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Archive for June, 2010

Making money using Twitter

 

I continue my discussion on ways to make money using Twitter. Previously I covered what I considered are bad (ineffective) methods, now I’ll cover the rest.

 
The ugly (misleading):

Promoting users/lists: Certain users with a large number of followers (though only slightly more than I have) started doing personal shoutouts and including users in their lists for small sums of money. I assume the people who buy these services do so to get followers. To a limited degree, this will probably work. Moreover, if the people who promote these offers have multiple accounts as many people do, I would imagine all their accounts would suddenly follow the paying users (this could easily be 20-50 accounts – to some this is a lot of followers!).

 
With that being said, this has to be one of the most inefficient ways of getting followers. If these were celebrities who offered these services, fine (it would probably be pretty effective being in Conan O’Brien’s list! Just think of @LovelyButton), but we’re not talking celebrities here. I would never consider charging people to be in one of my lists because I think doing so would imply that this bestows some value, and let’s face it, it does not. Note that I have to say, it’s very easy getting followers, at least when talking about a small number (100-200) and I don’t think paying users expect more than that from a single tweet.

 
An additional issue is that I would expect this practice to stop at some point. Personally – and I know many others feel the same way – I treat the shoutouts as noise/spam. These are (personal) ads after all, and my comment from the previous post applies – most Twitter users do not like any tweet that feels commercial in nature. I predict that eventually enough users would have these ‘offending’ advertisers be blocked & reported for spam and this will lead to their suspension.

 
The Good (effective)

 
I’ve written about this in multiple separate posts. I believe that Twitter’s strength lies in creating relationships, networking, doing PR for yourself/your company, so most of this section deals with these. However, the first method is unrelated.

  1. Advertising: Using companies such as Ad.ly and SponsoredTweets it is possible to tweet something and get paid for it. This actually does work. But: (a) You’re dependent on being offered to tweet these and there aren’t a ton of those and (b) unless you have a lot of followers, the sums involved tend to be pretty low.

     

  2. Getting clients: by being active on Twitter, it is possible to get clients. Although pushing yourself and being interactive helps, by just having a good bio, descriptive background and including a link to your website it’s quite possible to draw attention. Personally I’ve had success with this. I have to emphasize that I believe this strongly depends on the industry: i.e. I doubt dentists can gain clients this way.

     

  3. Building relationships: I’ve written about this before. By networking you are likely to meet like-minded people who, by knowing them, in the long run, will result in monetary gain. I’ve met quite a lot of people who got me involved in conferences (i.e. Social Media 201), started collaborations, and introduced other people and clients to me. This does require effort though.

     

  4. PR: I’m probably the millionth person to say this, but in this day and age, companies need to be able to engage their clients. By having an active Twitter account that listens to complaints/issues and addresses them, a company can greatly improve their reputation. This is a topic that we discussed quite heavily at Social Media 201.

     

  5. Twitter services: basically, by offering the previous methods to other people or companies, you can make money. There’s in fact a new course that trains people to become social media managers.

    This is definitely a way that works. Again, talking from personal experience here. You can get paid far more doing this than from paid tweets or trying to push affiliate links. I believe this is the most effective way to monetize Twitter. Note that in many ways the method I included under ‘ugly’ can be said to fall under this category – true – however, I think it’s the choice of which services to offer that makes the difference. Implying someone will get a lot of followers if someone tweets your bio is misleading.

 
Not sure

 
I’ll include this one last category as well.

  1. Niche accounts: I’ve actually dabbled with this but it’s a variation of the methods I previously mentioned. Basically, it’s an account that declares in advance that it will provide information and deals. This can be done using affiliate links or point to your business site.

    Does it work? Maybe. Personally I’ve not tried it long enough to be able to tell. However, I CAN tell say that many users still consider this to be spam despite the user “announcing” in advance what it is all about.

