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One-page cheat sheet available at http://threecsofsocial.com Presented by Arik Abel at Internet Summit 2013 as part of the pre conference social media training event. Includes case studies from active social media campaigns from Lulu.com, template for social media budget, cost per lead / acquisition, measurement, ROI, tracking and cross-channel attribution, and an action plan for execution.
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Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
The Three Cs of Social Media
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Before You Start,See Below.
If you like what you see, get the cheat sheet at threecsofsocial.com
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Approach.
Two Approaches to Using the 3 Cs
1. The Outside In Approach: Turning outside communities into customers
2. The Inside Out Approach: Creating content for existing customers &
communities
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Outside In.
Turning Outside Communities into Customers
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Outside In.
Key Questions
What Community Does Your Customer Belong To?
What Content Do They Want?
How Can You Create That Content?
How Can You Turn Them into Customers?
CommunityWhat Community Does Your Customer Belong To?
#NaNoWriMo had 400,000 participants in 2012 that tried to write a novel.
Many of Lulu.com’s customers (aspiring and established authors) participate.
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Content What Content Does the Community Want?
We asked NaNoWrimo what their community wanted:
Answer? Empowerment.• Help reaching their
goals• Support and a sense of
togetherness• Visibility for their effort
Result: Letsgowrimos.com
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Content How Do You Create the Content You Need?
Listen: Twitter, Forums, Blogs
Translate: Polls, Video, Blogs, Memes
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Customer
How Do You Convert Visitors to Customers?
All leads receive something, select leads receive something better.
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Inside Out.
Creating Content for Existing Customers & Communities
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Inside Out.
What Does Your Customer Want?
How Can You Source It from Your Community?
What Would It Look Like as Content?
How Can You Turn Content into New Customers?
Key Questions
Customer
What Does Your Customer Want?
We asked our customers what they wanted to achieve.
Answers?
1. Build an audience2. Sell books3. Name recognition
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Community How Can Your Source it from Your Community?
We wondered how our most successful community members achieved those objectives.
So we developed a list of our top 1%, and sent out a survey with an offer for sharing their experiences.Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet
Summit 2013
Content What Would it Look Like as Content?
http://success.lulu.com
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
And turned insights into an eBook, checklist, infographics and blog posts
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Customer
How Do You Convert Content to Customers?
That we’re promoting through paid, owned and earned media.
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
ROI.
Cost per Lead, Cross-Channel Tracking, ROI Analysis
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
ROI.
What is Your Target Cost per Lead (or Customer)?
What is Your Initial Budget or Acquisition Goal?
What’s Your ROI in Terms in $ Over Time?
How Do You Optimize Across Channels?
Key Questions
Cost Target Cost Per Acquisition and Budget
LTV of Acquired Customers
Over Last 6 Months
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Conversion Rate from Lead to Monetization
Cost to Acquire Those Leads
Time it Takes to Realize the ROI
$136 .15
ROI Target Cost Per Acquisition and Budget
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Dear Finance/Budget Owner,
Based on our revenue goals for Q2+Q3 of $1M in revenue from new customers, and after analyzing the customers that were acquired via marketing spend over the previous 6 months, we arrived at a need to acquire 2,000 new customers in Q1, at a 6 month LTV of $500. Looking at our average conversion rate from lead to customer of 10%, average margin of 50%, and target ROI of 2X, we’ve identified a budget per lead of $12.50, and an overall budget of $250,000 to acquire 20,000 leads. Please approve.
Toodle-oo,Your ROI-Focused Social Media Team
Q2/Q3 Revenue from New Customers $1,000,000
LTV of New Customers Over 6 Months $500
New Customers Need 2000
Conversion Rate from Lead to Customer 10%
Leads Needed 20000
Margin 50%
Profitability $500,000
ROI Target Multiple 200%
Budget $250,000
Target Cost Per Lead $12.50
Tracking How Do You Optimize Across Channels?
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Tracking links by
channels/campaigns
Pass through at the point of lead capture
View through from lead to KPIs towards
revenue
Regular optimization checkpoints
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Conclusion.
Key Takeaways, Action Items and Tips
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Takeaways.
Two approaches to using content and community for customer acquisition: Outside in and Inside out.
Listen to what customers and communities want, and translate what you hear into a variety of content.
Two lead capture approaches: Free content wrapped around a compelling offer vs. Content as the compelling offer.
Cost per acquisition and budget come from revenue goals, customer LTV, conversion rates and profit margin.
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Actions.
Research communities your customers belong to (including your own customer community).
Form relationships with the leaders and influencers in those communities.
Identify the emotional and aspirational needs of those communities.
Map needs to content types and overarching campaigns.
Figure out the financial drivers: Revenue goals, time to realize customer LTV, profit margins, lead to monetization conversion rate, target cost per lead and budget.
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Tips.
Don’t sweat the data you don’t have.
• Pull together what you do have• Make some safe assumptions about what you don’t
have• Set a plan to fill in the blanks
Don’t get hung up on all the content you need.
• Crowdsource. Curate. Then Create.
Don’t launch a campaign without a tracking and optimization plan.
• Establish a view through from impression on a channel to $1 of revenue
• Hire a consultant, find a platform or outsource it if you need
Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
Good Luck!
Get the cheat sheet of this presentation at threecsofsocial.com