I’ve been at the preeminent technology festival, South by South West for the last three days. As you’d expect, much of the content in presentations is about, or touches on social media. We’re using multiple hash-tags, showing twitter-roll on the screens in the seminar rooms, populating new social networking sites and connecting in the flesh with Twitter friends we’ve met online.
The question of “How do you monetize Social Media?” keeps popping its persistent but ugly head only to be knocked down by panelists. Here are a few of their (consistent and often repeated) responses:
Add value to your community
Stop trying to be the top-ranking, most followed. Instead focus on providing what your community needs and wants.
Start tracking the right things
Page views, individual visitors, names on a database are all dead metrics. They are short-term and will not reflect the strength and power of your community. Consumer happiness, referrals are more relevant measures.
Give more than you receive
Share, connect, contribute to your community. Why are they part of your community? Learn and then share knowledge/resources, even if it means sending them to your competitor.
Be relevant Stop broadcasting information and start to engage in conversations that are relevant to you community needs
Seek out and respond to feedback Even the very worst feedback should be acknowledged and appreciated. If someone takes the time to give you feedback it shows that they WANT to engage but you’ree making it tough for them. (Ok, total nutters that rant are an exception.) Yes, it sounds all soft and fluffy – but I think they are right. Oh.. and the money… apparently it will come. Are you willing to try, and then trust?
