But how do I make money with Social Networking?

During a marketing meeting with other business owners, we were discussing social networking. One of the members said we should invite someone to the group who could tell us how to make money with social networking.  I admit that I was mildly surprised by the comment. While making money is obviously the goal, Social Networking is not like the “outbound” marketing tactics of old.  It is not about taking out a newspaper, radio or TV ad, and not about hawking your wares to anyone who will listen. Just as in face-to-face networking groups, it is all about relationships.  It is far more subtle than direct sales, but many of us believe, ultimately far more likely to succeed.

Social networking is about making contacts, helping people, getting help and, maybe along the way, making some money.  Just letting people know what you do and how you do it might spark interest.  Answering questions about things you know about – even if they aren’t directly related to what you do – is also a good way to get known.  Being active on a network, commenting, encouraging, helping and just being a part of the conversation are all ways to let people know that you are someone who they might want to do business with. Or they may know someone else who needs what you have to offer. If they believe you are a “good guy” and know your stuff, referrals will come.

Building a network is more about quality contacts than quantity.  We all know those who wear the number of connections or “friends” they have like notches on their belts.  For example, I got a Twitter account to see how it all worked. Before I even figured out how to use it, I was being “followed” by several people I had never heard of.  When I looked at their profiles I noticed that their main function seemed to be to have a lot of people “follow” them.  They followed me because they wanted to add me to the list of people following them. Is this the way to build your network? Probably not. 

Is there money to be made with Social Networking?  Absolutely.  However, it is a different paradigm than direct marketing.  It is not about gathering an “audience” to hear your sales pitch. It is about gaining the trust of those in your network.  It is about giving as much as you get, about helping others succeed, while in the process succeeding yourself.  

Tags: Marketing, social media, social network marketing