Liveblog from Bolo 2011: Social Media for Agencies
Social Media For Agencies — Starting, Leveraging and Tracking a Profitable Social Media Practice
Session description: Overcome the cultural and business model hurdles to create a profitable social media practice area. Set up procedures to quickly understand program effectiveness. The role of mobile in any social media program. How to package, price, and sell social media marketing services.
How can you as an agency package social media in a way you can make money? How do you staff that? How do you price it? How do you convince your clients that they need it?
What they said
- We are in a social media goldrush. Agency fees for social media will be $1.5 billion in 5 years from now. Kowabunga, dude!
- What is social media? There is a lot of baggage with the phrase “social media” with decisionmakers. Figure out what it is you *truly* offer. Be specific.
- Do you have a social analytics person in your agency? No? Go hire one tomorrow.
- Measure behavior, not aggregation. Facebook fans is the most useless metric in the history of marketing. If it takes one click of one finger, how meaningful is it really?
- Recognize patterns. Does an uptick in sales correlate with an uptick in social media interactions?
- There is zero business in building Facebook pages. Managing them however, huge business opportunities.
- $2.5 billion in social advertising by 2016. Learn it, love it, sell it. Someone in your agency needs to get good at Facebook advertising, stat.
- Listen, and then mine the data. Use that data to build content plans for your clients.
- There are more mobile phones in the world than toothbrushes. Yup.
- Don’t hire the intern. Instead, hire from the top down. You don’t want the “kids” telling a client how to spend a million bucks on Facebook. You wouldn’t want to listen to that, would you?
- Social media is a different kind of expensive. It isn’t financially expensive, it’s human expensive.
- What’s the profit model for social? Know what you’re going to pay for the employee ($34-56K). Do not hourly bill.
- If you’re going to incorporate a social media check-in platform into your campaigns, do it offline. Offline opportunities can induce social interactions. “Check-in here, receive X.”
- Location based mobile apps will stay pretty evenly paced through 2016. Foursquare and Facebook are predicted to stay pretty even in the location game.