How to monetize social media, social networking, and facebook
Everyone especially business professionals (rightfully so) keep talking about how to monetize social media and social networking. As of now, you should know how out-of the box my thinking is when it comes to business. I assure you that during these times, I am not the only business professional trying to think outside the box for innovative strategies. For better or worse, I am really going out on a limb on this one. Let me know if i am going over-board on this.
I will predict what the future holds (and how we can all make some money from not only social media consulting services for firms that “get it”) but possibly off things we are “Passionate” about. Besides, who wouldn’t want to make some extra money right now right?
Now hypothetically, lets say you drive a Prius. And you love it, you tell your friends how much you love it on facebook, twitter, linked-in, etc. So in a sense, you are now a brand ambassador for the Toyota prius. Now because you are so much in love with your prius and you happen to be marketing it for them “online” whether you know it or not, why couldn’t you reach out to Toyota, state your case, and charge them a small fee to write something about your experience (like or dis-like) about your Toyota prius fully disclosed of course? Believe it or not, that is what Ted Murphy @Izea has done and it is not a bad idea. I give him credit for coming up with this concept and starting to put bloggers in touch with corporations to write fully disclosed reviews. Brilliant!!
I would even take it a step further and really start reaching out to companies and demonstrating the power of these “word of mouth” brand ambassadors by providing case studies. This is already going on. Maybe even get a sales team doing B2B. This is writing on the wall for more business models that will monetize social media because at the end of the day, we don’t want all this hype to implode like the 2001 dot com bust right? If businesses don’t get educated on social media soon, they may not be around next year when things start to pick up again.
As for facebook, here is what i would tell Mark to do. Start charging a small fee for businesses to use facebook (just like twitter should do) because this demonstrates to business people the value of social media and social networking tools for corporate use. Those business leaders who STILL DO NOT see the value, will continue to be lost in translation. Or maybe schedule some twitter training from one of our internet marketing strategists by going here for our twitter for marketing training: Just one mans opinion. What are your thoughts on this post?