Social media initiatives, when effectively used and correctly monetized, can engage customers better and provide higher ROI rates than traditional marketing and sales initiatives. This book presents a selection of monetization strategies that can help companies benefit from social media initiatives and overcome the current challenges in connection with generating and growing revenues. Using cases and examples covering several social media platforms, the authors describe a variety of strategies and holistic solutions for companies. In addition, the book highlights the latest social media innovations, best business practices, successful monetization cases, and strategic trends in future social media monetization.
Top executives need to read this book to have a big picture of corporate-wide “social strategy,” form a “social mindset,” and infuse a “social gene” into their company’s culture, strategy, and business processes. Armed with these social elements, companies can gain confidence, effectively introduce social media tools, and invest in major social media initiatives. Due to changing consumer behavior, social media is also ideal for building and sustaining quality relationships with customers – which is why it is becoming an indispensable element in today’s business.
Author(s): Francisco J. Martínez-López, Yangchun Li, Susan M. Young
Series: Future of Business and Finance
Publisher: Springer
Year: 2022
Language: English
Pages: 241
City: Cham
Preface
Contents
About the Authors
Part I: An Introduction to Social Media Monetization
1: Introduction
1.1 The Business Value of Social Media
1.2 Challenges and Problems that Firms Need to Consider in Social Media Monetization
1.3 The Importance and Necessity of Studying Social Media Monetization
References
Part II: A Strategic Framework for Social Media Monetization
2: How Companies Can Exploit the Commercial Value of Social Media Through Advertising
2.1 Social Media Advertising: What It Is and Why It Is Important
2.2 Push-Based Social Advertising
2.3 Pull-Based Social Advertising
2.4 A Combined Use of Push- and Pull-Based Social Advertising
References
3: How Companies Can Use Social Media for Social Selling
3.1 Social Selling: What It Is and Why It Is Important
3.2 Critical Success Factors of Social Selling
3.3 Key Activities in Social Selling: How to Convert ``Social´´ into ``Sales´´
3.3.1 Social Media Lead Generation
3.3.2 Managing Customer-Related Social Media Data and Information
3.3.3 ``Friending´´ and Networking Customers
3.3.4 Achieving Sales
References
4: How Social Media Profits from Advertising and Social Commerce
4.1 Advertising as a Major Revenue Source for Social Media
4.2 Social Commerce and the Online Marketplace
4.3 Digital Business Solutions
4.4 Livestreaming
References
Untitled
5: How Social Media Can Monetize by Offering Premium Service or Content
5.1 Premium Service
5.2 Ad-Free as a Premium Feature
5.3 Premium Social Media Content
5.4 Premium Digital Items or User Privileges
5.5 Managing Multiple Monetization Models
5.6 Social Media Platforms Monetizing via Premium Service or Content
References
Part III: Know-how for Companies to Monetize Social Media
6: Monetization Process for Companies
6.1 Market Research
6.2 Social Media Strategy Formulation
6.3 Social Media Listening and Social Media Intelligence
6.4 Influencer Marketing
6.5 Performance Assessment and Reporting
6.6 Community Management and Customer Care
References
7: Social Media Strategy Design
7.1 Strategy Design Overview
7.2 Strategy Design for Social Media
7.2.1 Strategic Focus
7.2.2 Social Media Channels
7.2.3 Content
7.2.3.1 How to Use User-Generated Content for Business
7.2.3.2 How to Design and Launch Social Media Campaigns for Business
A Combined Use of Celebrities, Social Ads, and Targeting Techniques
Cultivate Social Value for More Repeat Purchases
Go Beyond Paid Advertising to Focus on Creating Relevant Social Media Content and Influencer Marketing
