Thursday, September 9, 2010

Social Networking and Virtual Goods

Your only limited to what you all to limit you. I just saw a commercial for a movie about social networking.. Same title.. And as you may already know, it is about Facebook… That loveable website the masses use daily. Well what have we learned from social networking?

People love to be entertained. Lets take the Facebook games for example. Are you aware of the fact that millions are earned by games like Mafia Wars, Farmville, and the like… Its called virtual goods.. The industry generates millions of dollars.. Think about it.. You pay for something that does not physically exist.. Does this sound foolish? Perhaps on a consumer standpoint.. But it is a rather genius business model.. Micro-purchases make the virtual goods market. Consumers make small payments to get to “whatever they need” to reach their next objective quicker.. This strategy, according to Think Equity a research firm in San Francisco, will generate nearly $2+ billion this year… with projections of steady growth continuing to rise next year.

Advertising is literally everywhere. We love our groups, our brands, and easy access. So social networking has taken approaches to make that even easier.. It comes to you.. Google AdWords brings it to blogs, websites, etc… And from a money making stance.. Google Adsense... You can make a buck doing almost anything.. Your clients are easily reached this day and age..

Ease to create and distribute. Social networking accounts are easy to create. It only takes a couple of minutes to design full blown websites, blogs, and user accounts on popular social networking sites.. And best of all they can be referenced to each other if you desire to do so..

Look consumers are out there for the poaching. If someone will spend $5 bucks to buy X amount points to achieve a virtual mission, or avatar upgrade.. They’ll buy anything.. And the best thing of all is that they run in circles.. Xbox has mastered this with its Xbox Live extras, Facebook with its games and groups.. There are even virtual lives being lived..

Now the only limit of ones grasp is by their own doing.. Some ideas take time to develop.. Others can quite literally blow up over night..

Just an interesting tidbit of information for you guys…

As Always... Knock Hard... Life is Deaf...

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