By Sweta Patel
Monetize and Convert
When your customers are able to pick what the value is for the given item they will pay for it. The Hybrid Athlete uses this model and they are successful with it! In fact, they monetized this their using a “Pay What You Want” model. The customers decide and determine the value of the product or service. This allowed Hybrid Athlete to not only build a community around fitness, but have customers who are actively using the website on a daily basis. They leveraged their 11,500 fans from their fan page and served a bigger cause of helping others stay fit at a minimal price (or the price you want).
In order to convert people into paying customers the site must incorporate a value co-creation technique. It is no longer about the sales and the money, but about the community and the value the website brings to its target audience.
What are your favorite social media conversion techniques?
Sweta Patel is a San Diego-based marketing entrepreneur whose company is Global Marketing Tactics.