Social Media Monetization: Are We Approaching It the Right Way?

Anyone who has not been living under a rock for the last few years is aware of the boom of social media. We’ve all been asked at one time or another if we are on Facebook, Twitter, or LinkedIn. Likely you’ve got profiles on all three. And probably most have gotten invites to other platforms (if they don’t yet have other profiles on them) that maybe are a little less “mass.” Needless to say, managing social media profiles (and so many of them) can get daunting and overwhelming pretty quickly. Each takes time and each, in their own way, can become a time suck if you allow them to be.

So the biggest question on the table these days is “What’s the value of the time that you spend on social media?” Are you wasting time or creating value? Skeptics always press for the hard ROI number. They want to know what x hours on social media has returned for a company, a brand, or an individual. But is the transactional mindset the right one to be taking? I don’t think so.

I think we should be thinking a bit more broadly, focusing on the exponential benefits of connections rather than the transactional value of one. If we start to view these applications more for their net worth—the ability to foster communication and good will among people and companies–we start to truly see their value.  Social media breaks down barriers of connection and access that allows us to showcase more of ourselves and become more authentic and trusted as a result. Trust leads to referrals and opportunities, which ultimately impacts the bottom line. And it all starts with the connection and the finding of common ground, which social media enables.

I’m personally interested to see how the issue of “monetization and social media” continues to develop. Will companies, brands and individuals focus on making the immediate dollar from the sale or will they redirect their methods to foster long-term sustainable relationships to create customers and partnerships for life? Would be interested in hearing your thoughts and your experiences with this.

Categories: Marketing