Is building your brand the key to monetization?
I see people becoming increasingly worried about monetizing social networks. Case in point: Nick O’Neill’s post on the Social Times this morning.
It reminded me of Battelle’s post from a few days ago that I started chewing on yesterday. I still think that the best way to look at social media monetization is to see it as a vehicle for promoting your business. Trying to build at profitable business based entirely in social media is, for now, an extremely difficult task.
But if you must try, I think that focusing on building your brand is the best way to do it. Engagement, as an undefined metric, is the most important thing you can generate.
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{ 2 comments… read them below or add one }
Your point is well taken, but for the majority of businesses this just not possible.
They fall into two catagories:
1. company too small to really get meaningful brand recognition
2. Products no the “in” thing that are most popular on web 2.0 sites.
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