Social Influence Monetization

Posted on October 31, 2008
Filed Under Musings, social capital, social media marketing, Uncategorized | 4 Comments

Can you value your social activities?

Maybe

is about the best answer possible now.

An earlier post on online social capital and influence touched on managing it as an asset, and certainly there is an increasing awareness of the value of online social capital in business and personal life.  (This is not to be confused with traditional social capital, an emerging industry)

But perhaps this is still the dawning of the age of online influence peddling, at least among the social networking crowd.

There are many ways to measure online influence, such as page rank. The current rage is one’s online social ranking.

People are proud of their top (or rising) popularity listings on Twitter Grader, Twitterholic, and other ranking services.  These rankings may not out-last the recession as sites like Tweeterboard shut down when there is no long-term sustainability model for it.  But blogs like Twitterfacts point to many services to rank these top “Tweeples” (Twitter people), some of whom I’m met in real life.  They are having fun as they engage on- and off-line with a large number of people.

In researching for this write-up, the term “social influence counter-measures” came up in a non-web context.  Yet, the online meaning of this term carries significance.  Every social media marketing campaign involves counter-measures.  The campaign goal is to influence, and to thus overcome/counteract/eliminate competing social influences.

Think this stuff is small potatoes? Not.  The largest search engine (and perhaps largest brand worldwide) is looking to patent social influence.  Perhaps this technique will allow social networks to monetize better.  Perhaps it will be the number that you use to rank & value yourself online.

A Chicago VC wrote about the possible profitability for those who can “effectively harness the power of influence across networks“.  But, this influence is classically not just about money.

social people of importance

But, for the individual who blogs or tweets their way to social stardom, there are established and emerging payoffs.  Paid blogging posts have been around for years, and now popular Twitter posters can earn some bling (although perhaps not a full-time income).

Better to be popular doing what you love… what you’re passionate about. Why? The solution for monetizing your online social capital or influence is still evolving. The economy may not support it en masse for years, although some people will make money. And the general advice given by many is to do what you love and the money will follow.

Comments

4 Responses to “Social Influence Monetization”

  1. Craig on November 3rd, 2008 3:25 pm

    I agree, as time goes on I think less and less people will be earning enough money blogging to sustain a full time job. The ratio is going to be less as more bloggers arrive and the clear cut A-listers will already have their following and will be thought of more as journalists. Will other social media money maker forms come? Sure, as new technologies and communities are built. For now though, I think there is a timetable.

    Craig
    http://www.budgetpulse.com

  2. Karen Snyder on November 6th, 2008 4:06 am

    Hey Paul! It was great meeting you tonight at the Social Web meetup. This post reminds me of a list that I ran across this summer. Some might find it hokey, but I thought it was interesting — “NowPublic today announced its second MostPublic Index, identifying the 50 most influential individuals in Silicon Valley/San Francisco.

    I just discovered Twitter Grader, and was thrilled that I got a grade of 94. However, I am concerned that there may be some grade inflation going on there: a guy I know who JUST started tweeting a few weeks ago got a score of 80. Hmm.

  3. Joe Flood on December 5th, 2008 8:45 pm

    Another reason to blog about something you love is that you’ll be more willing to stick with it through good times and bad. If you pick a topic just for the money, sooner or later you’ll get tired of it. Also, people respond to passion, to authors who are excited by a subject rather than bloggers who are just phoning it in.

    BTW, I’m not sure if you linked to this but there really is a book called Do What You Love, The Money Will Follow: Discovering Your Right Livelihood by Marsha Sinetar.

  4. polotic on December 24th, 2015 7:14 pm

    the latest technology for social