monetizing social media: proven strategies for driving revenue and new customer acquisition
TRANSCRIPT
Monetizing Social MediaNovember 18, 2009
Presenters:Kara Trivunovic, Sr. Director of Strategic Services, StrongMailM tt St t M k ti A i t Z
,
PROPRIETARY AND CONFIDENTIAL
Matt Stewart, Marketing Associate, Zecco
Agenda #SoMe
• Introductions
• How Marketers are Monetizing Social Media
• Case Studies
• Mint.com
• Hyatt Concierge
• CSN Stores
• How Zecco Generated 14% Lift in New Account Acquisition
Getting Started
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• Getting Started
Online Marketing Solutionsfor Email and Social Mediafor Email and Social Media
StrongMail enables marketers to reach, engage and influence their target audience.
• Reach audiences with a powerful, cost-effective email marketing platform
f• Extend the reach of your existing campaigns into social media
• Engage audiences by leveraging creative services and cutting-edgecreative services and cutting-edge strategy
• Identify and Influence your strongest brand advocates
How Can You Monetize It?
L it t l t th
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• Leverage its natural strengths.
• Build awareness with key influencers, peer influencers and social influencers.
• Enable your customers to spend their “social capital” for you and promote your brand or offer on your behalf.
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The POST Methodology
People U d t d di d h t ti t th
#SoMePObj ti
eople. Understand your audience and what motivates them.
OS
bjectives.Identify what you are trying to accomplish and why.
ST
trategy. Define the best approach to meeting and exceed objectives.
Technology. Determine the tools you need to get the job done.
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Marketers are… Acquiring New Customers#SoMe
One mailing drove a 44% lift in New Users versus prior week
ActualOpened: 48%Invited Friends: 10%Average Invites: 5
New Users per Invite: 1: 2.6
Average CPA: $0.50
Monetizing Social Media
If you offer a free service, you may monetize your business by driving site traffic and advertiser impressions – increased subscribers may have a direct correlation to site traffic allowing you to attribute
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direct correlation to site traffic allowing you to attribute a lifetime value to the acquisition of a new customer.
D i i t i t ti i 140Driving customer service type conversations in 140 characters or less on Twitter may be successfully measured by reducing call-center traffic which offer residual savings rather than producing revenue.g p g
Your primary objective may be to drive subscription or enrollment but true success is measured by the actual incremental revenue that’s driven from that referral base. Not just revenue – but incremental purchase behavior.Not just revenue but incremental purchase behavior.
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How Zecco Generated 14% Lift in New Account Acquisition
Matt StewartMarketing Associate, Zecco
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About Zecco#SoMe
Zecco.com is a financial portal of Zecco Holdings, Inc., which also provides access to Zecco Trading, Inc.'s trading service. Zecco Holdings, inc. is not a securities broker/dealer. All securities and investments are offered to self-directed investors by Zecco Trading, Inc. Member FINRA /SIPC. More information is located on the disclosures page: http://www zecco com/trading/tradingpolicies aspx
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http://www.zecco.com/trading/tradingpolicies.aspx
All material presented is for educational and informational purposes only and should not be construed as advertisement or an offer for brokerage services. Content may not be presented in its entirety, out of date or time-sensitive. For more information about Zecco Trading, Inc., please visit www.zecco.com.
Zecco Friends Program: First Generation#SoMe
Existing referral program designed to drive new customer acquisition.
• July 2007 to July 2009• July 2007 to July 2009
Worked well• Generated 6% of all accounts• 11% of allocated accounts
Offer history• $50 with no funding minimum• $65 with 1¢ minimum• $75 with $500 minimum
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Opportunity to make it better#SoMe
Previous “Unsocialized” Program Social Opportunity
No social media Expand reach into social media
No ZeccoShare integration Leverage the community
Other Opportunities
No reward choice Improve reward capacity
No A/B testing Test offers, creative and copy
Confusing customer status page Reduce customer service calls
No internal reporting interface Streamline program management
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Testing#SoMe
40% f t40% of accounts
39% of accounts
21% of accounts21% of accounts
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* Test conducted with equal numbers of emails and ad impressions.
The Results: Acquisition Boost
200
250Referral Accounts, 2009 #SoMe
100
150
0
50
J F M A M J J A S
» 26% week-to-week growth for 1st 7 weeks after launch (184% overall)
» 14% boost in overall acquisition
J F M A M J J A S
» 14% boost in overall acquisition
» One new account for every 2.2 inviters
» Already cost-effective program became lowest CPA channel
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» Already cost effective program became lowest CPA channel
The Results: Social Leverage#SoMe
» 9% of visitors to ZeccoShare to become influencers for the brandfor the brand
» 85% referred friends via email
» 15% referred via websites and social networks
» While more people shared via email, posting to social networks generated 2.5 times as many clicks.
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Let’s Recap…#SoMe
DO: identify opportunities to leverage social channels to enhance your marketing effortsyour marketing efforts
DON’T: create a reason to use social just to say you l i l k ileverage social marketing
DO: get relevant and personal
DON’T: over communicate or be pushyDON’T: over communicate or be pushy
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Let’s Recap…#SoMe
DO: monetize social marketing through existing metrics and goals like:goals, like:
• Measuring lift in site traffic over a previous time period
• Creating additional advertiser impressionsg p
• Acquiring new customers
• Reducing call center traffic
• Driving incremental revenue for your business
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Get Started Today#SoMe
1. Check out the Zecco case study and others to see how StrongMail clients are successfully leveraging Social Influence MarketingInfluence Marketing.
http://strongmail.com/resources/our-customers/case-studies.php
2. Inventory your current programs to identify possible opportunities for growth. Do you have an existingopportunities for growth. Do you have an existing referral program that could benefit from social media?
3. Give us a call! We’ll help you build a strategy and approach for incorporating social marketing efforts in to your programs – successfully!your programs successfully!
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Questions?• Visit www.strongmail.com• Whitepapers• Case studiesCase studies• Webinars• Blogs• Twitter: @strongmail• Twitter: @strongmail
Kara Trivunovic219.365.6445 [email protected]
Matt [email protected]/matt