This is the second part of my blog series about Social Networking. My last blog breached the topic of, “how to monetize your Social Network”. By that I mean…how to make money! We covered a few historical fundamentals, and the importance of sociology. You can subscribe to my blog at http://www.jumpingoat.com/blog There you will find a delightfully inseparable mix of business and fresh roasted coffee.LinkedIn.com
You really need to consider your audience:
Look, let’s not make this any harder than it is. Your audience is everyone in your network and potentially anyone who is aware of you, or your company. You are my audience…simply because you are reading this. That does not mean every person that reads this is my “addressable market”…you are my audience.
Mixing up the definition of Market Size, the Social Network Opportunity within, and Addressable Market can be a problem.
Addressable market: is the total amount of dollars that you or your company could generate if you acquired every potential customer. I am in the Specialty Fresh Roasted Coffee business, so in order to garner the number I would need to realize the total number of potential coffee drinkers, and then the percentage of that number that consume specialty coffee. I could further calculate growth trends, and I should also consider calculus based on local, regional, or global markets.
Market Size: is typically referred to in terms of number of potential patrons or dollar volume in a particular segment of the economy.
Social Network: The share of some interdependency. It could be values, data, financial exchange, friendship, dislikes, vision or perhaps similar interest.
You are my audience, you are my network, (my network audience) and we are linked via some common interdependency.
With the consideration of these three components, you will begin to see how you can, or rather should communicate with your audience. There are many other considerations that I will cover in later blogs, but the fundamentals cannot be overlooked.
Summary: Know your audience/network and know the difference between Market Size and Addressable Market. Knowing these fundamentals will help you set appropriate expectations around making money via social networking. Finally consider that “financial exchange” is only one aspect of interdependency, so set reasonable expectations around Internet commerce. I have never personally met many of the people in my social network, so it takes time to get to gain trust via the Internet.
Forrest Graves
forrest@jumpingoat.com Contact Me
http://www.JumpinGoat.com/ Fresh Roasted Coffee
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Tags: addressable market, Audience, blogs network audience, data, financial exchange, Forrest Graves, Fresh Roasted Coffee, interdependency, interest, JumpinGoat Coffee Roasters, Market size, network audience, Social Networking, values
