Christopher S. Penn – Marketing AI Keynote Speaker

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How To Monetize Your Social Media Outlet

How To Monetize Your Social Media Outlet

In a variation of a Financial Aid Podcast blog post this morning, here’s a brief economics 101 explanation of how you can monetize your blog, podcast, Twitter lifestream, or other social media outlet.

Economics 101

Supply and demand are inversely related. When demand exceeds supply, you have to pay others to take your stuff. When supply exceeds demand, other people pay you for your stuff. Value comes from demand. Here’s a simple monetization chart:

If your social media outlet is in high demand, you can get paid for it. If your social media outlet is not in high demand, you have to pay others to take your stuff. If supply and demand are in equilibrium, you’re at totally free.

This is why advertising is the main method of monetization for most social media. Your social media outlet in and of itself has very little value, sorry to say. What has value is your audience. They’re the commodity that you have to sell, and you do sell them, whether or not you want to believe you do. You can sell the actual audience in the form of renting or selling an email list, or more likely, you sell access to your audience in the form of endorsement, sponsorship, or ads. Your audience is the value to the advertiser, and in turn, your content is the value for your audience.

See the entry on the chart where it says your blog, podcast, and twitter stream? See how it’s actually in the you pay others section? It’s true. Statistically, you pay others for your content. You may say that you’re blogging for free or giving away your content, but the reality is that you’re paying others, in hosting fees, bandwidth, in domain name purchases, in your time and energy to create and market your content.

You’re paying others.

Social Media Metrics That Matter

How do you know when you’ve become a true social media success?

When everyone pays you.

Advertisers pay for access to your audience. Your audience pays for access to your content – perhaps in cash, perhaps in inbound links, perhaps in word of mouth marketing on your behalf. Major media outlets pay in time and energy to cover what you’re talking about.

Most important of all, checks arrive in the mail or by direct deposit that are sufficiently large enough for you to meet your expenses and then some. At the end of the day, whether or not you can afford to eat and put a roof over your head is the only metric that matters.

How To Monetize

How do you get there? Back to the chart.

You’re fighting an uphill battle if you think you can reduce overall supply, so you have to be a specialist, an expert in something that is in short supply. Ideally, it should be something in short supply but high demand – like insider stock tips, or financial aid information.

As I’ve said in the past, I’m not a podcaster. I’m a financial aid expert who has a podcast.

So let’s assume you’ve got basic supply solved – you’ve found a niche, a place where there’s market demand for your supply. Then it’s up to you to market your content. Marketing, as I’ve said in the past, is about sharing ideas, which is a kind and gentle way of saying marketing is creating demand for your ideas.

Marketing is the creating of demand for your supply.

The more you effectively market, the more demand there will be for your content. That in turn will drive audience growth, which you can monetize directly (audience pays) or indirectly (advertisers pay), or both.

As my friend Whitney Hoffman says, you can’t outrun Adam Smith and the laws of economics. If you’re currently being paid for social media, enjoy that you are, and realize that if your monetization model doesn’t conform to the basic laws of supply and demand, your model is not sustainable and sooner or later, the money will stop.

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September 2, 2008
SEO more important than ever with Google Chrome

Google’s announcement of Chrome, their new open-source browser, was greeted with a relatively lukewarm reception online today.

Here’s the part that a lot of folks missed, from the Chrome comic book. (yes, a comic book)

Get it?

If your SEO efforts aren’t up to par, Google’s ignoring you in the testing of their browser, too.

If their browser achieves any level of success, Google will test against your site – if you rank.

Now this part is the gem, the part that marketers NEED to pay attention to, or ignore at their peril.

If users think your site is worth remembering, Chrome will do it for them.

If your site ranks for your keywords, Chrome will suggest it – IN the browser itself. No need to be using Google suggest.

Seth Godin is fond of saying that if you make your content remarkable, you win.

Google Chrome now says if you make your content remarkable, they’ll market it for free to their users directly in the OmniBox.

We’ll see how this new browser does, but marketers – pay heed.

Google Chrome debuts September 2.

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September 2, 2008
Thoughts on politics

“The reality is that the American eagle needs both a left wing and a right wing or he ain’t getting off the ground.” – J. Michael Straczynski

We need both. Neither is more or less correct as long as we actually want to fly.

Food for thought: an eagle has a right wing and a left wing, but the head, heart, and talons?

They’re all in the middle.

