Create a business social network / Read on Ning blog

How to create a business social network that will become profitable

How to create a business social network that will become profitable
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First and foremost, we will dive into the importance of social interaction. Why do people need social interaction? Put simply, we are social animals and cannot survive without connections to others. No wonder the most horrifying and psychologically painful torture for prisoners is the complete deprivation of human interaction in solitary cells. Everyone knows about the so-called Mowgli kids who had no chance to communicate with their peers while growing up and were not able to learn any language at all.

What is social networking for business?

Interacting with others – especially with co-thinkers who share the same ideas – facilitates both personal and professional growth. If you have enough contacts, both business and private, you can easily develop your own “social empire.” Let’s talk a bit about this idea of “social empires.”

Social networking means using online programs and platforms to build connections with friends, relatives, colleagues, clients, and even complete strangers. With social networks, different people from various backgrounds can engage in common activities and magnify the importance and reach of any project.

Apart from big brands with global fame (YouTube, Instagram, Reddit, Flickr), there’s a plethora of other resources that unite people around the globe: Periscope, Medium, Tinder, SoundCloud, Kik, and so on. Each of these services has a different audience and sphere of interest, but they all possess one thing in common – they bring together people with similar interests.

Starting a new school, attending a job fair, marrying into a family with multiple relations (like Indian or Italian ones), and making friends in a new city are all examples of social networking, only they’re natural and we don’t tend to think of them in these terms. Actually, these are our everyday social networks.

What tools are necessary for creating a business social network?

The web is crammed with numerous platforms that offer versatile tools and services for creating business social networks. You can initiate a small business social network and monetize a sphere that you didn’t even realize had such potential. One of the most appropriate tools for creating a business social network is Ning.

Ning - is a platform for building social networkIt’s up to you to determine your needs and select the platform for your particular project. Your network is your own “digital real estate,” and you can profit from it accordingly. All elements of social networks – personal profiles, friends and followers, likes and comments, news and updates, groups, hashtags, and content – can be harnessed to bring in money.

Pros and cons of social networking for business

Social networking for business / Read on Ning blog

Benefits of social networking for business

Some old-fashioned businesspersons do not understand the importance of social networks for present day entrepreneurship. In truth, there are multiple advantages of carrying out business activities via social networks:

  1. The issue of quantity. Figures mean a lot, especially if you want to monetize on the web. Social networks help unite people from all over the world (not only creators like you or your friends). With social networks, you can easily find co-thinkers and build relationships with them even if you dwell in the opposite corners of the world. You are not alone any more even if you engage in the weirdest type of hobby on earth. You can build your network upon this hobby and grow your income accordingly.

With the help of extensive networks, you can build significant clientele and increase your conversion rate as well as brand awareness, recognition, and loyalty. Socializing helps establish brand reputation.

Networking promotes richer interactions with clients: their requests, complaints and insights can be processed almost immediately. More positive words from existing clients on social sites = more prospective customers = more sales. When word of mouth (the tool as old as the hills, actually) is multiplied by modern technologies, it yields impressive results.

  1. The instructive and informative aspect of socializing. Niche networks help unite interesting people with unique experiences who have unusual pastimes, who are passionate, and who are motivated to pursue activities without superficial answers. These networks serve as extensive knowledge bases for particular audiences.
  2. Specialized social networks unite people who know their specific field of interest but do not know how to monetize it. Social networks help these people get access to a collection of marketing ideas, experiences and tricks that are ordinarily inaccessible to them.

Specialized networks attract people with phenomenal, unlimited potential usually called geeks or nerds. Actually, such people can give invaluable advice and help you earn much more than regular employees. These geeks think outside the box and employ non-standard approaches to every challenge they confront in the world.

  1. Simplicity and speed are both very important in the modern business context. The ability to use resources with lightning speed in order to achieve maximum benefit is a must in the business sphere. The simplicity of usage means all social media sources are combined within one network. The network creator unites their channels in one place to give users a comfortable experience and to enhance the impact of this business tool.
  2. Social networking always presupposes technical support from the platform developers and their help to the users as per insights, new ideas and requests. Platform developers will be with you every step on the way!

Disadvantages of social networking for business

Of course, there are some social networking peculiarities that can become stumbling blocks on the way to your success. Let’s consider some of them:

  • Active social networking is time-consuming. Social networks can be rather tiny at the beginning, but can grow exponentially over the course of time, thus requiring more time and effort for daily maintenance.
  • In order to get profit as soon as possible, a company network must embrace a significant number of followers at the moment of its marketing campaign launch. This need to quickly attract followers can somewhat discourage initial expectations of business network creators.
  • Businesses and their corresponding marketing strategies may differ a lot. Taking into consideration that (a) the web is constantly evolving and (b) the digital marketing is requiring new knowledge acquisition with the lightning speed, it can present a challenge to keep abreast of new developments.
  • The principle “the bigger, the better” also has a negative side. If you run a business and have many followers, other social networks where you advertise can charge your posts more or even restrict the number of viewers for your posts if they are unpaid. Thus, to maintain your status as a respectable network creator, you have to suffer more expenses than you may have initially expected.

Conclusion

This article concentrated on the question of how to create a business social network with maximum effect. Since you have read to the end, you surely know the basics about the benefits of social networking in business, as well as the disadvantages of social networking for business.

Do share your best practice tips on business social networks with us!

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