Posts Tagged ‘social networks’

When are Tweets Worth Paying for? And how much money would YOU make?

February 28, 2009

Dawn’s Plan is about making money from your social media activity, whether or not you have a blog.  And with some of this money, you could pay for content to enhance your own offerings (like running a comic strip on your feed) or just for your own enjoyment (like downloading songs or utility apps).

So nobody would have to put in money via a credit card or Paypal or whatever.   The system itself would allow you to earn money and spend money for digital content.  It would be its own economy.  The “digital economy” that people have long anticipated but that has never materialized in any meaningful way, except for Apple and a few others.

Most people would make money via advertising.  That is, they would choose ads that they would like to run on appropriate pages they create.   And as their friends, family and followers engage with the ads, they would earn money.

And then some people would also make more money via other digital content they create, like for cartoons, apps, songs, poems, stories and so on.

But what about somebody like Karl Rove, who is now on Twitter?  Somehow I can’t picture him picking out ads to run next to his tweets.  And maybe you wouldn’t want to do that either.

If songs and apps are worth paying for (and iTunes prove they are), then under what conditions would somebody’s stream (like a FriendFeed or Twitter feed) be worth paying for?

Personally, I’d be willing to pay up to $.25 cents a month for the following feeds (again, out of the money I’m earning via the system, so it’s not coming out of my job’s pocket).

1.      Someone who collects the best information there is about X subject on an ongoing basis.

2.      An interesting inside look into a job or position I’m interested in.  So if my goal in life is to become a cameraman in Hollywood, then I would pay a cameraman in Hollywood to tweet what he does during the day.

3.      Instructional knowledge, like a blacksmith who can tweet (along with photos and maybe videos) how he makes knives.

4.      Vicarious support for something I’m going through, like a woman could chronicle her weight loss progress and feed me tips and motivation.

5.      The “first look” at art and entertainment by some favorite creators – like cartoonists, photographers, animators, etc. – with personal commentary, behind the scenes photos, etc.

6.      Collections for charity – like celebrities Twittering their lives and giving the proceeds to save dolphins, or whatever.

 

If you had 5,000 followers and earned 80% of the $.25 each month, that’s $12,000 a year in earnings.  Not bad.

How would that compare to making money off of advertising?  Again, let’s say you have 5,000 followers. If you put out 3 posts a day (long, short, whatever) with three very targeted “offers and invitations” attached, and the average “engagement rate” to each one pays you $.05 (a conservative estimate) , and 2% of your readers engages with just one of the ads per post (since these ads would be relevant to their lives and most likely entertaining) , that would earn you $5,475 in one year.

Of course, when it comes to advertising, the things you write about and the people you attract would impact your earnings.  Some people won’t pay attention to that and just naturally talk to their friends, family and co-workers, come what may.  Others will see this as a business opportunity and put more thought into it.

The one thing that everybody will have to stick to if they want to be successful, is to only promote the products and services that they actually use and are willing to legitimately endorse.  We each have an average of 150 brands we are loyal to that satisfy 80% of our daily needs.  So most of the ads would be offers and invitations regarding these, as well as our favorite places to dine locally, etc.

So is this crass commercialism that will destroy our enjoyment of social media?  Yeah, some people will think so, but I don’t.  I believe most people will see this as a service.  The truth of the matter is, if our purchasing is guided by people we trust , then we won’t waste so much of our money.   And if we are in control of ad distribution, then advertisers will have to be more accountable to their customers.  Money won’t be enough to distribute ads.  Companies will also need goodwill.  And good ads!  No more sitting through poor, irritating commercials.

Besides, each person can override the “display the highest paying ad” system (similar to AdSense) and decide to distribute an ad no matter what the owner can afford.  This ensures that small companies will have as much access to the market as giant corporations.  Very cool.

My plan gives control of advertising to users, and also lets users own and control their social graph and be compensated for its use.  If that’s “commercial,” then good.  For two hundred thousand years social networks were also economic networks, and they should rightfully be so again.  If everybody participates on an equal playing field, then there is nothing crass about it. 

Personally, I think Facebook and others who throw ads in our faces that are irrelevant and intrusive (and on our own pages that we’ve created!) so that they can become billionaires is what’s crass.

We need a true, functioning digital economy so that people around the globe can earn money with little environmental impact, even those in poor countries with few natural resources.  My plan allows the world to “drill, drill, drill” human talent, an infinite resource.  It also ensures we can regrow the economy from the bottom up by injecting trust and confidence back into consumerism. 

Would you rather work in a factory or create your own works?  Would you rather buy something that will sit on a table collecting dust until its sent to a landfill someday, or would you rather buy something that entertains, enlightens and/instructs?

