How to monetise social networks using events?

Social Networks have emerged into a hugely powerful medium, allowing people to communicate with others who are interested in what they are doing. Many leading sites have become the focus of people's internet usage, with many of the top 20 web sites in the world now being social networks.

Whilst social networks have extremely high levels of traffic, and long usage hours, many are having issues monetising their sites. These high traffic sites aren't engaging in advertising as much, as their users don't want ads to disturb their messaging, in what is seen as a very personal space. That's why many people are asking do these leading and niche social networks have the ability to monitise their audience?

With new networks being released on a regular basis, the social media sector has huge potential for marketing purposes. Main benefits are the generated exposure for the businesses, increased traffic, followed by building new partnerships. This is being realised within the online marketing community, with 88% of marketers currently using social media to promote their products¹.

One solution that social networks can use to monetise their sites is via promoting events. It provides quality, useful content that if positioned correctly is relevant to members, in a format acceptable to social networks and can be targeted according to the members' interests.

Why events work on social networks

Quite simply, events work because of their relevance to members, and the additional content they provide to members interests. It provides members with adverts and content targeted to the subjects they are passionate about, and allows them to meet more people and build their own network.

How this can be done

• Social networks can add event listings to their sites - events not only supply acceptable information to users but also provide added value in terms of content
• Social networks can supply event information to users by their profile - this will position the event for people interested in a given subject or a given area
• Event companies are delighted at being able to positioning their events on high traffic sites, and get their event exposed to the right people
• Event companies are always looking for new media partners to help to promote their shows, and social networks are the natural extension of this
• Pages can simply be set up to feed events into social networks, or widgets can be uploaded to allow social networks to target given subjects more specifically
• Groups can be set up to promote an event, which give details about the show, pictures, and then if people purchase a ticket from this group, the social network generates revenue.

Event Partner is offering the possibility to social networks to use events as a service they sell on their sites. This service is well received by the events industry and many companies are eager to see how the potential of social networks can be utilised to provide valuable event content information and, by doing this, deliver enhanced ticket sales on a show.

(¹ Taken from Social Media Marketing Industry Report, Michael A Stelzner)

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