A few weeks ago, I sat on a panel for MITX that focused on monetization of social media.
Three of the biggest takeaways/talking points were as followed:
Two sides of social
Social media is a lot like search marketing and is something that should be looked at with lens similar to both paid and organic social media. The paid side is the one that focuses on advertising ventures across the social platforms. When it comes to organic, this comes down to a brand’s presence and what they publish on social sites as well as the way they engage with users.
Looking at social in this manner allows for companies to look at separate KPIs and then roll them up into a performance overview. For example on the paid side, you can roll it into ROI metrics, while the organic end can focus on audience reached, engagement and feedback types.
No One-Sized Solution
One of the problems with social media is that the space is still evolving with new platforms emerging regularly. The sheer size can be overwhelming, but it doesn’t have to be. Every social network is not right for every business and/or their customers. So, for example, Facebook is the world’s largest social network, but if it is not being used by a brand’s customer, why invest time and resources there instead of a site where they are active? There are sites for every niche so a network that may seem meaningless for brand X could really be a boon for business Z.
Adapt and Evolve
The social marketplace is constantly changing with major players like Facebook throwing out curveballs to brand managers with little notice. Social media professionals need to be nimble enough to cope with these changes and how they will impact their business. This is somewhat of an industry-wide playing field leveler that impacts both small businesses and large enterprises alike. With recent Facebook changes, for example, companies could either have cried ‘woe is me’ or looked to adapt their content marketing and consider the value of a promoted post ad spend. Since Facebook owns their platform, the only real option is to adapt.
Below is a video of the talk: