Web 2.0 Marketing Tip #54: Turn Social Networks into Money Generators
By Ralf Skirr.
Social networks like Facebook and Twitter is creating a lot of buzz not only among regular folks who love to keep in touch but also in the internet marketing world. Well, it is unavoidable as these websites are teeming with millions of our potential customers. Are you using these networks to gain profits? If yes, are you really making money?
Real Way to Make Money from Social Networks
A friend of mine built a Twitter following of more than 1 Million followers. One day, I asked him if he was making money from it. Do you want to know what he said? He didn’t really give me an answer. It was something like “going to be soon.” But, how soon is soon?
That’s something I see happening with promotional and web traffic efforts a lot. It seems there is really no goal, and that is why no achievement is being made. Sure, people put work into it, but at the end of the chain, there isn’t really a proper plan for monetization.
What does it mean? Simple. It means you’re just wasting your time and money on something you won’t get anything from: you’re working on something that’s not profitable.
So, what can you do about this? You have several choices:
- One obvious route is to use your social networking accounts (Facebook, Twitter, MySpace, LinkedIn, etc.–whichever you prefer) to channel traffic to your products and services. You can lead visitors either to your website or to a specific sales page. Of course, for this to succeed, you have to try to make sure that your networking efforts were targeted at the very crowd that is interested in what you have to offer.
- Another way to monetize your traffic is to generate revenue by selling ad space on your site. You can do this directly by selling banner ads, text ads, and other ad space. This is a very lucrative thing once you’re really getting big traffic. How do you use social networks for this? They will be your promotional platforms. You can tweet and post updates about the ad spaces you offer, possible prices, and so on.
- With low or mediocre traffic, you’d better go for a simple pay per click solution, for example put Google AdSense on your site. Once your ads are running, you can start getting traffic from your chosen social networks to your site.
Assuming you’re running a business, whatever you do, there is just one question you need to ask yourself: How will I monetize this business step I took?
If you can’t figure out the answer to this question, then you might want to stop what you are doing for now, reevaluate your position, go over your goals, and then continue once you find a good answer.