Brands are evaluating a new generation of platform – where they own conversation
So far it’s been a numbers game
Brands today exchange audience ownership for reach, aiming to convert anonymous traffic to sales.
This isn’t sustainable. Brands are being forced into buying recurring monthly impressions to offset the decline in organic reach. So should seek to own conversations once, without funding reacquisitions of the same audience.
The 4 must-haves
There are clear must-haves to improve conversion rates in today’s environment:
Willingness to change. Brands that embrace change and innovation will prosper but those unwilling to do so will struggle to adapt in the long term.
Authentication. Brands are reviewing a new generation of social platform, controlled and owned by them, that balances traffic with dramatically enhanced engagement by authenticating audiences allowing accurate, individual targeting.
Own the conversation. Synchronising the advantages of today’s social reach with their own platform. Brands can deepen understanding of individual audience behaviour, and with data-driven engagement on demand, do not have to fund the reacquisition of social audiences.
Live social business models. Live audiences are dynamic and in the connected world static, inferred behaviour is being displaced with live audience insights, using real-time data streams, allowing brands to operate diversified live social business models on demand.
The most agile models operate with automated campaigns; maintaining live customer profiles, learning audience behaviour and predicting outcomes, providing the in-depth analysis for effective retention of audiences.
Take away points
The business landscape may have changed, but the opportunity to prosper is definitely here. For brands prepared to change and innovate the possibilities are significant. Owning and understanding the conversion with each audience member is the key to converting conversations into sales and live social business models is the means to monetise them.
Luke Newsum is a marketing executive at GLOBALDRUM
We like exploring commercially led best practice, and solving social business problems without precedent. We are pleased to exchange challenges and solutions.
 Paid monthly impressions have grown >100% in 18 months. Kewee Data. 2017