Social Media Monetization

Topics: Social network service, Twitter, Barack Obama Pages: 10 (3215 words) Published: March 8, 2011
Social Media Monetization
Twitter, Linked In, Facebook, My Space are great sites, but how can you monetize and productize these new innovations. The goal of social media is to turn customers into a volunteer marketing army. Social media creates kinship between companies and customers, and kinship equals purchase intent. Facebook, Twitter and MySpace are superb social networking websites to utilize to generate network marketing demands. They have a plethora of features and tools for anyone to leverage substantial benefits for marketing products and services. Traditionally marketing involved executing ad campaigns and very little opportunity was left for consumer feedback. With the introduction of Facebook, Twitter, YouTube, and Flickr there is a fundamental shift into participatory marketing and consumer engagement. People want to interact with people, not just brands. Power of Social Media is harnessed by finding more potential customers, development of meaningful relationships with others in your industry, and position yourself as an expert in your field. Aside from treating social networking as a way to connect to other businesses, social networking has become a viable place for marketing their products are services. Through their connections in social networks, businesses could market their products and services. The unique feature of social networking is based on the fact that you are marketing at a very personal level. Instead of passive information wherein you display your message on advertisements, marketing in social networks will require you to be a little bit aggressive wherein you inform them of your products and services on their personal page in social networks. Social Media Marketing creates the following opportunities:

Adds a human element (you) to your business or product
Engage with customers directly but informally while hanging out online •It is fun and simple to do once you know how
Get traffic to your website
Create buzz around your website, product or service or brand •Create inbound links to your website for the search engine ranking benefit •Creates loyalty and trust
History of Social Media
The Social Media explosion didn’t happen overnight. Major networking sites as we know them have been evolving for over a decade. •It all started in 1997 with a social networking site by the name of Six Degrees. This innovative website sought to bring people together online and followed the general principles that have shaped social media such as User profiles, List of Friends and Share Friends with others. •Fast forward to the Year 2000 where closed down as users were not comfortable sharing information online and also the internet hadn’t caught on yet. •Despite the early demise of Six Degrees, it helped establish the central characteristics of Social Media that would be later fine-tuned and elaborated on, expanding its appeal to a wider user base. Here is list to the popular social networking sites categorized by media type. 1.Social Networking

2.Social Bookmarking
3.Content Sharing
4.Media Sharing
5.Blog Platforms

Let’s look at the three main Social Media Marketing platforms:- Social Media Networks: These include sites such as Facebook, Myspace and Beebo. These are online communities where friends can interact and share information with each other. The naturally viral nature of these online social networks can be used to your business ‘s profit. Social Bookmarking: Social Bookmarking site is a bit like your "favourites list" on your web browser. But, instead of keeping this list on your computer for just you to see, it is stored on a website where your list can be "tagged" with your specific keywords and crawled by the...

References: A brand new map of the world, showing the most popular social networks by country, according to Alexa & Google Trends for Websites traffic data* (December 2010).
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