Monetize Your Company’s Social Network

Every single business on the planet is a social network—most companies aren’t organized (yet) in a network like Facebook or Twitter, but are nonetheless a network of people, including employees, suppliers, partners, and customers. Every member of these groups communicates constantly across the network in ways that are increasingly digital, increasingly automated, and increasingly valuable. This highly valuable social network is an incredible opportunity for monetization and it’s time to figure out how to do it.

Monetization Demands Our Immediate Attention 

The concept isn’t a new one—those in Sales are a prime example of how we’ve been monetizing social networks forever. Sales reps have been using their network of customers and work associates to drive their business since the dawn of selling.

What’s different about our advantage in this moment is the depth and scale of the opportunity. Every technological advancement, including ubiquitous connectivity, mobile computing, digitized inventories, supply chains, and actual social networking tools, has brought us to the place where monetization of our social network is possible. In fact, it demands our immediate attention and focused effort. Your competitor has the same opportunity and remaining competitive is very likely tied to how quickly companies can shift to a new social paradigm.

Strong Words?

While “immediate” and “focused” may seem like strong words, monetizing a social network is no longer optional. We’re early enough with many of these new technologies that the playing field is still fairly level, but it won’t stay that way for long. Many companies are beginning to realize the untapped value of their social networks. A few are further along on the path and are already connecting their many networks to something that can be analyzed, understood, and most importantly, monetized. As the pace picks up, the winners and losers of the 21st century will be decided by who best utilizes their social network.

Discover how companies are monetizing their social network in our webinar, Loyalty Grows Up: Evolving Your Customer Engagement, hosted by Forrester analyst Emily Collins.

Return on Relationship™: The New Measure of Success

By Ted Rubin 

Social media is quickly becoming a way of life… and a way of business as more and more companies are realizing they need to integrate social media into their marketing strategies. We can’t, however, expect to do “business as usual” and succeed in building an eager audience around our brands.

If you want to continue to reach your market in this social media age, the marketing focus needs to be on building relationships, and metrics need to expand beyond ROI (Return on Investment) to include ROR: Return on Relationship™.

–Return on Relationship™…simply put the value that is accrued by a person or brand due to nurturing a relationship. ROI is simple $s and cents. ROR is the value (both perceived and real) that will accrue over time through loyalty, recommendations and sharing.–

Most measurements and empowerment stats that are used with regard to relationships (i.e. number of Facebook fans, Twitter followers, retweets, site visits, video views, positive ratings and vibrant communities) are not financial assets, but that doesn’t mean they are worthless. Instead, these are leading indicators that a brand is doing something that is creating value that will be with you for the long term and will drive ROI if developed and used effectively.

So how do you build and strengthen relationships with your audience (as a whole, and as individuals) to increase your ROR?

1. Listen

If you want to be heard above the growing social media “noise,” you need to first listen to your consumers so when you do speak, you get it right. What are they saying, what are they feeling, what are their pain points, what solutions do they need?

2. Make it be about THEM

First think about and first address what matters most to your audience. Give them a platform to show you what they need, want, are interested in, and expect. Whatever matters most to them should become what matters most to you! We marketers like to think that social media is primarily a set of tools for our marketing purposes, but in reality, social media is also a strong set of tools our consumers use to share and influence opinion about our brand. Our consumers now have “the channel of me.” Consumers’ opinions now create the “reality” of the brand — if enough consumers say negative things about your brand, your brand loses its credibility, and (thankfully) vice versa.

3. Ask “How can I serve you?”

Taking the “ME” mentality one step further, when we are advertising instead of building relationships, we are focused on what our consumers can give us instead of how we can best serve them.

Your consumers will recognize in a heartbeat if you are simply trying to get something from them – and they will not stick around. It’s not that you aren’t allowed to want anything from your consumers, it’s that there must be a give to go along with every take. If you truly want to make an impact, aim to always put more energy and attention in your “give” column than in your “take” column. It will pay off.

4. Aim for Ongoing Engagement

Building relationships is about starting meaningful dialogue and taking the time to thoughtfully and genuinely engage in ongoing conversation. Relationships focus on getting to know your consumer and giving them reasons to stay engaged — not just getting them to react. This needs to be all the time… not simply campaign or initiative based. That is the biggest mistake being made today by marketers and brands… with consumers, and especially with influencers.

5. Know the People in Your Audience

Short and simple: if you are only focused on the money, you risk completely overlooking the people. Don’t make that mistake! If you don’t know who your people are, you might as well toss your marketing money down the drain.

Relationships ARE the new currency – honor them, invest in them, and start measuring your ROR!

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