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Can the privatized and anonymized be monetized? When it comes to the mega-million-name member lists of social network sites like Facebook and MySpace, Big Business really wants to know. As consumer databases go, the Facebook and MySpace lists have an appealing advantage over databases derived from indirect sources like phone books and rental lists -- even those containing buying habit and lifestyle information pulled from product registrations, magazine subscriptions and survey responses.
Social networks need to figure out the balance between benefits to users and benefit to business. fondalo.com for example is a start up that is providing the benefit of buying power through social networking for it's users and direct to consumer access for business.
Users enter offer requests for brands, products or services they want and other users interested in the same thing can join to build buying power. Business can make offers back to the group inexpensively and work directly with consumers that have already said they want that product.
It's a win/win.
Users enter offer requests for brands, products or services they want and other users interested in the same thing can join to build buying power. Business can make offers back to the group inexpensively and work directly with consumers that have already said they want that product.
It's a win/win.
Online demographics and using them
Posted by: DeanWestervelt 2009-05-05 06:23:29 In reply to: Ned Madden
Hi Ned,
Another comprehensive piece, thanks. As one "toiling the vineyards" of the online space, and as one who spent a decade in database marketing analytics using demographics from companies like Acxiom, it feels to me as if social networks are going the way of big offline demographic providers.
Like the offline world, if consumers would care more about their privacy, marketers would be limited. It's even easier online to set privacy rights (versus trying to get legislation passed in the offline world) and, to your point, most "don't bother" with it. Perhaps I've been in the industry too long but I keep my privacy settings (ironically?) as high as possible, online and offline.
Another large consideration you highlighted - social media marketing is quite different. Yes, Facebook is the 900-lb gorilla but people can always flee to another network (e.g., Plaxo) if they start to get "monetized" beyond their appetite. That's the edge that MySpace and Facebook are currently dancing on.
Enough - great piece, I really enjoyed it.
Dean Westervelt
Another comprehensive piece, thanks. As one "toiling the vineyards" of the online space, and as one who spent a decade in database marketing analytics using demographics from companies like Acxiom, it feels to me as if social networks are going the way of big offline demographic providers.
Like the offline world, if consumers would care more about their privacy, marketers would be limited. It's even easier online to set privacy rights (versus trying to get legislation passed in the offline world) and, to your point, most "don't bother" with it. Perhaps I've been in the industry too long but I keep my privacy settings (ironically?) as high as possible, online and offline.
Another large consideration you highlighted - social media marketing is quite different. Yes, Facebook is the 900-lb gorilla but people can always flee to another network (e.g., Plaxo) if they start to get "monetized" beyond their appetite. That's the edge that MySpace and Facebook are currently dancing on.
Enough - great piece, I really enjoyed it.
Dean Westervelt
