Monetizing Social Networks

This is going to be a short post...

Many social networks are still trying to figure out how to monetize while others are monetizing off of them. People are monetizing Facebook apps, selling Facebook apps and Twitter clients. Maybe this is a dumb question, but why not make it part of your API agreement that any company making a profit from your API needs to give you a cut? The APIs could still be free, and if an app makes money, the API provider gets a piece. After all, isn't the apps success based largely on the technology provided by the API provider? Just seems like it makes sense to me. I'd love to hear your opinion.



A great example of what not to do

I recently decided it was time to hire a new strategist. I knew I wanted someone who was already getting their hands dirty and understood the social media landscape. I began by reaching out to people I know personally for recommendations as I trust WOM first and foremost. The particular position I'm looking to fill isn't an easy one, not tons of people out there with that skill set. No one I knew could recommend anyone who wasn't already doing their own thing or working for someone else. My next step was to post the job. But I wanted to weed out anyone who wasn't qualified. Posting on a site like Monster or Craig's List or just about anywhere would have left me with a stack of resumes to go through for people who definitely wouldn't have been qualified. I'm into niche, so I went niche.