Monetizing Your Social Media Marketing With Your Partners

Make your B-to-C social media into a B-to-B moneymaking machine. Yes, it is possible!

What are THEY doing?

Many companies use social media to engage with their fans and followers for the soul purpose to have them buy their products and or services, however they are missing a logical key component.

Take a deep look at whom your partners are.  If you are a software company, you maybe partnered with several PCs, if you are an APP you maybe partnered with several companies who utilize it to drive customers’ business. A real example would be Apple partnering with Google by letting them use their IOS system to install their maps and internet search.

How to do it

Now that you see the possibilities, here is how you implement it. Lets start with a real partnership like Panasonic and the Sacramento Kings. “Sacramento Kings and Panasonic Installing State-of-the-Art Video Board for Revolutionary Fan Experience.”(NBA.com/kings/news)

Panasonic sends a proposal to the NBA to market the Sacramento Kings games on their social media, organically and with paid social, under a paid sponsorship. The NBA would pay for the social media ads, the hours needed to implement and to run the campaign, plus an advertising fee. In return, the NBA receives analytics and of course cross promoting of potential markets they have not hit yet.

Forecasting it

There is a way to forecast what kind of ROI results the partner(s) will receive which is based on this formula: number of fans/followers the paid ad social platform is running on + the reach the target market + average ratio of ads = partnership forecast. This gives an indication of how efficient the ad is. A key point to note is to know what your partner’s end goal is for this paid sponsorship is, which will determine your strategy and your target market.

Using the right tools

There are several tools needed to assure you are giving your partner great, note worthy analytics such as:

Google Analytics – is used to track traffic on to a website. Make sure you use a pixel (your IT or SEO person will know what that means) to track where people are going once they have landed on the landing page.

HootSuite – is great for tracking the overall performance of your campaigns. It tracks the conversion rate of several ads at the same time. It includes how well it does with any demographic you are filtering and can create reports with graphs for those who are more visual than number driven.

TOMO! – This APP is something a bit more special; you would most likely need it if you were in the retail or university industry. You are given a QR code that people can scan which can land on anything within the TOMO! app, people can also surf social media accounts at the same time. It can create helpful analytics on scanning hot spots including live chats and up to the minute calendars for Universities.

Hiring the right person for the job

Don’t hire someone who is fresh out of the college dorms or one of your favorite niece or nephew, this is real money we are talking about and it should be taken very seriously. Hire someone with result driven paid social media marketing experience, if they can talk numbers to you and get excited over mega data on an excel spread sheet then you should hire them on the spot!

(published in NJ Tech Magazine April 2016, p.12)