Making Money from a Social Network?!?
Social networking sites have been an integral part of the web experience since MySpace became popular. If you don’t have a Facebook or Myspace account, it’s almost guaranteed that 3 out of 5 of your friends do. Social networking sites are one of the most pervasive things that hit the internet, since Google, because they make the impersonal cyber world more inviting.
With practically everyone on one social network or another, one would think sites like these are cash cows. However this is far from the truth, as Facebook found out the hard way, when they tried to cash in on someone’s social life. This is where the privacy of your personal information quickly disappears.
Facebook attempted to tailor ads that coincided with users’ internet posts. This ultimately backfired when users started protesting and complaining about the invasion of their privacy. Social networks have become so intertwined with our actual lives that when someone invades the privacy of our social network life, they invade the privacy of our actual life. Needless to say, Facebook retracted their efforts to advertise to users in that manner.
So with all the information social networks can provide about their users, there must be some kind way to advertise through them. Twitter believes they may have found the answer, and this may be the reason Facebook tried to buy them out in the past. Twitter’s advertising almost mirrors Google’s search ads, in which advertisers could place their links to their services and products above and on the side when a person search for a product or service.
Twitter is treading lightly on this venture because they have witnessed how devastating using the wrong advertising strategy on a social network can be. If they do succeed, they will have solved the problem of advertising on a social network, even if it’s a micro-blogging site. And with this seemingly impossible feat accomplished, they would have meritted the attention of the heavy hitting advertisers; making social networks another avenue to make boatloads of cash.