There are plenty of things to consider while getting into the Social Media Big Game. From very basic business things like startup financing to strategically planning the possible international expansion – everything will play an integral role in building a successful profit-generating model. At the same time many beginning entrepreneurs find some difficulty in making the ‘right‘ first step – settling on either Social Networking or Online Dating niche. This is where I come in to offer you a helping hand.
With the recent explosion in the popularity of Online Communication, boosted by the growing rivalry between Google+ and Facebook, as well as record-breaking pace of the Online Dating industry, there is room enough to master both constructs.
The good news is that with SkaDate Dating Software clients have the flexibility of using the same solution for building a Social Network or a Dating Site. Or a Hybrid of the two. The bad news is… Well, there is that choice again, albeit a much easier one, since the tools for a potential change of concept will be already there.
With Social Networks there seems to be two main schools of thought on the revenue generation: Direct Advertising and Data Compilation. Obviously, the bigger the site, the easier it is to pick up major advertising deals. However, many smaller portals progress much further by aggregating data from all the user-interactions, and then benefiting by providing it (anonymously of course) to third parties.
The surface business model for Online Dating sites is to charge membership fees. Although there are cases, when even beginning virtual matchmakers gained from this approach, the set up works most effectively with large enough user-bases and very exclusive ideas behind networks. Many growing sites prefer employing the tactic of letting everyone in for free, but then enticing members to switch to premium accounts for additional features and functions. Of course, affiliated advertising solutions also add to the revenue stream.
No matter what a startup owner chooses, it should be clear that with literally millions of people actively using Social Networks and Online Dating sites, this market is not going anywhere. In fact it is still ascending, despite all the past dot-com bubble bursts, economic turmoils, and heavy competition. Facebook and Match.com have been around for years now, but that did not prevent numerous smaller networks from finding great success.
But the world of online dating is evolving along with the rest of the social media. It is safe to say that the industry is actively switching to the 2.0 model, which sees the combination of dating and regular socializing. To continue prospering, virtual matchmaking services have to keep communities actively interacting, in addition to supplying members with potential love choices.
All that said, the ‘right‘ first step lies in the adaptability to the current and future market demands. No one wants to spend time and money setting up an intricate business model only to be forced to start from scratch, due to audiences’ additional demands. Get the right tools right away to avoid this. You know where to find them.