Use these strategies to help your business generate revenue with content.
One of the biggest challenges inherent to content marketing is measuring how writing blog posts and posting on social media equals a revenue stream. I know I write over and over again in this space about how content marketing is one of the most effective strategies for growing business and generating revenue. But many in the supply chain industry still struggle to understand the connection.
I highly suggest listening to this podcast interview with Content Marketing Institute founder Joe Pulizzi. He talks about monetizing content. In summary, businesses need to be about more than just their products and services — they need to be a valuable resource for their customers. This is why content marketing works. It’s a move away from the promotion of products toward branding oneself as a source of knowledge.
But back to monetization. Here are some key takeaways from Joe’s interview about how to generate revenue with content.
Revenue models
Once you’ve established your outlets for content distribution (blog, podcast, YouTube channel, social media platforms, or other publishing outlets) and built an audience, how do you go about generating revenue? According to Joe, there are 10 different revenue opportunities.
The traditional opportunities that most companies think about are:
Selling products
Selling services
Keeping customers longer
Increasing yield
Selling different products
But Joe says that there are five additional revenue-generating activities:
Sell advertising on your site
Create a sponsorship deal
Launch a conference or event
Sell premium content
Ask for donations
Joe advises that business new to these ideas not try everything at once. “Try one revenue model every six months,” he suggests.
Rethink your marketing department structure
Chances are, your marketing department is set up far less efficiently than it should be.
Joe sees a trend of businesses setting up their marketing departments primarily as an opportunity for the sales team — in other words, they are leading “product-first.” “Yes,” he says. “Selling products is important. But you can’t lead product-first anymore. The only competitive advantage people have today is communication.”
It’s time for marketers to refocus on making markets and creating opportunities for organizations. It’s about creating and developing trusted relationships with your audience, and monetizing those relationships by doing more than selling products. Adopting a new vision for your marketing can turn it from a cost-center into a profit-center, with marketing being “profitable in and of itself.”
As peer recommendation becomes increasingly important to B2B buying decisions, user review sites can make or break a business.
How often do you consider going to a much-hyped summer movie but change your mind when a friend shares the terrible Rotten Tomatoes reviews? According to Quartz Media, many a summer movie has proven more “bust” than “blockbuster” after negative feedback on the movie review site.
Just as Rotten Tomatoes can sink a would-be summer blockbuster, user-review websites can have a toxic effect on your business.
B2B buyers are increasingly relying on peer recommendations in the purchase process. In fact, 67% of those surveyed in Demand Gen’s 2017 B2B Buyers Survey reported that peer reviews are an important part of evaluating a list of solution providers.
Third-party user review sites as peer recommendations
Third-party user review sites function like peer reviews, particularly in the B2B space, where a buyer can’t always get a good vendor recommendation at a neighborhood dinner party. They need industry peers that have experience with these vendors to provide honest feedback.
So when someone leaves positive feedback about your business on one of these third-party sites, it’s a huge win for you. Potential buyers will see your customer’s kind words and form a positive association with your brand name. It can be the difference in winning a new customer’s business.
Dealing with negative user reviews
While your business will benefit greatly from positive reviews, it’s important to acknowledge that not all reviews will be favorable. You need a strategy for dealing with negative reviews. Here are a few tips:
1) Ignoring a bad review won’t make it go away.
Take the time to respond to criticism online, publicly if possible. Acknowledge the concerns of the reviewer, offer solutions, and invite them to contact you directly to resolve the issue. Negative reviews don’t have to be disaster — they can even be an opportunity for growth.
2) Learn from your mistakes.
This one may seem obvious, but you’d be surprised how often business don’t take negative reviews seriously, only to make the same damaging mistakes over and over again. If the reviewer has a valid concern about your product or service, take the time to address it internally.
3) Encourage more reviews.
Reviews are a way to empower your customers, and they represent vast opportunities for your business. Seek them out!
As peer influence becomes increasingly important in B2B buying decisions, empowering employee brand ambassadors will benefit your bottom line.
I recently attended a dinner party where I met a new acquaintance. We talked about our families, our hobbies and, of course, our jobs. She recently started working for a small business about which she was tangibly passionate. After listening to her talk, I went home, immediately started following the company on social media, and purchased some products.
Some companies are overlooking their greatest marketing tool: their employees. That woman made a big impression on me and actually influenced a sale. The experience reflects a trend that’s also growing in the B2B space: the impact of peer influence on buying decisions. In fact, 68% of B2B buyers say they give credence to peer reviews in the purchase process.
Imagine the number of people you could reach through each employee’s peer network. It’s a massive opportunity.
