How do you make money from Social Media?

How do you make money from social media? This is a question which I get asked continually.

The short answer is you don’t…well at least not directly. Social media is all about being just that – social. As soon as you try to overtly use it to push products down people’s throats you will fail.

However, social media is still very powerful for businesses. Let me give you an example.

As many of you would be aware, I have been involved in the golf industry for many years. I have a network of golf related websites that sell online training, golf training aids etc – these are my “money” sites.

I use a “two-step” social media strategy to promote these sites i.e to send traffic which converts to real dollars.

Step 1

I recently set up a Twitter account specifically aimed at the golf niche. You can view it here at TwitRGolfers. At the time of writing I have 6238 followers on Twitter. This will grow over time, but now starting to achieve some critical mass.

Step 2

I then link my Twitter account to my own dedicated social media network in the golfing niche. I have used a product called Ning to set up my own network – a sort of Facebook for golfers which I am able to control myself.

Here is the link to that network – TwitRGolfers – for golfers who Twitter

When I socialize amongst golfers on Twitter, I frequently include links back to my own social media network. I then build up a community – or as marketing visionary, Seth Godin calls it a “Tribe”. It is early days, but my Tribe has become quite influential. I don’t market to them – I communicate with them. I build relationships with them. They are my customers and my potential joint venture partners. Many of them are very active marketers in their own right.

Because I now have a trusted relationship with my Network,  they do not feel threatened by my occasional product promotions etc. I put the good of the Tribe first. I do my best to provide value to them and treat them as real people – not faceless online prospects.

That is how business is conducted in the real world. When you meet someone in a social situation, you don’t immediately move into sales mode. You strike up a conversation, build up a relationship and lay the foundations for perhaps doing business later.

That is my view of one way to make money from social media. It can be applied to any business, or any niche.

I hope you found it useful.