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Ho o Moneie Social Media
Companie ae no onl geing he od o abo hei band ing ocial media ch a Facebook and Tie b ae alo
making mone.
By Carolyn M. Brown | Apr 18, 2011
Man bine eecie have not found sites such as Facebook, Twitter, YouTube, Myspace, and Linkedin useful in making money.
Building genuine online relationships that are also good for the bottom line is not so easy. There is a lot of trial and error. But while monetizing
social media is difficult it is not impossible. There are companies that are getting the word out about their brands using social media and are
turning a profit.
Take The New York Jets. The NFL team launched their Ultimate Fan social game in September 2010, which was the first revenue generating
Facebook app to be backed by a pro sports team. The application lets football fans do online what they would normally do at home and in
stadiumsroot for their favorite teams and players, predict game scores, and hold a virtual tailgate party with other fans from across the globe.
Ultimate Fan has since lured four major sponsors integrating their brands: MetLife, Motorola, SNY and HotelPlanner.com. This year, 10 percent
of Jets sponsorships include a social media component; the team is planning to bump it up to 50 percent by next year, according to a
spokesperson.
The Jets also communicate regularly on Twitter. They even advertised a Twitter-based contest to win tickets to their 2011 AFC playoff
championship game against the Pittsburgh Steelers. The Jets are able to engage with their fans and make them feel like they are part of the team.
They are leveraging social medial to capitalize on their fans' passion for the team and their willingness to share that fervor.
Like many companies, your social media efforts have started small and grew organically. To capitalize on those efforts to generate sales and
revenues you need to have a team of people dedicated to your social media presence. You also will need a deep understanding of your audience,
a creative vision, and a way to measure results in order to execute a successful strategy, says industry experts.
Here are some ways your social media can be monetized.
Ho o Moneie Social Media: Bild Band Aaene
The first step is to use traditional media or word-of-mouth advertising to drive awareness and traffic to your Twitter, Facebook, YouTube,
Linkedin or Myspace pages, says Jamie Turner, author of How to Make Money with Social Media. Unless you already have a recognizable
brand like Nike or Apple, your brand needs to develop social media magnetism before you can look to make any money. You also need to
create circular momentum across many platforms when designing your social media campaign, says Turner. By providing multiple channels for
users to talk with you, you let customers choose the channel that they are most comfortable with, he adds; and by doing that you increase the
likelihood that they'll connect with your brand in any number of ways.
Dig Deeper: 20 Aesome Facebook Fan Pages
Ho o Moneie Social Media: Engage Yo Adience
Social media is about having a dialogue. When you have a dialogue with a customer or prospect, the communication is much more fulfilling and
much more profitable, says Turner. The PETCO brand has developed a strong presence in social media. The pet store chain has a YouTube
channel, its Facebook page generates a lot of discussions among pet owners, and there's lots of activity on its PETCO Scoop blog, which has
received hundreds of 'likes' and comments. PETCO's customers are true pet lovers and treat their pets as part of the family. The company tries to
keep conversation going by aiming Facebook and Twitter posts so that there's an explicit question to answer, or at least a specific piece of
information to which people can react. Industry experts stress that you have to know your community and know how to take part within that
community and through that create great content or conversation that will raise awareness and increase sales.
Dig Deeper: Report: Social Media Worth the Time
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How to Monetie Social Media: Offer Special Promotions
Dell Computers exempliIies a company that is selling products using social media. Its Twitter page, DellOutlet, oIIers discounts exclusively to
Iollowers. Dell might tweet 15 percent oII any Dell Outlet laptop or desktop with a special coupon code entered at checkout so they'll know
which tweet you are seeing. DellOutlet also points you to a speciIic web page. There is some interaction in terms oI chats with tweeters.
DellOutlet has garnered more than 1.6 million Iollowers and generated more than $2 million in incremental revenues Ior Dell. Traditionally, Dell
would have spent a lot oI money running print ads. Today, they can write a 140-character promotion to reach customers.
PETCO is yet another example. The company provided a promo code to their customers Ior $40 in Iree shipping. The person who shared their
code with the most people won a $500 PETCO giIt card. About 40 percent oI the sales that resulted Irom this promotional push came Irom new
consumers. The desire to save a Iew bucks drove loyal PETCO customers to connect with the larger pet owner community and spread the word
about the store via social media.
