SocialNetomics™ Monetizing your Online Social Network
As a practicing Business Coach and closet “Economist” working with Clients in the Social Networking Industry, I recently coined the term “SocialNetomics™”, that is short for “Social Networking Economics”, to describe the growing phenomenon of companies and individuals finding ways to monetize their online and offline social networks. Over the last few years, many of them have been busy aggressively building large social networks, followings or links to “friends”, “connections” or “tribes” on social networking websites like Facebook, LinkedIn, Twitter, YouTube, Ecademy, Plaxo and to a lesser extent MySpace and other social media websites.
These visionary “Thought Leaders” and “Open Networkers” led the way in identifying the financial benefits of investing the time, energy and money into building these large Business to Business (B2B) online and offline social networks. While monetizing business networks thru referral marketing and word of mouth is not a new concept, companies for example like Business Networking Inc. (BNI), LeTip, eWomenNetwork, Country Clubs and many Chamber of Commerce leads groups have been doing so for years “offline”. Now many of these leading social networking companies and individuals plus new authors, coaches, consultants, internet radio talk show hosts, podcasters, speakers and trainers are jumping on the band wagon. They are turning their attention to implementing plans and strategies to capitalize on and monetize their own online and offline social networks or building their own social networking websites.
So, in our upcoming “SocialNetomics™” blogs, articles and web pages here or on www.socialnetomics.com we will explore this growing phenomenon and share dos, don'ts, best practices and other trends. Along the way we plan to ask the questions that you’ll want to know the answers to that will help you achieve your own Social Media Optimization (SMO).
Please let us know if you have any questions regarding “SocialNetomics™” by contacting us.
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