paid back relevant to them. It is relatively easy to judge how far a tweet or Facebook group is reaching, analytics is a crowded industry. Research tenfold” but the more pressing question is how well activity is contributing towards strategic goals. what each different tool does Do you want to focus on a single campaign, or mentions of a brand-related keyword? Do you 4. Characterization pays. Analytics help to wish to track how many target users are landing on your website? Broad-brush campaigns round out the personality of your market might live or die according to a follower or ‘like’ count, whereas more targeted strategies focus on the profile quality of the engagers. There are different tools for each objective. 5. Feedback is key. Use the data to further develop your strategy moving forward These range from analytics-enabled short URLs, email reports and survey services to Google Analytics plug-ins and data aggregators. Time spent researching, building and tailoring your toolkit will be paid back tenfold. Once the data is in, the whole process can start again. Look very carefully at what outreach is 53% gaining traction – who your users are; where they are; how active they are within the network; of businesses what their habits, interests and aspirations are. Characterizing your market is a helpful step are unsure of towards crafting and controlling ongoing conversation. their ROI through Twitter.
  • 23.
    FIND THE mETRICS Rollinganalysis of what works – and what doesn’t – makes campaigns more effective and sustainable, and is key to effective monetization.
  • 24.
    The time whenbrands could ignore social media has passed. But there is more to a social strategy than simply saturating social networks with your brand presence and hoping the money starts to roll in. Sure, your customers are likely to be found among the 700 million users on Facebook, or the 200 million users on Twitter; but understanding how to reach out to them and not become lost amidst the social media noise that has drowned out businesses in the past is a different story altogether. If you‘ve got this far and are still reading, then you will have understood that a sound digital strategy is critically important to generating the best ROI. It isn’t an easy process: according to a recent study, 80 percent of brands acknowledged difficultly in tracking ROI within social ! media. That is a sizeable percent in anyone’s book, but it needn’t be insurmountable. Despite social media being a relatively new marketing platform, experienced brands are finally starting to understand the nuances of turning content, communities and all other social activity into revenue. And it is these brands – those that fall into the 20 percent – that come to iStrategy to share their successes and failures with those companies who understand that a good marketing strategy must include a sound digital strategy. The iStrategy Conference is a global digital media conference of industry-leading forums for The next events take place marketing, social media, online business development, digital and creative professionals involved in all aspects and levels of online branding and strategic management positions. in Atlanta on 13-14 September and Amsterdam on 25-26 October. Visit: www.istrategyconference.com for more information – and don’t forget to follow the hashtag #istrategy on Twitter.