How to Monetize Social Media

I attended yet another webinar by Lewis Howes: How to Monetize Social Media
Here are some highlights from the webinar - enjoy!

Some Facts

• Social media usage has been increasing for baby boomers
• More than half of marketers use social media as part of their marketing strategy
• Average american internet user watches 30 minutes of video online per day

Gary Vaynerchuck, author of "Crush It!" mentions the following

• $15,000 spent on direct mail generates 200 new customers
• $7,500 spent on a billboard generates 300 new customers 
• $0 spent on twitter can generate 1800 new customer
  

Tip: If you are selling a service or product using social media don't just straight out sell, it important to be engaging. Also, be willing to do some things for free - gain credibility. 

My thoughts

• Customer engagement is very important; if you are using social media (or any other method) to sell a service or product, really try to engage the customer and understand the pain points and wants of the customer
• Be resourceful: If you are on Twitter/LinkedIn etc and you see a post/question in your area of expertise, be rosourceful and help out - it will go a long way
• Put statistics to use - i.e. social media usage has been increasing for baby boomers. Really think about what this means for your business. Is there a particular way in which you can reach out to these baby boomers?