Monetizing Social Media: The Art and Science of Online Conversion – Dean R. DeLisle
Since the start of Social Media we have been fighting the mindset of people who don’t really understand how anyone is monetizing social media. “Where is the ROI,” “How do we see the return on what we have spent,” “When will I get business?” – these are many of the questions we get from our tens of thousands of students online as we teach our classes covering online conversion. Keep in mind that we see a lot of what works and does not work as we post and blog over 10,000 pieces of content a month. So, I want to share what we see from our view, in order for you to win at this this game too.
The goal for monetizing any social media marketing effort is to get your company in front of more eyeballs, and the numbers here show the eyeballs. The main question is, “Are you there yet?”
- 72% of all internet users use social media
- Percentage of those using social media per age group
- 89% of 18-29 year olds
- 72% of 30-49 year olds
- 60% of 50-60 year olds
- 71% of users access social media from a mobile device
- Over 1.15 Billion users on Facebook
- Over 300 Million users on LinkedIn
- Over 550 Million on Twitter
- Over 359 Million on Google Plus
Well, we have a simple model of measurement and will explain the best we can in this short blog, However, if you want the full version you can reference our complete webinar on this topic below.
Fundamentals: Build Community
First, understand that you are building a community around your business. You need to know that just like having fans around any business, you must provide value and get people to tune into your gathering and community. This is like any great membership group or chamber to which you have ever belonged. Why do you go back? There is value and you get a return on your time spent. People want the same from you. Be ready to commit to that delivery. Whether you deliver the necessary content to them or you hire someone like us to deliver that valuable content, be ready to commit to that new community.
Fundamentals: Measure Your Success
Simply put measure your results or don’t deny the effectiveness of Social Media. We cover measurement in three simple areas, we call this CEO. CEO stands for:
C = Connections = Your Social Reach
– New Connections
– New Followers
– New Likes
– New Subscribers
E = Engagement = How people talk with you or about you online
– Direct Messages
O = Outcome = Monetization
– Requests for Proposals
Measure these results and you will see the monetization of your social media efforts.
Now how about some of the Art and Science of online conversion? How does this all work? Here are some simple questions you can answer to begin building an online community that can serve your business.
- Who is your Target? – Understand who your target is and know them well. This will allow you to find them easily and also determine where they hang out online.
- Where is your Target? – Know where they hang out. Don’t assume that because you’re not on Twitter that your clients are not on Twitter. Find out. Search for your key clients on the various social networks, and search based on the target you just defined in step one here. Also, look at where your competitors are active online, and please don’t forget mobile. Survey your clients – do they expect to be serviced on mobile? These answers will all tell you the clues for your online communities.
- What does your Target want? – Engagement is the key here. Find the best content, what keeps your target’s attention, what causes them to be in dialogue with you and what is so great that they will share with their networks. This is what you want to strive for. Again, whether you do this on your own or hire someone like Forward Progress, you need to work the Art and Science of this.
- What is the destination? – Where are you taking your community members? Do you want them to register for an event, download something, purchase something, or ask you something? Whatever it is, be clear in the destination and outcome of where you want them to go when they are ready. This cannot be forced – it has to be earned with relationship and trust.
- How are you doing? – Measure, measure, measure. Follow our CEO guidelines and you will see your success approaching and know enough to make the necessary adjustments.
Follow these simple rules and make sure you ask questions along the way. Remember social networks and social media changes constantly. It’s like poetry in motion, but the one constant is your community. Keep growing, keep engaging, keep tracking, keep adjusting and the monetization will come!
Contact Us for More About Monetizing Your Social Media Efforts
Author Dean DeLisle is President and CEO of Chicago based marketing company Forward Progress, Inc. Come visit our website at www.forwardprogress.net for more information on our services. If you find yourself looking for more, then visit some of our other sites at www.LinkedInOnDemand.com and www.SocialJack.comwhere you can join us for more coaching and training programs. Or ask us for a private quote for your company – we love doing workshops and boot camps or even custom coaching contracts. We have programs to fit most any budget. Consider working with Forward Progress to learn more about monetizing social media.