Have you made a profit off Social Media Platforms?
We are in a "Social" Society and Social Media has become a way of life. Have anyone here been able to see a profit on any of their platforms?
There is currently a race to see who can come up with the fool-proof method to making money on Social Media Platforms. Is anyone near the finish line?
Just having social media pages can legitimize a company; even if used sparingly.
Further, they increase viewing of the company, solidifying its image.
Whether they are the direct medium to bring in profit might not be the primary matter. Without using it as a sales tool, social media pages can still be good for reputation, thus driving in a following.
Making money off it is a strange term really since it actually costs nothing to do, so is any return a profit? Or should you define your hourly cost and account for that?
Speaking about some of my clients I can get most of them making a profit by posting a competition at a competition forum. A nice box of chocolates as the prize and the demographics literally charge in in their hundreds (800+ FB likes on my first day is a record) so they spent $30 on the prize and will convert at around 2% if the product is relevant to the demographic (single mothers and old aged pensioners).
Aside from conversions, there are other successes you can count in SM. One being engagement which has multiple effects, people talk about you, brand loyalty raises and Google sees the engagement as a good thing in terms of SEO.
So in that respect, I think it's quite easy to profit, but conversions aren't the only profit.
What are your thoughts about social media?