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The personal weblog of Stephen P Smith

Posts Tagged ‘building community’

Turning Free Content Into Revenue

In my post last week (Would you pay for Twitter?) I got a comment from a reader who asked:

“Here’s my question, if you are a business and offer a lot of things for free, how do you parley that into appropriate revenue without disengaging your audience?”

That is a very good question, and one that every business (or would-be business) should be asking. I started thinking about this a couple of years ago, posting this article (How Can You Measure the Value of a Conversation?) in October ’08. Here is the heart of the message:

Make money “because of”, not with

stacks of billsThe “because of” effect is much more powerful than the “with” effect. One of the commenters on Jason’s post, Mack Collier (The Viral Garden), hits the nail on the head with:

…companies that are NEW to social media, wanting to use metrics and measurements that they are used to when using TRADITIONAL marketing methods to ‘get their message out there’. Their thinking is ‘how do we make money from this?’, whereas companies that have been active in this space for a while, such as Dell, understand that by PARTICIPATING that they will make more money as a BYPRODUCT of their efforts. Dell has been in the game long enough to see the impact that their efforts are making, and as a result have shifted away from the ‘how do we make money with this?’ mentality.

Attempting to DIRECTLY monetize social media efforts is the quickest way to ensure they fail. But companies that aren’t familiar with this space don’t know any better. In a few years, after more companies are more familiar with these tools, I think we’ll see them looking to INdirectly monetize their efforts, while putting the focus on SM as a way to DIRECTLY connect with their customers.

One of the best lessons that I learned from the SOBCon event that I attended in May was that blogging (and Social Media in general) should be treated like a business. That business is the marketing of your products and services & establishing yourself/your business as an authority. The goal of that business is to make money because of your blog (or Social Media efforts), instead of with your blog.

Let me repeat that for you – “by PARTICIPATING [you] will make more money as a BYPRODUCT of [your] efforts”.

Money as a by-product of participation

Read More…

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Work-Life Transition

Sorry for not posting in a while, I have taken on a new gig as a restaurant manager at Wolfe’s Tavern in Wolfeboro, NH. I have been in the hospitality industry for 15 years, and was not looking to go back to it, but they needed some help.

The good news is that my GTD system has survived the transition and I am pretty confident that I will be able to get back on track with posting and finishing up my productivity e-book by the end of the month.

Right now I am pretty busy training some new staff, getting expenses in line, and creating a community for the restaurant (follow us on Twitter at @WolfeboroInn), we will be Tweeting about our specials and other cool stuff.

Thank you for your patience and support, I am looking forward to having some good, real-world examples on productivity in the workplace for you shortly. Have a great day, and let me know what kind of tips you might be looking for in your own work-life situation.

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Book Review: Trust Agents by Chris Brogan & Julien Smith

Let me start with this: I met these gentlemen in May of 2008 at SOBCon and they are two of the most knowledgeable and sincere people that I have encountered. I really didn’t know who they were or what they did, but I have sure learned a lot from them since then.


In fact, I have spent about 3 years learning about what is in this book:

You need to go to Amazon and order this book right now. It’s okay, I’ll wait.

This book is a complete course in how to do business online in today’s world. There is quite a bit of buzz about this book, it is a NY Times best-seller after all. But that is not why I want you to go out and buy it, or why I gush a little about how cool Chris and Julien are. No, the reason is that you can save yourself a lot of time and effort learning the things that I learned the hard way – reading lots and lots of blog posts and e-books and whatever else I could get my hands on.

Trust Agents – Find out what Social Media is really all about

Chris and Julien have put together a reference book and instruction manual for gaining the background and skills that you need to bring your business into the world of Web 2.0 and beyond. To quote from the introduction:

Trust Agents is the answer to the question,”What do I do now?” It is full of actionable information, supported by research and strategies, studies, and an explanation of the thought process behind what we do on the web. We love all the great “idea” books out there, and we do have lots of ideas packed in here as starting points. In addition to these, we give you actionable tasks that you can execute.”

Ideas and actionable tasks for business

The book starts off with a couple of stories about building trust, social capital, and the state of media today (and this will probably be the only business book you read this year that has stories about mobsters and student loans). Basic Social Media Literacy, followed by an in-depth explanation of what they call the six principles of trust agents.

Now, since this is a review and not a summary, I am just going to tell you about one of these principles:

The Archimedes Effect

This is my favorite, primarily because it is about leverage, a word that lots of marketing people hate to use. Which is too bad, because – even though it may be badly overused, it is the best word to describe the effect.

“Everyone uses leverage every day: Business owners hire employees so that their business can do more; people use technology such as cars to help them get to work faster; companies have systems that allow them to be more efficient. Yet millions use the Web every day and ignore how best to use the tools at their disposal to bring the greatest benefit.”

This chapter has page after page of examples on using leverage to increase the power of your online (and offline) efforts:

  • Build on one success to fuel another
  • Arbitrage and Pay Per Click advertising
  • Applying these principles for online gaming and business
  • Building your network and strengthening relationships
  • Create your own niche
  • Using your time effectively – delegate
  • Get creative with your business marketing, be bold
  • Protect your community

If you can’t find something in this chapter to apply to your business, well, it’s likely that one of your competitors will. Guess what happens then?

Buy Trust Agents at Amazon, now.

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Books About Community Management

Here are a few books that were mentioned on a recent webinar about community managers:

These are tremendous resources for anyone considering building a community for their marketspace.

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