7.2.4 Organizational Design for Social Media Monetization
7.2.5 Metrics for Strategy Assessment
References
8: Optimizing the Use of Four Major Social Media Platforms
8.1 Facebook
8.1.1 Facebook´s Algorithm on Promoting and Demoting Posts and How to Increase the Visibility of Posts
8.1.2 Facebook Advertising
8.1.2.1 Set Campaign Objectives for Facebook Ads
8.1.2.2 Understand Facebook´s Ad Targeting Strategy and Define the Target Audience
8.1.2.3 Set Ad Placements on Facebook
8.1.2.4 Set Ad Budgets and Schedule on Facebook
8.1.2.5 Define Ad Formats, Insert Ad Content, and Launch Facebook Campaigns
8.2 Instagram
8.2.1 Instagram´s Most Important Updates for Social Commerce
8.2.2 Instagram Stories
8.2.3 Instagram Live Shopping
8.3 WeChat
8.3.1 The Business Value in Chinese Markets
8.3.2 Using WeChat for Business
8.4 Pinterest
8.4.1 Key Terms in Pinterest Marketing
8.4.2 Tips to Improve Pinterest Marketing
References
9: Cases and Analyses of Companies Leveraging Social Media
9.1 Nike
9.2 Adidas
9.3 Estée Lauder
9.4 L´Oréal
9.5 Zara
9.6 Coca-Cola
9.7 Hyatt
9.8 Amazon
9.9 Pinduoduo
9.10 Managerial Implications
References
Part IV: Knowhow for Social Media Companies to Garner Maximal Revenue
10: Monetization Strategy Implementation for Social Media Companies
10.1 Critical Success Factors of Social Media Monetization
10.1.1 User Acquisition
10.1.2 User Retention
10.2 Strategies for Monetization
10.2.1 Advertising Strategy
10.2.2 Social Commerce Strategy
References
11: Business Model Design for Social Media Companies
11.1 The Social Business: A PESTLE Analysis
11.2 Business Model Design
11.3 Business Modeling for Core Businesses
11.3.1 Advertising Business Modeling
11.3.2 Social Commerce Business Modeling
11.3.3 Hybrid Business Modeling
References
12: Information System and Structure Design for Social Media Monetization
12.1 Structure and System Design for Social Advertising
12.2 Design Goals
12.3 Social Media Content
12.4 Social Media Profile and Social Media Connection
12.5 Social Media Community
12.6 Social Commerce Features in Social Media
12.7 Structure and System Design for Gamification
References
13: Social Media Monetization and Demonetization: Risks, Challenges, and Potential Solutions
13.1 Risks in Social Media Monetization
13.2 Risks in Social Media Demonetization
13.3 Challenges in Social Media Monetization and Demonetization
13.3.1 Free Speech and Content Moderation
13.3.2 Goals in Conflict
13.3.3 The De Facto Algorithm and the Algorithm Imaginary
13.4 Building Accountability for Social Media Monetization and Demonetization
13.4.1 Overview of the Accountability Framework for Social Media Monetization and Demonetization
13.4.1.1 Actor
13.4.1.2 Forum
13.4.1.3 Accountability Relationships
13.4.1.4 The Account of Social Media Monetization and Demonetization Activities
13.4.1.5 Consequences
13.4.2 Strategies
13.4.2.1 Building a Fair and Ethical Algorithm
13.4.2.2 The Combination of Human Intelligence and Machine Intelligence
13.4.2.3 Self-governance, External Governance, and Co-governance
13.4.2.4 Capturing Social Value for Sustainable Monetization
13.5 Concluding Remarks
References
14: Cases and Analyses of Social Media Companies
14.1 Facebook
14.1.1 Facebook´s Monetization Strategy
14.1.2 Facebook´s Business Model
14.1.3 Managerial Implications from Facebook´s Success
14.2 WeChat
14.2.1 WeChat´s Monetization Strategy
14.2.2 WeChat Business Model
14.2.3 Managerial Implications from WeChat´s Success
References
Part V: Buried Treasure in the Roadmap Towards Monetization
15: New Technologies to Enhance Money-Making Potential
15.1 Social Media and Artificial Intelligence (AI)
15.1.1 Social Media Analytics Enabled by AI
15.1.2 Social Media Bots
15.1.3 Social Media and Smart Devices
15.2 Social Media and AR/VR
15.3 Social Media and Blockchain
15.4 Social Media and Finance
15.5 Enterprise Social Media
15.6 Social Media Monetization in the Future
References