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September 1, 2008
What Martial Arts Can Teach Us About Improving Presentations

What Martial Arts Can Teach Us About Improving Presentations

One of the keys to being successful in the martial arts is taking good notes, storing away information. In ninjutsu, a secondary key is taking good notes in such a way that your notes are useful only to you. If someone borrows, copies, or steals your notes, they’re functionally useless to them. Yes, you may have possession of the Takagi family’s sacred scrolls, but unless you’ve been initiated into translating them, they’re not terribly helpful.

I was looking over my notes from Tuesday night’s class at the Boston Martial Arts Center, my personal notes for second degree black belt, and realized that in many ways, they’re the antithesis of a good presentation.

In my notes, I have the general prompts I need to recall something from memory, not a step by step outline of exactly what to do. I know what to do because my teacher taught it to me, but if I need to jog my memory about the setup, my notes contain enough detail to make me go, “Oh, yeah, that one!” and I’m ready to go. None of the nuance or subtlety makes its way into the notes because it doesn’t need to be there, and more importantly, can’t easily and quickly be put into words anyway, any more than you can accurately convey what a lychee tastes like in words. If you’ve had a lychee, you know exactly what I’m talking about. If you’ve never had a lychee, that sentence is devoid of context.

This is the danger, the curse of knowledge, that plagues presentations. The presenter knows what’s in their notes, and knows the subject matter, which means they risk leaving out vital pieces of information that surround their presentation, the context. The presentation may have giant gaps in it, but the presenter doesn’t know it because they don’t see their presentation – they see their experiences instead, filling in the gaps in their own head but leaving huge potholes for the audience trying to follow along.

This is why in both the martial arts and in Zen the concept of the beginner’s mind is so important, to be able to see without the past clouding our vision. As a presenter and speaker, seeing your own material with a beginner’s mind is vital but supremely difficult.

Listen carefully to the feedback from your presentations to see whether you’re failing to provide context and details in your presentation. You may find some critical points that, with just a few extra details, could radically improve your presentations.

Besides audience feedback, make sure you review video of yourself presenting, and ask yourself throughout the video if you’re making sense. If you can, have two cameras set up, one to film the audience, so that you can watch the crowd react to what you have to say, catching subtleties that you missed while presenting. It doesn’t have to be elaborate or expensive – a simple Flipcam on a tripod will do the trick. Be on the lookout especially for body language changes en masse, as well as facial expressions – these nonverbal cues can tell you when you’re being impactful – and when you’re missing the point.

As Shunryu Suzuki, a Zen master, said, in the beginner’s mind there are many possibilities, in the expert’s mind there are few. If you want to explore the possibilities of becoming a better speaker, embrace the beginner’s mind and avoid the curse of knowledge.

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August 28, 2008
Why PodCamp Works – Integrated Verticals

Imagine for a moment that your industry, that your specialty, is a single post, a single beam. It represents your vertical, everything you’re good at, and also everything that’s wrong with your industry’s growth. It’s fishbowl. It’s vertical. It’s a silo, an echo chamber in which no new ideas flow in or out.

You keep struggling to find new ideas, new innovations. Event conferences in your industry are the same old, same old, with vendors marketing the same solutions to yesterday’s problems.

Now imagine you found a way to tie together your vertical with others.

Imagine you found a way to bridge the gap between your vertical, your silo, your fishbowl, and not just with one other silo, but with a ton of silos. Imagine a series of fishbowls connected, so many that you effectively have an ocean to swim in. Imagine you found the commonalities among verticals that were strengths, and that working with others in completely unrelated fields helped mitigate your individual weaknesses.

This is the mission of PodCamp. Bring together everyone from different worlds who wants to learn, share, and grow your new media skills. Bridge the gap between pools of ideas so that the best ideas are accessible to everyone, and the power of friends working together can overcome the obstacles that by yourself stood in your way.

Bring together the verticals and see what you can achieve.

See you at PodCamp.

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August 27, 2008
What martial arts can teach us about marketing

The martial art that I practice places an incredible amount of emphasis on the basics of the art. Basic footwork patterns, basic abilities to hit, grapple, throw, and otherwise put the kibosh on someone trying to hurt you.

One of the things that every senior instructor at my dojo, the Boston Martial Arts Center, constantly emphasizes is the refinement and polishing of our basics. If you punch someone, you want them to stay punched. If you throw someone, you want them to stay thrown. All the fancy moves and movie-like choreography will do you no good whatsoever if the bad guy gets back up and starts griefing you again; conversely, all the fancy moves are completely unnecessary if you get out of harm’s way and deck the guy so hard that his unconceived children feel it.

