Online Money Lab Dot Com | Experiment with successful ways to make money online.

Profiting From Online Social Networking

September 7th, 2008

This is the second in a series of articles we will be publishing relaying thoughts and ideas from the Internet Retailer Conference in Chicago, which occurred June 5th through June 7th. Peter Kosciewicz, Director of E-Commerce for the Eastwood Company, and Chris Saito, Senior Director, Shopping Products for Yahoo! Shopping, delivered a presentation entitled “Social Networking: The Peer Pursuasion Marketing Tool.”

According to Kosciewicz, the Web today has grown into an “architecture of participation” that facilitates social networking through devices such as blogs, wikis, RSS, podcasts, and more. Forrester Research has published studies that show that traditional marketing is continuing to lose credibility. For example, in 2002, 78% of respondents in a survey said that ads are a good way to learn about a new product. In 2004, that number had dropped to 46%. In 2002, 14% of respondents agrees that companies generally tell the trust. As pathetic as 14% is, in 2004, it had declined even further - down to 7%. Social networking as a means of marketing overcomes this lack of consumer trust because it relies on the word of the consumer rather than the word of the producer. Research from Datamonitor reported that 85% of repondents in a survey indicated that word-of-mouth from friends, family, or colleagues is more trustworthy than corporate-generated content.

So how do you take advantage of social networking to sell more product? Simple - you open yourself up. You plant the seeds of a community to grow up around your site by using devices such as blogs, customer reviews, and forums to give a voice to your customers or prospective customers. The caveat is that you must be high quality. You must have high quality service and a high quality product. If not, avoid this marketing method.

Kosciewicz outlined four important rules for using social networking on your web site:

1. Guide but don’t control.
2. Never censor.
3. Don’t be afraid of the negative.
4. Don’t be paranoid.

If you open up a forum on your site but then restrict what people are allowed to say, such as removing posts that are negative toward your company or that mention your competitors, then you will do more damage than good to your reputation. Use negativity as a way to improve your business. If people are negative, look at that as feedback and act on it. Make changes, and then let your community know about it. Don’t worry about your community talking about your competition. Your attitude has to be that you are the best, so why worry about it?

As a community develops around your web site, certain members will establish themselves as more influential than others. They will be more outspoken, and will be the ones who often respond to others. Cultivate these members, because they can be powerful allies. Once you have identified the more influential members of your community, contact them regularly, give them free product, become their friend. Feed your influencers information, and they will distribute it for you. But do not make it appear that you are only interested in them because they can help you sell stuff. You need to be genuine.

Measuring the impact of social networking is difficult. Unlike other forms of marketing, there is no direct connect between social networking activity and sells. What you will want to do is track traffic to pages such as customer reviews, referral links, etc.

Social networking can be a powerful marketing tool, if you have a high quality product and are not afraid of an open dialogue with your customers.

More »

Tags: social networking, Website Promotion
Posted in Website Promotion | No Comments »

Social Networking for Business

September 7th, 2008

Associations and trade organizations are great places to meet individuals. Usually organizations have a common theme, and it is an understood implication that all members participate to improve themselves and their businesses.

Whether it is a chamber of commerce or a trade association, members have common problems, issues and concerns. By sharing issues and resolutions, members can benefit by the experience of others. Many business owners participate in organizations, not only to network, but also to hopefully circumvent some of the pitfalls encountered by other small businesses–learning from others.

Networking Tips.
Many trade organizations provide forums for networking. In some cases, these might be private online newsgroups, casual meetings, or even professional events with speakers. In order to take full advantage of these networking opportunities consider these tips.

Who You Know.
It is often not who you know, but who they know. I can’t tell you the number of times I’ve seen someone put-off someone who is clearly a beginner only to learn that the “beginner” is the brother or friend of a contact they’ve been trying to meet for weeks.

Honesty.
Be honest. Pretending to be something that you are not, or implying you can deliver a product or service that is outside of your abilities, will foster an environment of distrust and potentially harm your reputation. Keep in mind that networking is viral?vital? and if promises are not kept, word will spread. Establishing yourself and firm as an honest, reputable company.

Professional.
Keep conversations to strictly business subjects. In a business environment, it is important to focus on safe non-emotional topics. The last thing you want to do is alienate or offend a potential client because of an outspoken view on a controversial topic. There is a time and a place for everything and discussing political views or cultural issues is not a generally accepted business topic. Bearing that in mind, it is also important to be aware and sensitive to cultural differences. The Internet has opened doors to a global market and respecting cultural differences is critical to establishing strong business relationships in the global marketplace.

Socialize.
Now is not the time to be a wall flower. Whether you participate in social business events, or monitor trade forums, it is critical that you participate. Participation will help you distinguish yourself in your industry. Attempt to remember individual personal details and foster introductions among others in the industry.

Positive.
Stay positive. It sounds simple, but it will really impact how others view you. If you are constantly negative and pointing out the flaws in others, it will reflect on how others view you. Presenting the best and positive business experiences will enhance your image.

Help.
Provide genuine assistance to others. Whether or not they are able to reciprocate, networking is viral?vital?. Helping others will establish you as a useful member of your business community and will endear you to others. If you are unable to help an individual, attempt to refer them to someone who can.

Research
A little research goes a long way. Be sure to research people and companies in your business community. Knowing their common goals and interests will build topics for discussions.

Acknowledging the need to connect with others to grow and expand a business may seem like common sense. Cultivating business relationships and interact with other small businesses is often mutually beneficial and should not be underestimated.

Networking is about building relationships and mutual interaction benefiting both parties. Being proactive and following up, you can have a network of contacts that you will be able to access quickly when you need them. Whether by more traditional means, such as in person or over the Internet, personal networks are essential for furthering your business. Relationship networking is give and take, be sure to help others in your quest for help.

More »

Tags: social networking, Website Promotion
Posted in Website Promotion | No Comments »

Social Networking Software

September 7th, 2008

With millions joining social networks every year its obvious that social networks will without doubt be a great place to find friends, build business contacts and in some cases earn substantial incomes.

But what does it take to build your own social network? well you have to have a social networing portal that will draw in thousands everyday, and for that you need exicting software that keeps people excited.

We started off with images, photos and text but now more and more social networks are boasting video chat.

A brand new social network is about to be launched that will boast all of this:

Video blogging

Video casting direct to IPODs and mobile phones

Fully integrated text and video email with customizable graphics banners

State of the art video instant messenger with unlimited chats

Instant global internet video broadcasting with advanced
presentation features

Ability to video broadcast globally and charge by Pay-Per-View

Run your own internet TV channel

Your own video portal with the latest music, sports, fashion, news and more

There are even more incredible services to be announced just before the launch

Not only that but this video social networking software is completely internet based and allows anyone to join FREE and build a substantial income by building a social network.

This could be one of the greatest affiliate opportunities of all time.