Valuable Tips how to monetize your social network
How do you earn money without selling out the community?
The best solution is if you create a package which businesses can buy. This package would include something similar to:
1. A dedicated section for sponsors to talk to members. A corporate can access a forum created for them to talk to members. Members will be encouraged to visit here, ask questions about the product, post complaints, give their ideas and interact with the business.
2. Advertising. Include an Media kit on how to advertise to members. Only allow targeted adverts that reference the community itself.
3. Product focus groups. Issue a call to members to put themselves forward for focus groups or idea generation sessions that the sponsor can run.
4. License out the community name. Let the business create community branded products. Your members will probably buy them.
5. Editorials/polls. Put some strict guidelines in place of what’s newsworthy/pollworthy and let businesses publish an article on the topic.
6. Host online chats/events. Let the company put together a sponsored online chat/event. Members can be informed of this upcoming event and the company can have it’s named featured as it likes.
7. Virtual currency is the most public example of successful social media monetization, with social game developers selling virtual items directly to consumers. Companies like Zynga, Playdom, Playfish and many others are completely re-writing the playbook for online gaming success. Freemium is the standard business model, whereby users play freely and only pay to upgrade their experience through virtual items focused on improving game performance or self-expression.
The key here is to have strict guidelines in place which force the company to act like a community member. Remember, you’re here to protect members – so do so.
If your site is not yet achieved a good trafiic to be a very attractive to the sponsors or adverisers you can still monetize it by using the following methods:
8. Use Clickbank, to promote affiliate marketing products. The ClickBank HopAd Builder™ is one of the quickest and easiest ways to make money from your site’s traffic.
9. Become an affiliate and promote products related to your niche. So for example if your community is about Japanese cuisine, you can promote all products including information products like e-books and also be affiliate of some specific product and services sites related to the niche – like Japanese restaurants.
10. Drive revenue through Google AdSense ... no doubt that it's one of the most effective options out there. Another popular one over the last year or two has been in-text ads.
We also recommend you to check out these great complimentary resources:
For your online networking success and until next time.