     

  2. Trending topics: I included this but I will admit I don’t know it well enough to elaborate. The goal is to create accounts that tap into Google’s real time indexing of trending topics. I don’t fully know how this works, just that by doing so, it is possible to get an affiliate link into the top of the search of Google. I would imagine this involves creating quite a lot of users. I heard this worked for some but don’t know how successful it was and, as you can guess, I never tried it myself. I figured I should still mention it.

     

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When two separate discussions that I conduct converge, I know that I’m onto a topic I need to blog about.

 
I’ve written about affiliate fads in a different blog post. It’s interesting, but in the past month I’ve seen one product launch and three webinars (so far!) that deal with, yes – making money using Twitter. I find this amusing since this is an old fad that’s making a comeback and I honestly never expected that it would. Most affiliate marketers scoff at anything related to Twitter.

 
So is it possible to make money on Twitter? I’ve been (very) active on Twitter for a long time, though recently I have reduced my activities for various reasons. I do think it’s fair to consider Twitter a platform for making money, however, it’s not one of the best places to do so. Despite its flaws, twitter is a fantastic platform for other money-related activities though.

 
Here’s a survey of methods I know of that can be used to make money using Twitter. There are probably more, some I forgot, and some I am not aware of. I’ve classified them to the good (effective), the bad (ineffective) and the ugly (misleading). This classification is, of course, based on my own opinions and others may not agree with it.

 
The Bad (ineffective)

  1. Affiliate links: the most obvious way of generating money with Twitter. You tweet a link that promotes an affiliate offer: if someone buys a product/fills in details, you get commission. It’s as simple as it gets. Theoretically, if you have a large number of followers or a very targeted group of followers, it could work.

     
    There are two problems: first, normally it just doesn’t work – the percentage of people who actually buy/fill in details is very low. Yes, you can make money, but very little money. Worse, because Twitter users are so used to spam, they’ve become extra sensitive to anything that even sounds like an attempt of making money. A person who tweets affiliate links, even if they are completely beneficial to all parties involved (i.e. freebies) will often find himself blocked and reported for spam, and some people will even tell him they do intend to do so. Happened to me more than once.

     

  2. Barging into conversations: I believe this is the method that is recently promoted, particularly since I seem to see it a lot more than I used to. For starters, I want to declare I’ve never tried it myself so can’t say with absolutely certainty whether it works or not. However, with that being said, I don’t believe it does.

     
    This method consists of searching on Twitter for people who discuss a certain topic, say, for keywords such as “losing weight” or “diet”, etc, and sending them a very relevant affiliate link. In theory it’s not a bad idea (“You’re helping people”). In practice? Rude.

     
    I’ve had conversations with people where suddenly someone would “jump in” and offer me something that was relevant to a point I made. Almost always it was something I only casually mentioned, so I wasn’t even looking for anything related. It is my belief – and let me emphasize that being an affiliate marketer I am obviously affiliate friendly – that most people consider it the worst kind of spam, since this is spam that actively barges into your Twitter activities. I know that when this happens to me, I always ‘block and report as spam’. If a friend were to offer this to me, or someone I knew, I would be much more open to this idea. But this method doesn’t suggest building long term relationships but rather jumping in with an affiliate offer – and never has any friend sent me affiliate links on Twitter.

     
    Like I said, I never tried it myself so who knows, maybe it does work. But the people I know – and I know quite a few – would treat this as the worst kind of behavior on Twitter.

     
    Continue to part two of ‘Making Money On Twitter.

 

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I haven’t written about blogging for a while. Since I follow quite a few blogs every day, not to mention, monitor the activity of my own blogs, it’s interesting to see what works and what doesn’t work – sometimes it’s just plain obvious, other times I had to learn certain lessons the hard way. Here are six suggestions that may be useful to anyone who’s blogging.

