The Big List Blog
Keynote: The Metrics of Audience: Size, Engagement, and Value — Live from the Measurement Pre-Conference
1:31 — Jeff: How many folks remember the Quickster debacle? It’s when Netflix decided to play King Solomon and divide their babies and pay extra for it. This is happened what happened to their stock. (Jeff shows a disparaging chart)
1:32 — As I was working on my book I was inspired by this quote fro Bruce Springsteen: He does not assume the audience is there “Getting an audience is hard. Sustaining an audience is harder…”
1:33 — Jeff says “The boss gets it, but does your boss get it?”
1:34 — What was the value of a tweet when they went public? Seven cents per tweet. Thirty seconds on the SUper Bowl = $30-40 million. Audiences are assets. $200 billion — we’ve spent in the US alone on advertising this year.
1:35 — You might be saying you already know this, but your C-suite might not. You want them to understand that your audience is an asset, not a cost.
1:36 — For example, Cleveland Browns fans aren’t focused on value, (They haven’t won a championship in 50 years) but they’ve sold over $1 billion because they weren’t looking at performance, but the appreciation of the entire asset.
1:37 — We need ot value campaign based metrics, but I want to step back and look at the whole picture.
1:38 — Do the math. If your email subscribers are worth $30.00 and you have a million… Does your boss let anyone walk around with that much money? With the key to the safe? We should treat our email lists the same way.
1:39 — What’s the most important for this year? Content, mobile, social, optimization — audience is there, but it’s much smaller. But it’s ironic, Content, mobile, social depend on audiences. But to get our C-suite to understand that our audiences are happy — we have to be more than just community manaegrs. We have to be asset managers.
1:40 — I’m spoiling the book for you now, because this is what the book is about. The Audience Imperative: To use their paid, owned, and earned media to not only sell in the short-term but also increase the size, engagement, and value of their proprietary audiences over the long-term.
1:42 — No audience is owned. It’s called audience sovereignty. Jeff gives an example from the audience throwing tomatoes in 16th century theater. “This is nothing new.” Audiences are permission-based now. It’s like the Buddhist mandala: It take them months to make, they wish the world peace, and they sweep it away — all of it is gone, and they start over. We live in fear of this. As a social marketer, your audience can be there and be gone in just one minute.
1:43 — ABBA: Always be building audiences. “I say this to everybody in marketing.” Everything we do should be building our audiences because they are what build value. Jeff references Don Peppers’ book, “The One to One Future,” Seth Godin’s “Permission Marketing,” and Jeff Jaffe’s “Flip the Funnel.”
1:44 — There are three types of audiences
1. Seekers: looking for information and entertainment. A momentary audience. You have no means to engage them.
2. Amplifiers: creators, bloggers, people who want to be involved, an audience with audiences
3. Joiners: our VIP audience of customers, subscribers, fans, and followers, they want convenience and utility
1:45 — “It does not matter what you do. Marketers are not normal. You need to look at what your customers do.”
1:46 — You have to diversify your audience portfolio. Think like an asset manager. How do I get more people engaged through permission? If you build your house on their sand do not be surprised if it falls down some day.
1:47 — Regarding Facebook and changing rules: “If you build your house on their sand do not be surprised if it falls down some day.”
1:48 — We like big audiences. But it doesn’t matter if I have a ton of subscribers and don’t sell cookies. Red Bull has more subscribers on YouTube than some Prime Time TV shows. Size is much more than a number though. We don’t want fake fans, followers and subscribers.
1:49 — 1. Size also means actionable data. It’s not just about the number on the screen but what data we know about them to make our data personalized and more meaningful.
1:50 — 2. Engagement: Engagement = attention. Why is attention such a problem today? We’ve gone to over 60 different channels to pay attention to. Attention is a premium right now. We’re “priming the pump.” Just like the warm up comedians for Late Night show, who get their blood literally flowing.
1:51 — This is what we do as social marketers, we need to measure our audience warming as valuable. If I don’t have enough clicks over time, Google will push my email to the junk folder. This is why Lady Gaga does Twitter Q&As even when she doesn’t have an album.
1:52 — Michael shares his favorite funny e-card: “Whenever I delete an app on my iPhone, the shaking icons make me feel that they’re panicked over who’s going to get deleted.”
1:53 — 3. Value: When you see headlines that quantify audience numbers, remember to know who they are comparing — are the Facebook fans versus non-customers? or Facebook fans verses non-fans?
1:54 — Don’t worry about what the headlines say (Everything is “dead”) Instead, listen to what your metrics say.
1:55 — Know your lifetime customer value and your lifetime customer value for those that are on email lists, Facebook fans, or Twitter followers.
1:56 — NEV: Net Equivalency Value: You know now what these social channels will charge you to pay for each audience — now you can compare them to the traditional
1:57 — CIV Comparative Incentive Value: This is the new responsibility for every marketer.
1:58 — “Effective Marketing now stands on your audience’s shoulders.” – Altimeter
1:59 — Even if we tick off our subscribers, fans, and customers, we can still fix it, earn them back, because they are a renewable resource.
2:00 — Jeff reminds everyone of their responsibility to value these audiences as an asset which might mean a new role, the Director of Audience Development.
We will never, ever release your email.
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