I’ve written lately about the rise of influencer marketing. It’s a strategy B2B businesses are starting to understand and use to their advantage. But you don’t need a Kardashian or even an important industry professional to get started. Employees are your most natural, ready-made influencers.
Here are 3 reasons to invest in making your employees brand ambassadors.
3 benefits of employee brand ambassadors
1. Increased social media reach
According to a study conducted by the MSL Group, employee advocates are connected to 10X as many people as their brand on social media, and can increase the reach of brand content by 561%. If your employees are posting about your company on social media, they’re reaching a much wider audience than your company page is.
When it comes to increasing brand engagement, there is no better place to start than with your own employees. Peer influence is a natural extension of employees who believe in your company and its mission.
While your employees are advocating for your company, they will also benefit from their new role as brand ambassadors. They will be more engaged and invested in their jobs. And the additional responsibility will foster a sense of pride and professional growth.
Successfully reframing your employees as brand ambassadors requires creating a culture that empowers and incentivizes employee participation. Offer them the appropriate training or knowledge. Ask them to complete specific tasks (e.g., sharing company content), and give them room to be creative in their ambassadorship as well. Make sure you regularly engage them and thank them for their help.
Keep in mind: Employees are much more likely to participate if what you’re asking them to do is seen as complementary, not supplementary, to their workload. Make sure you are appropriately compensating them for any activity outside of normal working hours to avoid resentment. And, most importantly, keep the dialogue open. You never know how impactful your employee brand ambassadors can be.
Here’s a rundown of paid digital advertising options, including display ads, AdWords, and sponsored social media posts.
We are strong believers in content marketing. Build it, and they will come — or, in content marketing speak, publish quality content, and customers will come to you. But, as I often write about, content marketing takes time to bear fruit. There’s not much you can do about that.lick
Except paid digital advertising.
By investing in paid digital advertising, you can boost the reach of your posts, display ads and videos. Pair quality content with a comprehensive digital advertising strategy, and you will be in a position to drive more traffic, create more brand visibility, and close more deals.
Your peers understand this. Within the first quarter of 2017, Facebook, Instagram, Twitter, LinkedIn, Snapchat, and Pinterest saw a 61.5% increase in paid media spend. And that’s only going to increase through 2018.
So where do you start? Here are four ways to get started in using paid digital advertising to help take your content marketing strategy to the next level.
3 paid digital advertising platforms for beginners
Display ads
Display ads are the paid advertisements that appear in front of users on website pages in the form of graphics. Unlike text-based ads, display advertising relies on elements such as images, audio and video to communicate an advertising message. Display ads are commonly referred to as banner ads, but they don’t always take exact banner form. They can come in all shapes and sizes and can appear anywhere on a webpage.
Benefits: Because digital ads are visual, they can be customized with your logo, message, or even an offer to help increase brand awareness. You have the ability to use graphics, video, audio, and your company’s branding to really stand out and attract their attention. Display ads also allow users the ability to target a specific audience. You control which sites they appear on, which geographic area they appear in, and which demographic or niche market they appear to.
Sponsored social media posts
Social media is a natural place to begin if you’re looking to get into paid digital advertising. A good starting point is Facebook. The social media giant’s social ad revenue was more than $9.16 billion in Q2 2017 alone. And it doesn’t stop there. Twitter brought in $548 million in social media advertising revenue in the same period, and Snapchat is expected to reach over $895.5 million in ad revenue in 2017.
Benefits: Running paid social ads allows you to reach a large audience at a low cost. You pay based on the type of ad you’re running. For example if you’re looking to drive brand awareness, you’ll incur a CPM (Cost Per 1,000 Impressions). And not only are the ads relatively inexpensive to run, they’re not expensive to create. You get all of this plus the ability to target your specific audience, reaching people that are interested in learning about what you do.
Google AdWords
Google AdWords places your website as one of the top results on a search engine results page (SERP) when a user searches for certain keywords of your choice. When a user clicks the AdWords link or calls your business using that link, you incur a charge. Otherwise, impressions are free.
Google’s most recent update involves changes to the so-called “3-pack,” or the listing of three related local businesses on a search results page. Many consumers rely on the 3-pack to discover businesses in their area that offer the products and services they are seeking. And businesses get the benefit of many additional leads and customers when they appear in the 3-pack. This can be particularly significant for small businesses.
Benefits: The biggest benefit of Google AdWords is its speed. You appear in a top spot in a user’s search results, meaning you are one of the first things a user sees when searching for a specific product or service. That’s another good point: Google AdWords allows you to focus on people who are searching for what you have to offer, so you don’t pay for a bunch of wasted impressions. AdWords also gives you real-time reports to track your ad’s success. A dashboard shows information related to each campaign, such as the ads clicked, keywords entered by website visitors, cost of clicks and much more.
