Who Is Making Money on Social Networking

Editor | Social Media Networks | Friday, July 24th, 2009

Seth Godin gives  you the real bottom line on the social networking sites that are so popular right now. Sure, they’re fun and great time-wasters, but are they valuable to your business?

No, says Seth Godin, who is unarguably the one of, if not THE, greatest marketing minds on planet Earth.

In most social networking mediums, like Twitter for instance, everyone is pitching their deals or trying to “build their brand”, and no one is listening. Everyone is talking and no one is listening.

In my opinion, the best way to make money from the social networking craze is to sell information products on how to make money from the social networking craze.

Just like so many “get rich” gurus sell information products on “how to get rich doing _____”, when the real way to get rich is to sell the “how to get rich” book.

So, if you know how to get a hundred thousand followers on Twitter, you can make money telling people how to get a hundred thousand followers on Twitter, but that’s about it. Don’t delude yourself into thinking all of those followers have any interest in your or your product (unless it’s an info product on how to get and get rich from a hundred thousand followers.)

Don’t get me wrong, I’m not saying the the social networks have no value at all. They can be great communication systems and tools.

But, your “followers” need to be real, people who are really interested in what you have to say, not just people who “follow you if you follow me”.

The number of followers you have is not where the value is (unless you’re selling the ‘how to get a million followers’ ebook or course.) The value is in the relationship you have with your followers.

Question:  So, what’s the bottom line? Who’s really making money on social networking?

Answer: Information Marketers.

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