Abstract
A monetization process encompasses six activities: market research, social media strategy formulation, social media listening and social media intelligence, influencer marketing, performance assessment and reporting, and community management and customer care. All activities serve the ultimate goal of increasing corporate profit via social media. The six activities are not arranged in a causal sequence. For example, social media listening could be performed earlier than market research. These activities can constitute the entire monetization process, but not all activities are necessary in different forms of social media monetization. This chapter offers an overview of the monetization process. The key activities will be discussed in further detail in later chapters.
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Notes
- 1.
Data source: https://phlanx.com/engagement-calculator. The macro-influencers’ and the micro-influencers’ average engagement rates are taken from this website.
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Martínez-López, F.J., Li, Y., Young, S.M. (2022). Monetization Process for Companies. In: Social Media Monetization. Future of Business and Finance. Springer, Cham. https://doi.org/10.1007/978-3-031-14575-9_6
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DOI: https://doi.org/10.1007/978-3-031-14575-9_6
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