The Three Cs of Social Media: Content, Community and Customer Acquisition
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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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The Three Cs of Social Media: Content, Community and Customer Acquisition
- 1. C3 The Three Cs of Social Media Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 2. 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
- 3. Two Approaches to Using the 3 Cs Approach. 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
- 4. Outside In. Turning Outside Communities into Customers Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 5. Key Questions What Community Does Your Customer Belong To? Outside In. What Content Do They Want? How Can You Create That Content? How Can You Turn Them into Customers? Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 6. Community What 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
- 7. What Content Does the Community Want? Content We asked NaNoWrimo what their community wanted: Answer? Empowerment. • • • Arik Abel | @Arik Abel | Help reaching their goals Support and a sense of togetherness Visibility for their effort Result: Letsgowrimos.com Director, Online Marketing, Lulu.com | Internet Summit 2013
- 8. How Do You Create the Content You Need? Content Listen: Translate: Twitter, Forums, Blogs Polls, Video, Blogs, Memes Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 9. How Do You Convert Visitors to Customers? Customer All leads receive something, select leads receive something better. Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 10. Inside Out. Creating Content for Existing Customers & Communities Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 11. Key Questions What Does Your Customer Want? Inside Out. How Can You Source It from Your Community? What Would It Look Like as Content? How Can You Turn Content into New Customers? Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 12. What Does Your Customer Want? Customer We asked our customers what they wanted to achieve. Answers? 1. Build an audience 2. Sell books 3. Name recognition Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 13. 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
- 14. What Would it Look Like as Content? Content And turned insights into an eBook, checklist, infographics and blog posts http://success.lulu.com Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 15. How Do You Convert Content to Customers? Customer That we’re promoting through paid, owned and earned media. Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 16. ROI. Cost per Lead, Cross-Channel Tracking, ROI Analysis Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 17. Key Questions What is Your Target Cost per Lead (or Customer)? What is Your Initial Budget or Acquisition Goal? ROI. What’s Your ROI in Terms in $ Over Time? How Do You Optimize Across Channels? Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 18. Target Cost Per Acquisition and Budget Cost .15 $136 LTV of Acquired Customers Over Last 6 Months Arik Abel | Conversion Rate from Lead to Monetization @Arik Abel | Cost to Acquire Those Leads Director, Online Marketing, Lulu.com | Time it Takes to Realize the ROI Internet Summit 2013
- 19. ROI Target Cost Per Acquisition and Budget 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. 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% 20000 Leads Needed 50% Margin $500,000 Profitability ROI Target Multiple $250,000 Budget Target Cost Per Lead Toodle-oo, Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com Your ROI-Focused Social Media Team 200% | $12.50 Internet Summit 2013
- 20. How Do You Optimize Across Channels? Tracking Tracking links by channels/campai gns Arik Abel | Pass through at the point of lead capture @Arik Abel | View through from lead to KPIs towards revenue Director, Online Marketing, Lulu.com | Regular optimization checkpoints Internet Summit 2013
- 21. Conclusion. Key Takeaways, Action Items and Tips Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013
- 22. Two approaches to using content and community for customer acquisition: Outside in and Inside out. Takeaways. 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
- 23. Research communities your customers belong to (including your own customer community). Form relationships with the leaders and influencers in those communities. Actions. 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
- 24. 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. Tips. • Crowdsource. Curate. Then Create. Don’t launch a campaign without a tracking and optimization plan. • • Arik Abel | @Arik Abel | 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 Director, Online Marketing, Lulu.com | Internet Summit 2013
- 25. Good Luck! Get the cheat sheet of this presentation at threecsofsocial.com Arik Abel | @Arik Abel | Director, Online Marketing, Lulu.com | Internet Summit 2013