What does this have to do with marketing? Simple. We forget the basics all too often. In our attention deficit society, in our 90 hour work week system, we’re so easily distracted by flashy toys and tricks that we forget to practice and refine our basics. The ability to send out an effective direct email campaign. The ability to optimize a web page for the basics of search engine optimization. The ability to design a usable interface to our information.

This is a topic I’ll be talking about more at the MarketingProfs Digital Marketing Mixer in October. We’ll explore the levels of marketing basics just like a martial art, showing you what “white belt” skills will always pay off no matter how many grades of black belt you have.

In the end, no matter how fancy your marketing or martial arts, chances are in any real encounter on the street or in your vertical, you’re going to get one shot that will decide whether you make it or don’t. There’s no second place prize. The only way to be confident in that one shot is to have solid basics that you can rely on.

Ask yourself this as a marketer: what are your basics? How reliable are they? How confident are you in the results you can generate with them?

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August 27, 2008
FDIC Insurance Fund Falls Below Statutory Limit

From the FDIC press release:

Financial results for the second quarter are contained in the FDIC’s latest Quarterly Banking Profile, which was released today. Among the major findings:

Provisions for loan losses continue to be the main cause of falling earnings. Rising levels of troubled loans, particularly in real estate portfolios, led many institutions to increase their provisions for loan losses in the quarter. Loss provisions totaled $50.2 billion, more than four times the$ 11.4 billion the industry set aside in the second quarter of 2007. Almost a third of the industry’s net operating revenue (net interest income plus total noninterest income) went to building up loan-loss reserves.

Noncurrent loans are still rising sharply. The amount of noncurrent loans and leases (90 days or more past due or in nonaccrual status) increased by $26.7 billion (20 percent) during the second quarter, following a$ 26.2 billion increase in the first quarter and a $27.0 billion increase in the fourth quarter of 2007. Almost 90 percent of the increase in noncurrent loans and leases in the last three quarters consisted of real estate loans, but noncurrent levels have been rising in all major loan categories. At the end of June, 2.04 percent of all loans and leases were noncurrent, the highest level for the industry since 1993.

Assets of insured institutions declined. Total assets of FDIC-insured institutions declined during the quarter for the first time since 2002. The $68.6 billion (0.5 percent) decline was caused by a reduction in trading assets at a few large banks. Assets in trading accounts, which increased by$ 135.2 billion in the first quarter, declined by $118.9 billion (11.8 percent) in the second quarter. In addition, the industry’s holdings of one- to four-family residential mortgage loans fell by$ 61.4 billion (2.8 percent). Real estate construction and development loans declined for the first time since 1997, falling by $5.4 billion (0.9 percent).

The FDIC’s Deposit Insurance Fund reserve ratio fell. Due to a significant increase in loss reserves, including reserves for failures that have occurred since June 30th, the DIF balance fell to $45.2 billion at the end of the second quarter, down from$ 52.8 billion at the end of the first quarter. While insured deposits rose only 0.5 percent during the quarter, the decline in the fund balance caused the reserve ratio to fall to 1.01 percent as of June 30th from 1.19 percent one quarter earlier. Because the reserve ratio is now below 1.15 percent, the Federal Deposit Insurance Reform Act of 2005 requires the FDIC to develop a restoration plan that will raise the reserve ratio to no less than 1.15 percent within five years.

This is a big deal, folks. A scant 1.01% reserve is all that stands between you and massive runs on banks.

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August 27, 2008
The Wheel of Time Turns

The Wheel of Time Turns

Fall is coming around again, and as it does, the echoes of autumns past come with it. Nostalgia for times past are inevitable as the growing season ends and we buckle down for winter’s arrival; Halloween in older traditions is said to be the day when the veil between living and dead is the thinnest. This brings to mind an expression one of my teachers, Ken Savage of the Winchendon Martial Arts Center, talks about at the beginning of every autumn’s New England Warrior Camp.

If you look only at the calendar, time looks like a loop. It’s September again, it’s your birthday again, it’s this or that again. History repeats itself, and except for maybe feeling a little bit older when you blow out the candles, time doesn’t feel different.

If you look away from the calendar as a loop and see a day as a notch on a wheel, then you can look past the cyclical repetition that permeates our days (“Monday again?”) to a more broad perspective. Like the wheel of a wagon on a trail, the same day, week, month, or year mark comes around again and again, but we forget to look at the progress the wheel makes on the road behind and in front of it. We forget to take a moment to see how far we’ve come in one turn of the wheel, and to look ahead for what adventures await us on the path in front of us.

Take a moment right now to reflect on your journey so far. How far have you traveled and how much have you achieved in the last year? How much different is your life in one turning of the wheel?

