Social media initiatives, when effectively used and correctly monetized, can engage customers better and provide higher ROI rates than traditional marketing and sales initiatives. This book presents a selection of monetization strategies that can help companies benefit from social media initiatives and overcome the current challenges in connection with generating and growing revenues. Using cases and examples covering several social media platforms, the authors describe a variety of strategies and holistic solutions for companies. In addition, the book highlights the latest social media innovations, best business practices, successful monetization cases, and strategic trends in future social media monetization. Top executives need to read this book to have a big picture of corporate-wide "social strategy," form a "social mindset," and infuse a "social gene" into their company's culture, strategy, and business processes. Armed with these social elements, companies can gain confidence, effectively introduce social media tools, and invest in major social media initiatives. Due to changing consumer behavior, social media is also ideal for building and sustaining quality relationships with customers - which is why it is becoming an indispensable element in today's business.

Autorentext

Francisco J. Martínez-López is Professor of Business Administration at the University of Granada and the Open University of Catalonia (Barcelona) in Spain.

Yangchun Li is a lecturer in Business Administration at the School of Management, Zhejiang University of Technology (China).

Susan M. Young is Associate Professor of Accounting and Taxation at Gabelli School of Business, Fordham University (New York, USA). Professor Young has previously held positions at Emory University, Baruch College of the City University of New York and is an adjunct faculty member at Columbia University (New York, USA).