Up until now, social networking sites generated revenue for the site’s operators, and in exchange provided a free service to their members. Users of Facebook, MySpace, and other social networking utilities did the hard work of building up their contacts, uploading interesting content, and keeping their profiles and status updated, while the owners of the network sites themselves benefited from the advertising revenue. This would all change with Business Sense, a set of tools that will allow members to generate income from their own social network activity.
Business Sense takes advantage of the new social networking platform developed by Extensions, Inc. and implemented in the new EXT.com social networking site. Members have a greater flexibility in designing their profile and group pages than they have with any other existing network. First, members are not limited to one profile, but can create specific profiles for their business, their personal life, and any cause or activity which they support. The look of these profiles is highly customizable, since the fonts, colors, and layout of almost everything on members’ pages can be changed. Third party websites, videos, widgets, excerpts of HTML code, and even off-the-shelf or custom designed HTML applications can all be embedded within pages created by users of Business Sense. Members can also determine who will have access to each profile and micro social network, so that one profile can be accessible by all while another may only be accessible to invited and accepted members.
The unique tools provided by Business Sense will allow members to generate revenue from the network or networks they have set up and are continuing to manage and grow. This will also provide an added incentive to members to keep their profile pages fresh and remain engaged with the groups they have created. There will be many options available for creating income using micro social networks: Members can place pay-per-click (PPC) advertising on their site from vendors they believe will appeal to others in their social network, or that fits with their group’s theme or cause. Affiliate marketing, such as placing ads for products or services recommended by the user can be added. Members can have their own e-commerce portal and receive a commission for products sold. Donations can be solicited for a specific cause, and fees charged through a one-time or recurring subscription service.
Business Sense also makes available the tools necessary for members to vigorously promote their micro social network across the internet. Tools for email blasts, seeding, search engine optimization, article writing and submission, press release creation and distribution are all provided as part of the Business Sense experience. For people new to the revenue creation aspects of the web, these Business Sense tools are an invaluable asset. These are all means of promoting a network across the web, and driving traffic to a website or profile page, thereby increasing advertising revenue.
For those already familiar with the process of generating income from advertising placed on websites, Business Sense provides them with an additional means of harnessing the power of the internet. A Business Sense micro social network can be used to promote a business or cause directly, and generate revenue at the same time. That same social network can become an outbound link farm, especially if sub domain names are used that correspond to an individual or business’ other sites.
Business Sense hopes to “democratize the monetization of user generated traffic” by teaching everyone how to generate income from their internet and networking activities.