How to make a Web 2.0 strategy profitable

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Web 2.0 and the emergence of social networks allow companies to get closer to their targets. But is it enough? Here are some tips every business can use to make their Web 2.0 strategy more profitable beyond reconciliation.

The expression “social media” suggests a new tool for a brand to have a greater online presence and engage more with its customers. But social media goes even further, blogs, RSS feeds forums and news “tagging” can be a way for businesses to generate new sources of income.

Take for example the HEC International Business School, which decided to drop these 60 intranets. Five years ago, we never imagined that one day, students and teachers would share their knowledge online. But today this has been achieved at HEC thanks to Web 2.0 tools such as online forums, groups on Facebook and RSS.

 High quality videos and vibrant images are interactive elements of social media that play an important part in engaging audiences even more with a brand or business. A Vignette customer launched their website with large format videos. Result: Internet users spend 200% more time on the site.

 This is just one example among many that social media used internally as well as externally, can increase the engagement of a brand or company with its audience. But one question remains: how to generate profit with Web 2.0? Here are five tips to consider. 

1. Advanced video analysis

High qualities videos increase the time that customer spend on a site and, moreover, encourage them to come back to the site.  The analysis of the behavior of Internet users is important to better optimize the placement of products and the delivery of advertisements on a site, such as when in the video do they pause or return to the start of viewing. Providing the option to click on products in a video and purchase them directly can improve conversion rates.

2. Dynamic images to create sales opportunities

Similar results can be obtained with dynamic images. For example, the image of a model in a fashion outfit on the homepage of the online fashion house is accompanied by a “click to buy” option. This allows web users to make the decision to buy the outfit right away if they like the image. But in general, the reality is that the majority of sites are not easy to use. An analysis carried out by Forrester on e-commerce in France shows that French consumers in particular express frustration with sites that do not offer the products they are looking for (for 47% of them) or sites where it is difficult to find the products they are looking for (42%).

3. Reviews

Make Money According to a Jupiter Research study, 77% of Internet users who shop online make a purchase decision after reading reviews about the product they are looking for. Providing product reviews on its site prevents people from visiting competing sites, which in turn increases conversion rates. In addition, by monitoring and noticing negative comments, marketers can immediately get in touch with their teams to better control the site. 

4. Advanced recommendations

Additional purchase recommendations to Internet users are a trivial matter. But are Internet users making the right decisions? Instead of offering the same SEO products every visit, Advanced Recommendations monitor and analyze the information provided by all visitors for more relevant suggestions. Using this approach, it is possible to increase its conversion rate by 20%. 

5. Save on support costs

Content generated by Internet users, such as comments on forums and message boards, facilitates the exchange of information with all visitors to the site. As Internet users create the content themselves, businesses reduce the time to enter data. Many brands and companies are also seeing a drop in calls to their support center.

Social media helps brands create richer, more user-friendly sites. Consequently, this increases the satisfaction of Internet users and their involvement. As we have seen, videos allow more targeted advertising to be delivered and present a relevant tool for marketing campaigns. Even if your business is not yet using social media, there is an important business angle you shouldn’t overlook.