Research: Quora offers amazing insight into what thought leaders in the supply chain and logistics industries are focused on. Just by tuning into the conversation, you can gain extremely valuable knowledge.
Connections: This social media platform gives you a perfect space to connect with peers in your industry and with potential buyers, as well.
Reputation building: Quora is one of the best tools out there for reputation building. It allows you to participate in and contribute to conversations that can shape the future of your industry. Using this platform effectively gives you the opportunity to become a resource for others in your industry and for your target buyers — and there’s no better reputation builder than that.
Plenty of business are already using Quora extremely effectively, seeing ROI and more. But supply chain and logistics companies have yet to jump on this untapped opportunity. Let’s take a look at a few success stories.
2 B2B companies successfully using Quora
Kiip
This mobile advertising network has a unique business model that “redefines how brands connect with consumers.” Back in 2014, the marketing team did a series of experiments — one of which was answering questions on Quora — to figure out which growth strategies would be most beneficial for the business model. Read about Kiip’s Quora experiment here.
Kevin Fishner, Kiip’s director of growth, said that his goal in answering Quora questions was to “build our brand presence in the mobile advertising space while driving quality leads to our site.” He offers the important insight that there is a fine line between offering valuable answers and blatantly pitching your product.
“If the question directly pertained to Kiip,” Fishner says, “I’d drop a link at the bottom of my answer. If it was a more generic mobile advertising question, I’d use insights from our campaigns at Kiip and leave it at that.”
Fishner points out that answering questions thoughtfully takes a significant time investment. But in the end, this investment is worth it for your business in all kinds of ways.
As you join the Quora conversation, keep Fishner’s insights in mind. Promoting your brand isn’t always about pitching your product. Becoming a thought leader can be just beneficial, if not more so, for your brand and, ultimately, for your bottom line.
IMPACT
Impact is an inbound marketing agency based out of Connecticut. Earlier this year, IMPACT blogger Carolyn Edgecomb wrote about how the company used Quora marketing to build brand awareness. Like Fishner, she points to following core advice for using this platform: “Hustling or selling is exactly what you shouldn’t be doing on Quora. Instead, aim to spread knowledge.”
Based on IMPACT’s experience on the site, she suggest that “by regularly engaging with other members, you’re able to gain key insights from leading experts, target your audience, and even repurpose your content while answering and asking questions.”
For IMPACT, Quora was less about generating ROI and more about “increasing brand awareness and establishing thought leadership.”
Supply chain and logistics companies can take inspiration and insight from these two Quora marketing success stories. The field is largely open. Start looking for questions you can answer, become a part of the conversation, and aim to become a thought leader.
I repurposed some of our popular content into a video using Lumen 5, a video automation tool.
Have you heard of Lumen 5? It’s a cool website that turns your blog posts into videos in a matter of minutes. You simply enter a URL of an existing post, and it automatically selects text and creates slides with relevant photos. You can edit the text as necessary and swap out photos from a vast library, then select music to go along with the slideshow. And you can even swap colors and add your logo for a little bit of branding.
Super user friendly. Really quick. Did I mention that the most basic functionalities are free?
Video and automation: Two of my favorite words!
I’m always looking for ways to repurpose some of our best content or just present it in a new way. So when my colleague came across Lumen 5 the other day (true story, they are not paying me for this plug), it seemed like an easy tool for doing so.
If you read this blog regularly, you know that I believe all businesses — even supply chain and logistics businesses — should be considering video as a part of their content marketing strategies. Most don’t have the time or budget to do something professional. So automation tools like Lumen 5 offer an interesting opportunity to delve into video without a big investment.
Something else we’re big on at Fronetics? Automation. It’s tricky with marketing because marketing requires a lot of strategic thinking, analysis, and creativity, which really can’t be automated. So any tools that do help automate any part of your creative or editorial processes are a good find.
All this being said, I did do quite a bit of editing and perfecting of the video below. But I was pretty impressed with the original video that Lumen 5 created from my post before I started working on it, too. Features like the text select and image suggestions speed up the editing process, so all in all, I probably spent 20-30 minutes making a video. Not bad!
Video: How Often to Post on Social Media
For our inaugural Lumen 5 video, I decided to use one of our most popular posts, This Is How Often B2B Companies Should Post on Social Media. It’s a question that we get all the time, and I felt the content worked in both the more robust blog post format and the hyper-shortened (about 1 minute) Lumen 5 video format.
Here it is:
What do you think? Do you use any video tools that are free/cheap and fast?
