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If it wasn’t clear enough, advertising is the core source of revenue for all companies in the social web. As I wrote this morning, advertisers provide “the revenue for four out of the five primary types of companies in the social web economy”. In another art
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10 months ago
Our experience is that though advertisers are only slowly moving online, I would say that slowness is compared to internet speed, not traditional business speed, and moreover many many brand names are already heavily online and moving more dollars in that direction on a quarterly basis.
The pet industry is one of the slowest industries to change and yet almost all major pet food and products are advertising online. That was definitely not the case 2 years ago, but at this point there are very few that aren't spending advertising dollars online.
The fastest way to turn that new spending into your social sites revenue is to immediately take your ad sales inside, get direct ad buys and cut off the networks and the brokers. Yes, it costs something to build a sales team, but all the money that social sites lose by getting basement inventories when they could be getting 10x CPMs if they managed their own inventory and sales process astounds me. Why are PopSugar, Slide, RockYou all building their own sales teams? Because they've realized how much they are giving up letting someone else own their inventory.
10 months ago
Ted Rheingold
Dogster.com/Catster
10 months ago
You don't have to charge an arm and a leg for it...but let your advertisers know that you can give them a deal because you are just starting the site.
But then the question that web 2.0 companies ask themselves is...Does any form of advertising on a site starting off push away users from joining a site initially? I think that would be an interesting study to do on this blog...to see what people would say.
Because if the core user base was used to it from day 1...and were understanding that these sites HAVE to make money to stay in business...then wouldn't it make users more receptive to looking and clicking the ads?
Just my two sense...thoughts?
10 months ago
However, I disagree that "building more inventory doesn’t seem to make much sense." That has to be qualified.
Building the SAME inventory as everybody else makes no sense but building QUALITY inventory that is different does.
Facebook has focused on users but it also has amazing amounts of data that can lead to behavioral targeting (all the rage now) or psychographic targeting, not just demographics or an assumed audience.
You are quite right that most web ventures are focused on creating more of the same inventory, hence the atrocious cpms they receive.
Quality always wins over Quantity
10 months ago
Advertising is one of many ways to monetize social media. Take a look at Marriott's On The Move Blog where Bill Marriott was quoted on the NBC Nightly News that the blog is responsible for over $4M in incremental bookings. Also, many consumer companies are using the collection of community participation data (i.e. via profiles, content contributed, voting, tagging, etc) to create highly segmented marketing campaigns to consumers based on their behavior within the community. I have also worked with companies that are providing premium content and charging for access to these areas in their communities such as FindTechBlogs.com . Companies are getting quite creative with monetizing their social media communities.