The Granddaddy of Social Networks

 

First, let’s talk about LinkedIn.

Social networking seems to be an entirely new "web 2.0" thing, but it started much earlier. LinkedIn is a great example of early social networking that broke ground for what we have today as Twitter, Facebook, and other social media.

 

I know lots of professionals and business owners who are on LinkedIn and it is the defacto social network for professionals. Now, LinkedIn might lack some of the social functionality that other networks provide, they are very focused on their niche and that is enough for them to have millions and millions of users, and to earn millions and millions of dollars.

 

Social networking business trends have been for entrepreneurs to jump onto sites like LinkedIn or Twitter or Facebook (or wherever) and use that as the base for their social networking. That’s fine. But a more recent trend is taking place where people can create their own social networks that are branded specifically for them. A good example can be found at www.socialsam.com where you can start and build your own branded social network using SocialSam’s platform. (Incidentally, this has been developed by the same guy who make 1ShoppingCart).

 

So, if you want to build your social network, how do you do so successfully? 

 

This is where these two thoughts – LinkedIn and social networks – come together. Money.CNN.com published an interview with the LinkedIn founder, Reid Hoffman. You can read the article, entitled "LinkedIn’s Startup Story: Connecting the Business World here.

 

In that article, Hoffman explains his process in creating what is now a social network worth millions of dollars and, arguably, a major force in professional networking. To summarize, he gives 3 basic steps in his interview:

 

First, find a need that has a substantial target audience. In Hoffman’s case, it was professionals who wanted to network online. (In fact, you can see Hoffman’s own networking success earlier in his interview).

 

Second, grow the network to a million people. Okay, that might not be the right number for you and your niche (perhaps something smaller… perhaps something bigger?) but having a network size goal is important. You need enough to create a critical mass.

 

Third, build on that base with additional services. In other words: Monetize that network. Don’t try to do it too early in the game.

 

Although you may not use LinkedIn for your business, and you may dream of doing other kinds of things with your social media, adopting Hoffman’s basic 3-step model can help you to grow your own social network.