How to make money on your social network website
In our previous article, we gained an insight into the concept and kinds of social networks. Today, we will unveil the answer on how you can find potential buyers in them.
Advertisement on social media sites can be divided into several types:
- Community advertising
- Advertisement on the site
- Advertising in messengers
- Guerrilla marketing
- Viral marketing
- Paid services
- Selling information
In this monetization method, the target audience is selected by interests; that is, the ad is shown to subscribers of a specific community. Advertising in organizations aims to provide more information about a product and/or service, answer questions, communicate with customers, and influence purchasing decisions.
Image Source: Synergy Way
The targeting parameters can be as follows:
- Profile data (age, gender, marital status, education, and field of activity);
- User’s behavior, the information supplied about oneself, reflections;
- Location as a significant factor – taking it into account you can find users from a specific region and calculate the time at which it is advisable to show ads;
- Interests that allow you to identify the groups of the subscriber;
- User’s inquiries, recent online purchases;
- Devices the person uses to log into social networks.
Advertisement on the site
Suppose there is no community on a given topic or the activity in it is low, or the product is inexpensive and can be bought immediately. In that case, it is better to place an advertisement on the site. This is the second option of using social media to promote a product. Ads will be shown on the news feed side, in the news feed itself, or in stories. They can also be placed on an advertisement network ON the site.
Advertising in messengers
The third type is advertising in messengers. It is suitable when in an ad you are encouraging a user to find out or order something directly through the company’s messenger. In this case, the stake is in direct contact with you or the person representing you.
Another way to use social media to promote products on the web is guerrilla marketing – isn’t what we suggest to do, since there are better ways to gain loyal customers. Nevertheless, people tend to trust the opinion of other users more, which is why you can persuade them to buy in a regular conversation.
To do this, you need to create a page for a fictional person and maintain active communication from within. In the process, fiction users take some actions to promote the customer’s sales, such as praising your products and criticizing your competitors’ products/services. Yet not a worthy idea.
The next type of advertising is viral marketing. Its name comes from an advertisement transmitted by the recipients themselves if the advertiser has managed to make a successful “seeding”.
Image Source: Synergy Way
That is, they create such an impressive advertising product that it is transmitted with interest to other users in conversations, blogs, meetings, etc. It can be funny or emotionally rich text, audio, photo or video messages, online games, promotions in a creative format.
In addition to advertising, there are other options for making money on social networks.
What will a user of your network be willing to pay for? For example, entertaining needs. As variants: buying gifts, donating in internal online games, additional functions for activity organization (for instance, access to the information closed for ordinary users), and self-presentation on the page.
The founder of a social network can also make money by selling statistical information.
Many producers need to receive accurate data on consumers’ attitudes to their products and services.
These are the primary ways of monetizing your platforms. Read on and you’ll find out how to build and develop your social network.