Social Media Monetization

Posted on January 9, 2012 by

4


It's A Rough Life

Working like a dog at monetizing your social media?

Some people say you have to work like a dog to make money online…well, maybe they haven’t seen the dog that lives at our house (shown at left), and maybe they haven’t learned how to monetize social media from the #smchat crew! Join us on Wednesday, January 11, 2012 at 1P ET as we discuss different ways to monetize your social media network interactions. We will talk about how to define value when monetizing your social media interactions and provide some great examples on how it is being done successfully today.

Inc. posted an article in April 2011 on How to Monetize Social Media and they provided seven suggestions for making social media work for you:

  1. Build Brand Awareness
  2. Engage Your Audience
  3. Offer Special Promotions
  4. Use Media Advertising
  5. Brand Within Applications
  6. Set Up Shop On Facebook
  7. Use As A Retention Tool

While these seem like solid techniques, Mack Collier‘s recent article on Sponsored Content, explaining how he got sponsors for a live #blogchat at #SXSW, takes social media monetization to the next level. I first met Mack at the best marketing conference ever in 2009. When we met, I had already been a fan of his #blogchat Twitter chats and when you look at the stats you can see I’m not alone.

The same year I met Mack, Chris Penn wrote about Monetizing Social Media and how social media practitioners are creating value and investing for/predicting the future vs. banking on what’s hot today. Since I’m referencing his post 3 years later, I’d say that the time he spent writing it was a good investment in the future, wouldn’t you? P.S. If you’re not following Chris on Twitter/Google+/Facebook/LinkedIn/listening to his podcast/reading his blog and/or getting his premium content newsletter (all of which is free), you’re definitely missing out! Check out Chris’ website for more info on how to do all of that!

With examples like Mack and Chris to build upon, I’ve come up with some questions for the #smchat crew during our Twitter chat:

  1. What’s the first step in monetizing social media? Developing your audience? Building your network? Content?
  2. Chris Penn discusses value as a basis for social media monetization http://bit.ly/vZnaSg How do you provide value?
  3. Besides Mack Collier’s sponsored content concept http://bit.ly/xGoAsH have you seen other great examples?
  4. Michele Price suggests sponsoring a blogger at a conference http://bit.ly/wnrZyS why would someone choose you?
  5. What is the best social network to start with when trying to monetize social media? Why?

Join us on Weds 1/11/12 at 1P ET and/or post your questions or comments below. Special thanks to Kathy Herrmann who suggested the topic of social media monetization! If you have suggestions for future #SMChat marketing topics, please feel free to also leave them in the comments below – we’re always looking for good ideas!

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Posted in: Marketing