Social Monetization is best personified by its own special innate DNA, earned and amplified by the brand organically, not exercised necessarily by social media marketing, nor social engagement. It manifests itself organically, a powerful green aroma spread by the winds, savored and shared by the #collectivetrust.social
A KPI to consider if the level of social maturity has been achieved, where upon Social Monetization is a firm possibility and execution is warranted.
Monetization Pursuance Initiative (MPI) = # of positive non branded posts/total net *100
The % is likely going to be more for non-regulated, than regulated. In either case no one size, fits all.
Such a KPI forecast and a watch is sure to alert you, that the goal post is in view. Keep a watch.
Ernest Paul, Head of Social Media at Cigna developed the ‘Monetization Pursuance Index’ on the 24th of January a Key Performance Indicator index for Social Media.
This specific KPI allows commercial brands to determine if their social media engagement has achieved a level, in par with a level of Social Trust with the customer, and an environment for a monetary transaction exists.
The formula to calculate the Monetization Pursuance Index (MPI) is as follows:
Monetization Pursuance Index (MPI) = # of positive non branded posts/total net *100
There exists a greater likelihood for regulated industries to score lower. This should be considered quite normal. This is very much in line with the Net Promoter Score (NPS) for regulated industries.
The % is likely to be greater for non-regulated brands as social engagement and trust is developed early.
The ‘MPI’ index serves as a watchtower to alert the brand that the social monetization goal post is in view.
I was going back in the time machine and recalling one of the jobs I had out of college with a degree in Commerce – working as a Cost accountant in manufacturing. It was a numbers oriented job working on the AOP, boring ledgers and keeping tabs on the monthly variances from paint to man hours. Development of the AOP meant precision. Every imaginable fixed and variable cost from power to man hours, from paint to parts would play a role into the projection. The past several years historical and cyclical trends and actuals would finally finesse the dreaded AOP. My presentation of the AOP to the boss blissfully matches the ‘woman sitting in the chair with the boss’ image accompanying this post. Notice the stiff arms? Well, that was me.
The following fiscal year would prove if the projection met the 0 to 60 in 4.3 seconds test. I would track the variances monthly and would have a beaming smile some months. End of the fiscal year a minimal $ true up was all that was needed. It felt good.
Ok, enough of this accounting conversation. I am really a marketing guy inside, which I thank a mysterious unscheduled meteor shower.
Fast forward the time machine ## years to the digital, search and social marketing world which I thoroughly and passionately enjoy. I sometimes hear a whisper in my ear gently reminding me how crucial the ROI component is to the meticulously and creatively developed marketing campaigns we endeavor to run all year, for the enterprise.
It is a stamp of approval to the thoughtfully planned fiscal year ‘marketing roadmap’ as well as the ‘marketing plan’; providing the confidence to the business, and perpetual smiles for the marketing group.
There are indeed market variables abundant in digital, search and especially in the very dynamic social media ecosystem. An ideal world – each digital and social channel pumping real time analytics to the analytics hub with built in campaign ROI assumptions. These efficiencies help make the MOR’s robust and very KPI oriented.
Result = serving, understanding and knowing the customer in this omni channel world.
Shhhh, it is about attribution and ROI, not ROO (return on objectives) which seem to breathe new life into the next fiscal marketing year.
Was thinking about sending some food stuff (online seller name, intentionally left out) to my sister whom I have not seen in a long time and do my impulsive ‘family good’.
I did a ‘food stuff’ search for a deal and promptly landed via an affiliate link, on to a ‘major food site’.
Still intent on proceeding and encouraged by a $39 deal, I, in mechanical fashion moved through to ‘Add to cart’ to complete the transaction. To my not so shocking surprise I was presented with an upsell for $39 + $ 19.99. Still enthusiastic with a Czech pilsner comfortably urging me on, with finger flickering hesitation, I waved myself through – ‘Why not, I feel the love”. I clicked on “Add”. Yes, I felt good.
It was at that moment that things began to unravel – an ‘Upsell and Beyond” deal popped up for an additional $79 ‘food stuff’ combo”. I was perplexed and confused. I almost had it in my grasp. Almost.
Could we refrain, and not get carried away with the ‘Upsell and Beyond’ selling strategy?. The Pilsner only works for so long. I had it and I lost it. I hate it when that happens.
I know I have not been a customer before with this ‘major food seller’, so predictive analytics, even with cookies would not have kicked in, perpetuating this unfortunate eventuality.
All in a Sunday afternoon, where I wanted to do a little bit of good. Alas, it is unfortunately no more. I ‘xed’ out of the browser tab. The moment had elapsed and my attention had shifted.
An entirely new job description is emerging in the social/content space – ‘ Social Curator’. This new job is emerging out of a natural evolutionary process of sharing and collecting. Think Pintrest as one of the destinations.
A social curator would ‘curate’ external content, although not necessarily one’s own (spoon content from other sites, blogs, etc ). Think of these newly created posts or pages as a destination which would begin and perhaps end with a short intro and/or ending from the curator, mixed in with links to valuable external content.
This customer centric content could potentially be ideal for brand engagement and retention. Although with clever UX, acquisition could be folded into the mix. Socially curated content goals should be very clear from the beginning. The recipe and servings may be different for B2B and B2C.
For SEO diehards, the very principle of sending links to external sites would initially appear like assisted suicide, however the social amplification effects which would likely occur via social sharing may win the SEO contingent.
There are several important considerations before proceeding down this path. Some of these could be:
a. Content destination/s
b. Content logistics and calendaring
c. FTE support
d. Compliance considerations
e. Clear and well defined goals for the business
f. Measurement of ROI or ROO
g. Web analytics
Have fun curating.
One of the measurable KPI’s for Facebook marketing is the number of ‘Likes’. More ‘Likes‘ translates to a deeper digital marketing penetration.
If you wish to expand your network and/or get a massive bang for your digital campaign/promotion, the reveal tab concept is definitely something you would want in your digital marketing arsenal. This concept is a must component for an integrated digital marketing strategy. The reveal tab reveals itself when the ‘Like’ button is clicked and the page changes to uncover a reward/promotion (think of a lotto scratch off ticket). The reward has to be genuine and made visible only after the ‘Like’ button is clicked.
1. The user feels special and privileged and would likely continue to be engaged with your brand
2. The user becomes an insider (think of the early Frequent Flyer Card concept)
3. Increase in the conversion rate for campaigns
4. Massive increase in the number of ‘Likes’ to impress your boss
Give it a try. The FBML code is below. Just replace the Image Links and Source. Hint: I used Photobucket to store my images.
Research has shown, integrating Social Media with Email is increasing email consumption. The use of Ratings and Reviews embeds within email marketing messages take advantage of the natural sharing behavior every human being possesses. This strategy has resulted in higher open rates, click through rates and conversion rates. It has also led to higher social shares.
Targeting the promotion influencer datasets extracted from Community Forums and Facebook are hidden jewels who naturally ‘viralize’ the promotion/campaign with an innate natural sharing behavior all of us have. Marketers could best exploit this behavior by inserting a Share this/Share with a friend button on the top of the email and not in the bottom of the email where it remains buried and remains forgotten. The value of influencer datasets company CRM’s already possess is perhaps the least utilized list. These datasets if not already in place, need deserved attention.
Conversely, Facebook pages, Tweets, Community blogs and forums should have a conveniently placed email subscription link encouraging users to sign up. This integrated marketing effort has shown massive dividends by playing the cards marketers already possess.
These multichannel marketing efforts enhance campaigns and leads to a deeper and widening penetration by leveraging existing influencer datasets from existing channels.