How to Make Money with Social Media
Jamie TurnerCo-author, “How to Make Money with Social Media”
Chief Content Officer, BKV’s 60 Second Marketer
Hash Tag: #SocialROI
Introductions: Jamie Turner
• Co-author of How to Make Money with Social Media available at fine bookstores (and a few crappy ones, too)
• Worked with AT&T, CNN, The Coca-Cola Company, Cartoon Network and other major brands
• Chief Content Officer of BKV’s 60 Second Marketer
• Regular contributor on Mashable
Hash Tag: #SocialROI
Why People Buy Stuff
Why People Buy Stuff
How People Buy Stuff
Female Brain Male Brain
How the Fortune 500 Make Money with Social Media
Social Media Business ModelsBranding: Use social media as a branding tool to build awareness and connect with customers
Social Media Business Models
E-Commerce: Drive prospects to an e-commerce landing page and convert those prospects to customers
Social Media Business Models
Research: Use social media as a research tool to generate customer input and feedback
Social Media Business Models
Customer Retention: Use social media as a customer retention tool to reduce churn
Social Media Business ModelsLead Generation: Drive leads to a website and re-market to those leads, ultimately converting them to customers
E-Newsletter Email MarketingYouTube Channel
Speeches
Live Events
Virtual Events
Webinars
eBooks
Forums
Mobile Apps Blog Postings
Your Company
The Social Media ROI Cycle
The Social Media ROI Cycle
Source: Jamie Turner, co-author of How to Make Money with Social Media and Chief Content Office of BKVʼs 60 Second Marketer
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The 3 Stages of the Social Media ROI Cycle Setting up, running and optimizing an effective social media campaign happens in three stages:•Stage 1: Launch•Stage 2: Management•Stage 3: Optimization
The Social Media ROI Cycle
Source: Jamie Turner, co-author of How to Make Money with Social Media and Chief Content Office of BKVʼs 60 Second Marketer
Launching the Big 4
Stage 1: Launch•Approach: Executional•Focus: Short-Term•Objective: To Have a Social Media Presence•Results: Negligible
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The Social Media ROI Cycle
Source: Jamie Turner, co-author of How to Make Money with Social Media and Chief Content Office of BKVʼs 60 Second Marketer
Stage 2: Management•Approach: Tactical•Focus: Mid-Term•Objective: Customer Engagement•Results: Increased Traffic
Big 4 plus More
Creative
Quant.
Qual.
New initiatives
The Social Media ROI Cycle
Source: Jamie Turner, co-author of How to Make Money with Social Media and Chief Content Office of BKVʼs 60 Second Marketer
Stage 3: Optimization•Approach: Strategic•Focus: Long-Term•Objective: Social Media ROI•Results: Revenue Growth
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New initiatives
Big 4 plus More
Creative
Quant.Qual.
Conversion/ Optimization
ROI
Where is Your Company?
Stage 1: LaunchStage 2: Management Stage 3: Optimization
How to Measure the ROI of a Social Media Campaign
Calculating Customer Lifetime Value
The revenue generated by a customer during his or her lifetime with your brand.
CLV for Scott’s Lawn Care:
$80 per month x 12 months x 3.0 years
CLV = $2,880
Allowable Cost Per Sale:
$2,880 x 10% = $288
Calculating Customer Lifetime Value
Scott’s Direct Mail:
200 pieces x 0.5% = 1 new customer
$1.44 per piece x 200 = $288
Allowable Cost Per Sale = $288
1 customer for every $288 spent
Scott’s Annual Direct Mail Spend:
$2.8 million = 2 million pieces x 0.5% = 10,000 new customers per year
Calculating Customer Lifetime Value
Testing Direct Mail vs. Social Media
$2.8 million x 10% = $280,000 to test a social media campaign
Social media campaign costs:Labor: $140,000
Production: $100,000 Miscellaneous: $ 40,000
Total: $ 280,000
Social media success:
$280,000 spent in direct mail = 1,000 new customers$280,000 spent in social media = ?
What’s Next?
To Learn More, Google “Jamie Turner”
How to Make Money with Social Media now available at fine bookstores (and a few crappy ones, too).
Follow me here:
60SecondMarketer.com/blog
@60SecondTweets
Contact me:
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