 

  1. Avoid ads (at first, at least): when you just start a blog and even when it’s quite a bit more established, it’s best to avoid putting ads. First, you’re not going to make any serious amount of money: if you place AdSense code, you may get the occasional click which would probably amount to ~10 cents. However, you will cause – and this is particularly important at the beginning – your potential audience to reconsider visiting your blog.

     
    Here is a personal example: I have a niche site which provies book and movie reviews. When it first launched I got quite a few people very involved because it’s dealing with a specific topic that apparently many people find interesting. About a month after I launched it I added ads: this drove my two most loyal readers away – they never came back! I even wrote one emails and she never responded. After two months during which I made a whopping $4 I took the ads off. I think these people’s response was extreme but some people are turned off by ads or anything that can be viewed as trying to make money (if you’ve been on Twitter for a while, you know that people on Twitter – tweeps – are very hostile to ads). Note that I don’t think there’s anything wrong with placing ads – you spend time and effort, get a domain, a hosting account – why not get compensated, at least a bit, for your efforts?

     
    Another consideration is that a blog is a personal thing and ads take away from that intimacy. I think when you have an established audience, most (if not all) will understand it if you put ads, but at first it will turn people off.

     
    If and when you do place ads, it’s a good idea to put them in a place that doesn’t ruin the “visitor experience”. Some blogs are so crammed with ads it’s just a turn off even for me.

     

  2. Give your posts proper titles – the search engine perspective: Try to incorporate phrases that people search for in your titles. It’s not really hard to do, a quick visit to the Google keyword tool will show that. For example: Six Blogging Tips and Tricks (the title of this post).

     

  3. Give your posts proper titles – aim to go viral. If you can come up with a good catchy title it will certainly draw attention. And if it’s a good post, people will want to share it, retweet it and send it to their friends. My recent blog post “Gaining A Million Followers In Less Than 30 Days” – got the fastest numbers of visitors from the moment I tweeted a link to it from all of my other blog posts.

     

  4. Use video properly: using video is a great idea which is highly recommended. Search engines love it and people respond better to videos than to text – after all, it’s easier to listen than to read. However, videos can’t replace your blog post completely.

     
    There are blogs that only rely on a video to convey their message. No description of the content nor a meaningful title. Not only this is bad from an SEO perspective since there is no way for the search engines to figure what the post is all about, and so, index it properly, but this is also true for people too. Often I can’t turn on my speakers from various reasons and consequently, can’t listen to the video – so there are some blog posts I literally have no clue what they are about as much as I’d like to know.

     

  5. Use a correct permalink structure: meaning, the path to the post should not use Wordpress’ default structure (which looks something like this: www.domain.com/?p=1234. Instead, use /%category%/%postname%. This is good for three reasons.

     
    First, it helps with search engine optimization, as the path has a definite impact on SEO.

     
    Second, it helps humans know what the post is about if they just see the link. For example, even without reading this blog post, by looking at the link (which is: http://www.industryreview.org/search-engines/six-blogging-tips-and-tricks), people can get a pretty good idea what the post is about.

     
    Finally, it helps you when you check for rankings. One of my oldest sites – coincidentally, the one I mentioned in #1 – has multiple pages that rank well in Google (and Bing and Yahoo) for various phrases. However, I made the mistake of using the default permalink structure – so unless I manually check, I have no idea which pages rank! All I see is a www.domain.com/?p=1237.

     

  6. Beware of spammer comments: Although I’ve written a post about this before, some comments are really quite devious in the sense you may be tricked into approving them.

     
    Not only they may have hidden links – and this has happened to me – a space between two words had a link to some nasty site, and I couldn’t see it until I actually viewed the code. But additionally, even if they are harmless, and you approve them, they make your site look amateurish to anyone who has seen these comments a million times before.

     
    In other words: avoid any comment that sounds generic – like they could fit any post – particularly if they sound flattering, i.e. “Thank you for the great post”, “Can I use parts of your post in my own blog?”, “Darn, I left a comment but it didn’t work.. do you see it?”, “Your design is fantastic – can I ask where you got that theme from?” and that sort of thing. All these are similar to comments I get every single day.