Stephen K. Hayes has an especially powerful insight into the familiar Zen painting of a brushed circle. From a limited perspective, it’s just a circle, signifying completion and no end or beginning, but if you delve into it, you see that it’s a spiral being observed from the top down. The brush is illustrating your ascent up the spiral towards achievement, and though it may look like a circle, it’s so much more if you have the broadness of mind to see past the surface.

Life is all too easy to let slip away in meetings, appointments, and routines, only to wake up one day and realize the wagon wheel is at the end of its journey. Know now that though the wheel returns to the same notch every so often, it only travels on any given part of your life’s trail once. Be sure to enjoy the trip before it’s over.

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August 26, 2008
If marketing designed stop signs…

More truth than comedy.

[youtube]https://www.youtube.com/watch?v=jVb8EC1Y2xM[/youtube]

Hat tip to Rachel Timmerman for this one.

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August 25, 2008
What is the future of podcasting?

Chris Brogan asks:

But now, think about podcasting. Where is THAT going? If you can guess that one correctly, get back to us all. It’s been a crazy ride so far.

Podcasting is going exactly where it should be going, which is away from “shiny object of the day, one solution will solve your problems” to useful platform in the right context. That’s why events around podcasting like PodCamp have evolved to include other forms of new media besides just podcasting, because podcasting is part of the mix.

Consider what podcasting is for a moment.

+ Audio or video
+ Consume on demand
+ Subscription based for push delivery
+ Some level of interactivity with content producers

These features give podcasting unique advantages and disadvantages. For example, podcasting is NOT a wonderful platform for delivering anything time-sensitive, because you don’t know when someone will tune in. Podcasting stinks at clickstream, because it’s very difficult to track where a user came from unless you’ve bought and exclusively use domain names just for people to remember.

Podcasting is terrific at delivering a lot of information in alternate formats. For people who prefer to listen or watch instead of read, or who listen at certain times of the day (on a commute, for example), podcasting is a perfect way for them to get content they want.

If you are trying to deliver material that doesn’t conform to the context of podcasting and the context of people who enjoy podcasts, your efforts will not be rewarded.

The sense of disappointment or disillusionment with podcasting that a lot of new media producers seem to have lately can basically be summed up as such:

Podcasting by itself is not enough if you’re looking to educate or promote. It’s one channel among many, and it’s not appropriate for every subject and context.

Podcasting is a LOT of work. There are many more companies, services, and ideas now to make things more streamlined than there were in its infancy in 2004, but it’s still a commitment of time and energy.

Podcasting is not a get-rich-quick scheme, any more so than Twitter, blogging, or real estate. This, by the way, is one of the key sources of discontent, as a lot of claims were made early on about podcasting being the way for you to quit your day job and solely be a new media maven.

Podcasting is a form of media, and one of the deadliest mistakes that people make in media is mistaking the medium for marketing. See this blog post for more.

My Student Loan Network CEO, Joe Cronin, recently pointed out in a meeting that he wasn’t sure about the Financial Aid Podcast’s growth prospects. The show is growing, but slowly, certainly not like its initial growth curve in the early days, when the show scooped up many of the early adopters. He asked if, in Seth Godin’s perspective, the Financial Aid Podcast was in a Dip or a cul-de-sac, and suggested one of Godin’s quotes that the podcast might not be worth continuing. Of course, Seth’s full of lots of good quotes, including this one – a woodpecker can peck 20,000 different trees and die of starvation, or it can peck one tree 20,000 times and get dinner.

Podcasting – and the Financial Aid Podcast – is still somewhere around peck 5,000.

We’re effectively nearly 4 years into podcasting’s life. Consider where Amazon.com was 4 years after its founding, in 1998. It was literally just starting to hit its stride in 1998, and Jeff Bezos had said in the Amazon business plan that he didn’t expect to be profitable for at least 5 years. Amazon finally posted its first profit in the 4th quarter of 2002, nearly 8 years later.

This is the kind of patient, long term vision you must apply to podcasting and any other new media platform. There are still hundreds of millions of iPods out there (the low hanging fruit) that have not tuned in, largely because people still don’t know how. We in podcasting and new media are too quick to give up on anyone who’s not an instant early adopter, and as such are leaving people – and money – behind in our mad, attention-deficit rush for instant gratification, instant results, instant fame.

So to Chris Brogan, Joe Cronin, and just about everyone else wondering what the future of podcasting is, stay tuned. There is far more yet to come, if you are willing to have the vision, commitment, and dedication to achieve long term success. If you’re not willing to make that commitment, that’s okay, but don’t expect the same results as the folks who are.

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August 21, 2008

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