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?
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?
I work in B2B marketing I've been spending a LOT of time participating on social media for more than five years, especially on LinkedIn -- for several years I was spending multiple hours per day, every day... And for all that time I've NOT gotten a single piece of business as a result. Zero. Nada.
What I've found, and continue to find, is mostly lots of service vendors touting their wares and lots of old pros or wannabe "experts" trying to show how much they know. (Just look through any of the discussion threads on MosaicHub, for example.) There's plenty of talking but very little real listening, and VERY few people seriously looking for professional services from these sources.
Yes, I've made quite a number of leads and customers using Social Media. For me and for my customers as well at Ecreations Age. And I must say that it works not only to reach individuals but corporates as well.
You have to be clear what you want when going in Social Media: more customers, market insights, learn about your customers or just being there for the sake of being on social media.
The important thing is that it doesn't work alone. You need a conversion focused website and sales/marketing people who will take over in the real world, after generating leads on social media. You can contact me directly to learn more.
Define Profit. Let me explain why, The word Social means connecting with people. Most of the people out there are doing this successfully.
The next part of the same is cross links to these interactions. Followed by followups and then the remaining 9 yards of sales cycle.
We very nice example of the same is a person getting contacted on LinkedIn.com. Recruiter who did not know about a resource and a resource how did not know about an opportunity. Once the same is solidified by a offer letter, the finish line is conquered.
I believe there's a misconception on the ROI of social media marketing. The people who can really "sell" something directly on social media and be profitable are those in ecommerce who set up a "store" on Facebook or have (will have) "Rich Pins" on Pinterest.
The main benefits of social media marketing along with blogging is to:
- generate leads and drive traffic to the website where there is a call-to-action and a way to capture the lead
- establish the company, person or brand as experts in their field
- social amplification and networking
- brand awareness
- along with blogging/videos, it boots SEO - providing Google with fresh relevant content
It's a soft sell. Push too much and you'll lose followers.
I've been very successful and my clients who follow my direction have found themselves on the first page of Google.
The short answer is yes. However, you need to target the proper prospects and be willing to spend the time building that relationship. I have had the best luck by posting case studies, news articles, and blog updates, specific to the prospects I am reaching out to via LinkedIn so that they understand and feel confident that I am in touch with their industry and they are not just another profile to me. Even with doing that, this only supplements my income maybe 20% of overall sales from lead generation.
My first week in business, I got clients right away from LinkedIn. Three years into business now, and 60% of my current clients found me through Social media, on their own.
It has been profitable for me.
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.
if you re audience are from social media then capitalize as much as interms of channel appearance and communications service through the available resources
Yes, my company My Swaparoo is achieving revenue recognition with using Target Social Media with our Trading Concierge service offering.
I did with one client who wrote a book. I helped her create a Facebook Fanpage and demonstrated how to post. She also paid for an ad on FB. She got just under 500 fans in a few weeks. Her book launch was successful as a result of that campaign.
and... social media platforms are not 'free'. Training, practice, time to interact are a necessary investment.
We have always been in a "Social" society. (There were once party line phones and people would fight over the line.) We now have ways to connect more easily and frequently from a distance.
If you believe that introductions and invitations change the world and when strangers become a contact, a connection and leads to conversations... then any tools offering more are good to have. Connect, engage and do what matters and others share.
"Fool-proof" would mean you would take out the variables that humans create. Even someone selling ice cream on the beach where it is 90 degrees may not achieve success.
It is not the tool or software that creates success, they do make it easier.
There is no finish line Lashondra.
“Marketing is not an event, but a process… It has a beginning, a middle, but never an end, for it is a process. You improve it, perfect it, change it, even pause it. But you never stop it completely.” - Jay Conrad Levnison
"Way of life" by using social media? Not sure about that. Social media has divided people's attention. Half the people I know don't bother and the other half can't stop themselves. :)
Here are a couple of interesting charts that show how people spend their time online:
Jay Conrad Levinson did make a "fool proof way" many years ago.
Guerrilla Marketing works 100% of the time when done properly. With the new social media tools, guerrilla marketing has more options than ever.
It is not the tools or platforms that create success. It is the vision/strategy/plan/execution that makes it happen. Social media platform can be a part of the puzzle for some buyers...
I help companies to communicate online and via social media for business. There are lots of ways that social can help businesses but you have to start with a business objective in mind first. The questions we like to ask before helping a company are : What are your quantifiable business objectives? Who are your target audiences? What action do you want them to take online? What resources do you have access to?
If you answer those questions then I'll help you out on here with some free advice.
No -not in isolation - but I think were the profit lies is in in cross-media promotion - using a range of channels to being your audience back to your product - on your website. This approach build confidence in your brand and in your 'social' presence. After all advertising is never about the product per se - but about the experience that creates the desire or want from the consumer.
No profit so far, but i have created a reputation which is now starting to generate leads and potential business. I have had to give a lot of material away for free, but in the last 20 months i have become noticed in the arena of leadership and was recently selected in the Inc Magazine Top 100 Experts in Leadership which will definitely help me get more clients. So stick with it.
I haven't made any profit yet. I have made a little money here and there through the many platforms I use. I'm building my business via these resources, and via word of mouth.
I don't know if there is a "foolproof" method but yes, I have received business as a result of social media posts, usually from someone who likes what I've said and who wants me to share it with their team in a training situation.
For me, the first key is matching the correct social media platform to your goal. My goal is to reach leaders in organizations who would like additional training for their sales teams and marketing departments, so I tend to post in venues where they are likely to read what I've written (e.g., Linked In groups). If I were running a B to C business, I would do things differently and select a different platform.
I also find social media useful when someone is considering bringing me in to speak to their group. Again, by reading articles that have been re-posted from my blog or reading comments and advice, people are able to get a much clearer picture of the type of advice that I offer and my philosophy on sales and marketing.
Making money on social media platform its possible. But you need to build strong social media existence . So start social media marketing properly. and after 2 month you will see results.
Hi Lashondra, A nice question that deserves an honest answer.
I can see from the comments below, it looks like you are getting that.
For me it all depends on the reason one is involved in "Social Media"
If it's a platform like mosaic Hub or LinkedIn, my main reason for joining is to
1) Increase my personal profile.
2) Provide help and assistance via my knowledge and skills.
3) To increase my personal contact base, to include people who I can network
with on both personal and business projects.
To this end my involvement has been both profitable, beneficial and rewarding.
I have been able to complete a number of projects for free, and for fee.
Likewise a number of contacts and readers have viewed my product line and purchases our ACE CRM tool.
However I am also very much aware that this is a social media platform and not a shop or online store. So I do not have an expectation of making a living from it.
My main reason is to be of assistance to others. so any "spin off" I receive is all profit as it's all done on my time.