 
That’s it for now. I hope this has been useful.

 

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Click on the image to see the full statistics

 

 

Ok.. the title is slightly misleading (only slightly). But you’ll have to forgive me for that.

 
As I’ve mentioned earlier in this blog, I like using TwitterCounter. It shows interesting statistics about my Twitter activities, not to mention, it can be used to manually update the number of followers that appear on the top right corner of this blog (otherwise it updates periodically).

 
In the past few days TwitterCounter seemed to have a few issues. I kept getting error messages whenever I tried to access it. Yesterday when I was eventually able to, it told me I have 26 followers. Pretty amusing – it brought me back in time to April 2009 (back when I did have 26 followers).

 
What I find particularly funny is that TwitterCounter hasn’t compensated for that. So according to the application’s logic, I gained more than 76,000 in a day.

 
Based on this rate, I will have 1,230,729 followers in 30 days. You think it might happen? I’m crossing my fingers! That would be SO awesome! :D

 

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Nostradamus: Only fools try to predict the future?

Nostradamus: Only fools try to predict the future?

 

From some reason I remember there is a saying “Only fools try to predict the future”. I can’t seem to find it so I might be mistaken.

 
Even though I completely disagree with the idea that it’s foolish to try and predict the future – many people and companies do it all the time – we have to remember it’s all based on what we know, on past events – and that things can change at any given moment.

 
Many financial companies – Lehman Brothers, for example – successfully predicted the future for many decades and made unimaginable sums of money. Until one day things – in this case, the economic market – changed dramatically and all their predictions turned sour. A company that existed since 1850 perished in a matter of weeks because it didn’t predict the future properly.

 
Yesterday I met with a very good friend of mine. He has a Twitter account but he’s not really active. However, he is very interested (and knowledgeable) in technology trends. He asked me: where do you see Twitter going?

 
That is a very good question. Where do I see Twitter going, I wondered to myself.

 
My guess, and of course, it’s just a guess – that Twitter will follow the same patterns that other companies faced in the past, particularly in the last few decades.

 
Here are two examples – I can give many more.

 
You might not have been online back then, but I still remember the times before Google existed. I was mainly using Altavista and Lycos and was very pleased with the results. When Google appeared, I didn’t see the point of switching. I also didn’t believe – and I remember saying it to a friend – any new company stands a chance in the search market. A few friends of mine mentioned Google is good, I figured I’ll give it a chance. The results seemed to be better though weren’t dramatically better. However, at some point I did find myself switching to Google – though that was mainly because of the simple interface.

 
Of course, Google reinvented the search engine landscape and deserves a lot of credit for that. However, I wasn’t the only one who guessed wrong: I bet Altavista and Lycos were taken by as much surprise as I was.

 
Similarly, when Friendster, the first modern social network, was created, I was one of the first people using it. That’s actually an understatement – I was extremely active because it was so new and really explored interesting territories. Many of the things we now take for granted were actually “discovered” by Friendster who had to find the right way through trial and error.

 
Numerous new social networks later emerged, but the one that deposed Friendster was MySpace. MySpace got so well established I thought “this is it!”. It seemed immovable, but then Facebook rose and completely and utterly took MySpace’s.. space. I still remember articles writing that “Facebook is not going to be successful, MySpace will reclaim its position”. Kind of funny when you think about it now.

 
Quick disclaimer: I’m not writing anything that hasn’t been written before. Someone comes, creates a product – it could be successful, even very successful – but then a successor creates an improvement that completely wins over the audience. Though I don’t remember anyone saying this about Twitter (even though probably someone did).

 
That’s my guess for Twitter.

 
Twitter is flawed. Technically it is awful. Years after its launch we still get the fail whale on a regular basis (I get it at least 5-10 times a day). It has numerous bugs. It has a lot of really silly features and flawed concepts: the retweet button, no search mechanism for bios, no way to mass delete DMs, no way to filter DMs… the list is endless. However, no one can deny twitter is extremely popular. Extremely.