Dig Deeper: How to Create an Effective Compan Facebook Page
How to Monetie Social Media: Use Media Advertising
Many companies have used display advertising (banners) and contextual advertising such as Google Ad Words. Many bloggers use Google
Adsense to make money. There are plugins to help; you make money Irom clicks. There are also ad networks that you can join that pool several
advertisers. You get a code and banner ads rotate Irom their network. This is an item that you will want to include in your advertising rate sheet.
Major advertisers who buy display ads are Iinally beginning to Iigure out how to reach audiences through social networks, and have begun to shiIt
signiIicant dollars into Facebook. Research Iirm eMarketer estimates Facebook display advertising revenues will grow 80.9 percent this year to
$2.19 billion.
Instead oI a typical banner ad, consider oIIering a micro site, which would be equivalent to a paid supplement. For example, you could devote
one page (a link on your website) speciIically to an advertiser's products and services. Or you can become an aIIiliate. With aIIiliate marketing
you get paid to reIer people to another business.
Consider combining rich media advertising with display advertising. Video advertising and promotional material can be quickly and easily
streamed to your social community. Another consideration is charging Ior sponsorship on a monthly, quarterly, or annual basis. OI course,
attention needs to be paid between balancing the delivery oI the rich media advertising against the comIort level oI your customer base.
Dig Deeper: How to Launch a LinkedIn Compan Page
How to Monetie Social Media: Brand Within Applications
The best way to use apps is to create something that is Iunctional such as a calculator, entertaining such as a game, or provides some sort oI
social connection such as an app just Ior your community. Your app can be Iee based or you can give it away to build a relationship with
customers. A number oI well-known company brands use mobile apps to interact with their loyal customers, including Target, Coca-Cola, Nike
and Gucci.
The Iashion designer touts a luxury liIestyle application that is a quintessential example oI branded mobile marketing. Through "Gucci Connect"
users were able use their mobile devises, such as iPhone or iPad, Ior virtual access oI a Milan Iashion show, watch live runway and behind the
scenes video coupled with live chat between virtual guests through Facebook and Twitter. Exclusive also to iPhone app subscribers are
interactive games. The "Gucci Live" section Ieatures a music channel. Subscribers stay "in the know" with a calendar oI upcoming brand events
and Ieature articles. The Gucci "Little Black Book" provides recommendations to the hottest restaurants, nightclubs, and hotels in various cities
throughout the world.
Dig Deeper: How to Measure Your Brand's Online Influence
How to Monetie Social Media: Set Up Shop on Facebook
Facebook Ian pages are another way to generate sales and enthusiasm especially iI you have loyal Ians that Iollow your updates. You can list
your products on your Facebook page Ior Ians to easily share with their own Iriends and essentially allow your product oIIerings to go viral.
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Businesses are increasingly selling their goods on Facebook. There are various e-commerce solutions available. One is 8thBridge which is helping
companies like 1-800-Flowers and HuateLook sell from Facebook. A special deal 8thBridge ran for the designer brands retailer HauteLook
along with fashion designer Diane von Furstenberg generated more than $100,000 in sales in one day, 40 percent of which came from new
customers. Users were given a $10 coupon for every new member that they brought in. Using 8thBridge, 1-800-Flowers is drawing people into
buying flowers and other gifts for friends and family while they are already thinking about them on Facebook.

Payvment is another storefront option that provides online stores for companies to sell on Facebook. It has a network of more than 60,000
merchants using its self-serve technology. Payvment generally serves smaller clients while 8thBridge caters to small- and medium-sized
businesses. According to a study released by Forrester Research, Facebook is more suitable for small retailers, niche products, or steeply
discounted items. Most of the benefit that big retailers get from Facebook is branding their company but not actual purchases, Forrester further
reports. Moreover, some products are inherently social such as books, DVDs, and event tickets, which have been successful because they are
easy to buy and sell online.
Dig Deeper: Ho to Get Customers on Facebook and Titter
How to Monetie Social Media: Use as a Retention Tool
Companies don't always need to use social media as a sales tool or to acquire news customers, says Turner; they can use it as a customer
retention tool. If someone likes or follows your business, it's because they're interested in hearing from you on some regular basis. It's important
that you have a routine schedule for your blogs, tweets, and postings. Keeping your fans and followers up to date on what's new and happening
with your business or industry will keep them engaged with you and keep your brand top-of-mind.
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