Social media is one of the fastest-growing industries today. However, the growing competition makes revenue generation a challenging affair. This is where framing an effective monetisation strategy, backed by actionable insights can play a huge role. A winning monetisation strategy can go a long way in helping social media platforms become creative powerhouses.
Challenge
A leading social media platform approached Redseer Strategy Consultants to develop a winning commercial strategy that helps the platform monetize its features effectively. Redseer was asked to identify the viability of the opportunity and determine essential functionality in the market.
Approach
Considering the hype of the blooming social media industry, Redseer conducted a comprehensive macroeconomic analysis of the market to understand and identify the potential for the industry among potential customers on their geographic location. In doing so, they brainstormed to establish the vision and key indicators to achieve the goal. This was important to define what the client needed and set the agenda accordingly.
In the first step, Redseer analysed the client’s performance and inputs coming from the market through research. This was conducted to understand the client’s business and set the direction for the project. The second step was to understand the industry through a study of its history, development, current state, and prospects. This was necessary to identify the factors that will shape the demand for the industry in the future.
In the third step, Redseer compared the client’s performance against the competitors in the industry. This was to understand the areas where the client was lagging and needed to improve. In the fourth step, in-depth discussions with experts in the field were held to understand the overall market size of the advertisement market. The experts provided valuable insights about the digital opportunity expansion over the next three years and the factors that can influence growth in the market.
The fifth step was to understand the customer segments in the market and so feedback from customers was received to understand their preferences and expectations. The customer insights will help the client to tailor their products and services to meet the needs of the customers.
Result
Based on our findings from competitive analysis, industry landscaping, client performance, advertisement market analysis and the feedback from customers, we successfully helped the client frame a powerful and functional monetisation strategy. The client is now well-positioned to take advantage of the growing market
