Monetizing The Emotional Connection - Three Ways To Build & Sustain Your Brand
When it comes to increasing brand loyalty, filling arenas and stadiums, or sustaining your brand throughout current and futures shifts in the consumption of media, it all comes down to emotional monetization. How can a team, league, an individual brand or even a small business, generate revenue through the connection they share with their fans and consumers?
As a student at Full Sail University, in the Sports Marketing and Media degree program, the first thing they stress to us is being able to monetize the emotional connection within the industry. Of course, as a student coming into the program, you will be completely confused. I knew what monetize meant, I knew what an emotional connection was, but how do you combine the two and leverage that connection?
If you keep scrolling, you’ll find a few things that I have learned to be beneficial in regards to monetizing the emotional connection of your audience and increasing your market share. Keep in mind, that monetization is not always in the form of currency. Monetization can be in the form of any return on investment (ROI). Connecting with your audience can yield an ROI in the form of brand awareness; an increase in the number of followers, likes, and shares; or invitations to collaborate with others industry influencers.
Also, the things that I have learned are not sports business or industry specific. These things can be used in personal branding and as general marketing strategies, across all industries.
1. Build your brand on top social media platforms.
Instagram Stories recently took a huge chunk of the market space from Snapchat, generating over 200 million daily users. This is prime real estate for any brand that is looking to grow its market share and social media presence. And if you’re not into posting video stories, Twitter is a great place to connect with your target audience and offer your opinion to the market in 140 characters or less.
In addition, posting content on a consistent basis is also key to growing a brand. I struggle with this myself, but we all should be posting content daily. If not daily, at least 3-4 times a week. Our brands will not get noticed and will not grow if there is nothing for the audience to see.
Analyze your business and your target audience, then chose one or two social media platforms that will convey your message the best. Make sure the social media platforms you are using are identical to the ones your audience is using. i.e., it makes no sense to primarily use Facebook if your target audience consists of Millennials between the ages of 15-30, who enjoy short and exclusive digital content. In that case, you should be focused on using Snapchat or Instagram. Also, if you’re a photographer Instagram is the best place to show your work. If you’re a videographer you should be using YouTube.
2. Video content is a brand’s best friend.
In connection with my first point, I recently started posting videos on social media. I consider myself the spokesperson for introverts, so posting videos was never my thing. However, since I started using video as a means to connect with my audience, I’ve seen a huge growth in the number of followers and likes on all social media platforms that I use. I’ve also seen growth within the amount of traffic to my website.
Video content is the most valuable form of content right now. Consumers are no longer seeking traditional means for gathering information. What does this mean for you? Well, those consumers include your target audience. So, if you are not creating and uploading some type of video content, you’re losing the race. The choice is yours.
3. Create an interactive experience.
Simply put, engage with your audience. Create dialogue. These days, consumers want to be involved with the process. When publishing your unique content and using social media, make sure you are engaging with your audience. Not only can you create content that sparks conversation, you can continue that conversation by simply commenting on a photo or responding to comments or to feedback.
Your audience spends time and, in most cases, money on your product, and they want a memorable, interactive, and engaging experience. Not only does this make your brand stand out, it creates brand loyalty and will increase brand awareness.
It’s all about taking your brand and your product to the consumers and delivering what you have to your audience. In return, your audience will most likely reward you with their loyalty (time and money), their feedback, and their referrals.
These are just a few things that I have learned, researched and tested, that cannot only help with monetization, but are also useful for personal branding, social media marketing, and increasing market share. I do not claim to know everything when it comes to marketing and monetization. However, if I find something that works, I feel obligated to share it with whoever is reading, watching, or listening.
Connect with me on social media (@IAmAsiaMcMillan) for more tips related to marketing and personal branding.
First Image: Created by Asia McMillan
Second Image: Inc.com