Well maybe not everyone, but just about everyone involved in the Web industry and marketing is talking about social networking.

In many cases this is focussed on creating your own community and using social networking tools; blogs, forums, wikis, etc. (Web 2.0) We have already embraced this approach and have built, or are building, many Web sites based around this concept. There are many others talking about ‘monetising’ social networking sites such as Facebook. This is the topic of these posts and something we are currently wresting with. Brian’s experience (see comment on yesterday’s post) is interesting. We built and support the bomocreatives Web site in partnership with Brian to match his vision and purpose for the group as a whole. It has been built as a social networking site; events are listed, there is a forum and so on. This site performs the function for which it was intended. Brian has also turned to Facebook as another way to find new contacts and build relationships with existing contacts. He states this has not generated any income for his business, BUT it has improved attendance for Bomocreatives. So there has been a benefit. Although it has not generated any additional income yet. Maybe it will do in time. As Brian meets more people and they get to know him better and trust him he will get more work and make more money.

I certainly don’t believe online networking is a shortcut to building relationships with people to the point where they trust you enough to do business with you. I do believe there is an opportunity to make that initial contact with another group of people you may not otherwise reach. You would then need to do the usual things you do to convince someone of the value of doing business with you.

‘Monetising’ social networking is itself big business. in fact today there is a large conference taking place in Los Angeles: The Economics of Social Media Conference. This presentation in particular caught my eye;

3:30 - 4:20pm
Pushing Social Media Boundaries With Marketing And Advertising
Sponsored by Bunchball

Is social media advertising a beacon of light or a train wreck? Social media has been blasting through the boundaries of online advertising as consumers engage and carry messages more easily than ever. From ad networks to immersive social brand marketing campaigns that are driving consumer engagement - marketers have more tools at their disposal than ever. How is the marketing landscape changing, where is the creative bar being set and how is engagement being measured?

Maybe if I’d have know about this conference earlier I could have booked a ticket and found out all the answers to my questions. As it is i am hoping there will be access to notes/slides/MP3 recordings and I will be able to find enlightenment only slightly later than the attendees and without the need for long air flights.

Is the use of social networking to promote businesses another attempt by technologists to make promises they cannot necessarily keep?
I’m not sure. that’s why we’re asking the questions, trying things out and MEASURING the results we get compared to the amount of work needed. Only then will we be able to say with any confidence ‘using social networking to promote your business can have a positive impact on your bottom line!’

Anyone else with something to share?