During this recession that could potentially move into a prolonged depression, do you want to help the individuals and companies you care about survive?

If you think keeping the status quo is worth destroying all these benefits, then I hope you’ll make your case in the comments.

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Follow People? Follow Topics? Why not Both at the Same Time?

February 26, 2009

There’s been growing controversy lately about following people on Twitter – debate on why, who, when, how many, etcLouis Gray suggests that it’s topics, not people, that we really want to follow.   I think it’s both.  

How do we know people in the real world?  It’s by the roles that we play: Mom, churchgoer, PTA member, etc.; but it’s also by the interests we have:  blacksmithing, motorcycles, photography, and so on.

What social networks need to do, IMO, is break people down by their “hats” like Marine Mom, Movie Lover, Social Media Watcher, CEO, and so on.  Then instead of following a whole person, you can pick and choose which of their hats you want to follow and then designate which hat you are wearing as you do so.

1) Take Robert Scoble as an example.  Robert and I don’t agree on politics and we’ve clashed because of it.  I’d like to follow Robert’s “tech evangelist” hat, but I don’t want to follow his political hat.  Robert could slice himself down into the different persons he is:  Father, Silicon Valley Resident, Videographer, Photographer, whatever, and then I could pick and choose which Roberts I want to follow.  This takes out all the noise and offensive stuff I don’t want.

2) So instead of tagging every post to make it searchable, the writer simply has to state which hat she’s writing under. 

3) The system could easily keep track of the urls that people are exchanging and aggregate the pieces talked about most often by hat so that popular stuff is never missed.  There could also be a digg-like ranking.  This “group push method” decreases the need to follow so many individual people.

4) Since I would tell the system which hat I’m wearing as I follow somebody’s else’s hat, that person will know what it is I am expecting or wanting from him.  For example, right now Robert is just Scobleizer.    He doesn’t know why different people are following him.  But if people signed up for his feed under their hats, he could get a much better sense of who his readers are.  Maybe some are CEOs, some are IT guys, some are geek-curious…  The first tenet of writing is to know who your audience is.  A breakdown of hats by percentage is a heck of a lot more meaningful than the current blind lists of strange faces we now get.

5) With Twitter (or whatever social network it is) getting thin sliced into varied hats, it would be very easy to find people you want to talk to.  For example, I’m a dog lover.  I could read the dog lover feed which would blast every dog lover’s post, but from that I could select individuals I wish to follow, in order to get it down to a manageable size, customized just for me.  The way I would design this is to have a +1 and -1 ranking, so that when I see something I like, I give it a +1 and when I see something I don’t like, I give it a -1.  The system itself would keep track of who I like best and I would automatically start following those people I respond well to, with the others falling off.  Of course, I could also choose outright to follow certain people and block others.  (Wouldn’t it be interesting if everybody’s Twitter or FriendFeed posts were blind and you started sorting people by +1’s and -1’s according to what they write?  Do you think you’d end up following the same people you are following now?)

6) At some point, hats could be subcategorized so that I could still be “dog lover” but also “boxer owner” as a subcategory.  And hats could be cross-checked.  So if I choose to have a “Hillsboro, OR resident” hat,  too, another boxer owner in the area could easily find me and we could make a play date at the dog park.

7) With this system, there is no pressure to follow particular people.  I myself think it would be better if people could choose to make it blind or not.  Personally, I don’t think it’s anybody’s business who I follow and who is following me.

8 ) Of course, all this thin slicing sets the table for very targeted ads (even local ads!!) so a strong monetization plan is readymade.  Of course, as I’ve written about many times on this blog, I think that advertising should be turned over to users, so that you pick and choose which ads to promote (if any), and you get compensated.   This way, you don’t have to keep a blog to make money from all your interaction.

9) Besides hats, social networks should be divided by space, too – Intimate, Private, Social, Public – but that’s another story.

I don’t think Twitter is a fad, but I do believe all this following-orgy is.  That’s why I designed my own ideal social network a different way.  But with this horrible economy, I won’t get funding, and I’d still like to see this implemented.  So maybe somebody else will go for it.  If Twitter did, I’d start using it.  As it is now, it’s worthless to me.  More pain than gain.

At the risk of being a broken record, let me say once again that all of these problems (and more!) could be avoided if technology wasn’t the only thing that VCs and CEOs cared about when designing sites and applications.  It’s SOCIAL media, after all.  Bring in the social scientists and others who understand vital issues besides coding, and the Web will be a much better, more efficient and more peaceful place.  Not to mention a whole lot healthier financially, too.