 
Based on these factors: that Twitter is a very flawed application and that the space is extremely attractive, while looking at past trends, I find it hard to believe that at some point in the next 1-5 years a new microblogging service, one that has learned from all of Twitter’s mistakes and improved on it, won’t come and completely dominate this market. That is, unless Twitter will clean up their act completely… but in all fairness, I don’t see that happening.

 
This may seem impossible now, but that was the case in both the examples I gave.

 
Google tried to do this with Google Buzz – that didn’t go too well because of the privacy issues (just too eager, huh?).

 
My prediction is that there will be someone else. And they will be successful. And in a couple of years we will all be seeing articles analyzing how Twitter lost its market share, and “what went wrong?”.

 
Only fools try to predict the future. Perhaps that might be true, but this is my guess.

 

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Pulling hair

 

If there’s a simple solution to the problem I describe below then (a) I will be very happy and (b) I will think that this post might make me look like a fool – BUT I’ll take that risk :)

 
I probably mentioned this in the blog somewhere but I like creating sites. At the moment I have around 70 and keep creating more all the time – some for specific niches, some personal, some for hobbies, some for lead generation, some for.. other… purposes.

 
Putting the necessary effort in keyword research using tools like Micro Niche Finder and Market Samurai (both are superb tools!) in order to create sites that have a good chance in appearing in high positions in search engines is fun and creates a nice income (if done consistently!). Even though this does require effort, and more importantly, patience, it’s generally a very good method.

 
Some of these sites I can truly set and forget. Of course, I track the search rankings of all my sites and know that some eventually drop unless I continuously add new content. It really depends on the niche and its competitiveness. Usually if it’s a successful site or a site I put a lot of effort into, I continue building it, but at times I prefer to spend my time creating new sites rather than tweaking and retweaking old ones.

 
A large portion of these sites, naturally, have affiliate links. When I first started I spent months finding the “perfect” links, hunting down exotic offers from specific vendors, it all had to be just right. Didn’t take very long for me to realize that this is a very inefficient usage of my time.

 
Last week I happened to visit one of my older sites which seems to be getting a lot of traffic again. I clicked on one of the affiliate links: broken! I clicked on another: Internal Server error! I clicked on a third – took me to an unrelated offer. Then I started going through my old sites and many, many links were broken or switched to another, irrelevant offer. God knows how many conversions I lost.

 
Almost always these were CPA offers – the product offers/eBooks (Clickbank) mostly still worked. And of course, AdSense (in those sites that include it) continued to work. That is why I never explored this in depth – as the sites that performed continued to perform.

 
I continued checking and even a site I recently updated – only two months ago – had all broken links!

 
This is extremely frustrating! The only affiliate network I am aware of that updates you about broken links is Commission Junction, and unsurprisingly, my CJ links work properly as I always fixed them (actually, Lidango too, but I don’t really use them anymore – and they just send you emails “you have a broken link” which isn’t helpful). Then again, all my Shareasale, Linkshare, Linkconnector and Amazon links seemed to be working properly, maybe they update you as well.

 
I’m thinking of creating a massive list of links and periodically running through all of them either using a script or even manually. It will take some effort but it’s worth it. Though even this is a partial solution: it’ll show me the broken links but not when the links have been switched to different offers. I could factor the landing page into that though, I guess.

 
I’m also thinking of limiting the networks I take links from. This is actually something I have been doing for quite a while… whereas in the past I used to pick the ‘best’ links from many different networks, now I feel it’s easier to stick with a handful of networks. Easier to keep track of, and often that extra bump in commission isn’t worth the hassle.

 
Any suggestions as to how to monitor this? Are there any tools available? I’ve discussed this with several friends and it seems I’m not the only one facing this problem. I’m just angry at myself for allowing it to go on for far too long.

 

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