subject: How Will Companies Monetize the Web in the Age of Social Media? [print this page] How Will Companies Monetize the Web in the Age of Social Media?
If you haven't been living under a rock you've probably heard of the substantial importance that social media sites play in people's online activities. Whether we're talking MySpace and Facebook - industry well-knowns, or if we're talking FriendFeed and Twitter, being social on the web has a lot of people interested.
For the business minded such evolutions in public engagement cannot go unnoticed. It spells opportunity. To have millions upon millions of people daily treading to social sites to discuss, collaborate, and sell to one another it truly is a milestone in online business history. The rules of game are the same, but the fields of play have changed.
A New Frontier Emerging Technology in Online Social-Commerce
Part of what many businesses are grappling with today are ways in which they can use the current situation to do what they do - sell products to people. If this is you, and it is likely that you or your company are involved in this sort of endeavor, may I suggest to you the widget? No other utility appears to have the promise and potential of the widget.
What's a widget you ask? Well, many companies are developing a variety of kinds of widgets, making the definition a little elusive. However, the general understanding is that a widget is a bit of code (programing language) that adds a portion of information to a website. Now this information can take on a variety of forms. There are music widgets, video widgets, radio widgets, and product widgets just to name a few. Essentially, anything you've seen online can be adapted and made into a widget.
The reason the widget is so valued is that it provides companies a means of putting their product or information into a site without consuming the site. Users have shown that they enjoy the connectivity of social media sites. And, they too appear to enjoy decorating their pages with information that reflects their opinions. Companies, prior to the widget, have had a difficult time finding a clear-cut way to monetizing this sort of activity.
Sure it's nice that a user identifies your company by becoming a fan, or adding your company's flare to their profile page, but how does that drive transactions? It doesn't. The widget appears to be the golden promise of the future that the web can provide customers, transactions, and money.
Many companies are being influenced by users' appeal for social media sites and the utility of emerging widgets. They are ramping up their revenue streams and restructuring their business models. Using widgets, you can make money too.
Examples of Hot Widgets Available Today
Without a doubt the MySpace music widget is a well-known, experience enhancing widget that can make money. If you've ever been to a MySpace page that has a music player, perhaps you've noticed that you can download the MP3 file of that song through the widget?
There are plenty of other great examples of widget sites that are sure to challenge, but maybe also provide companies with a means to monetize their online activities. Some other popular places to find working widgets include: netSpray; Amazon; and Widgetbox. Check these sites and/or do some research to find the widget that best suits your needs.
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