There’s a question that everyone wants answered these days (I’ve heard it repeatedly at the recent conferences I’ve attended)…and it is: “Who’s making money using social media?”
I’ve been asking that question of my friends lately and one guy stood up and said:
“Well, I am.”
His name is Mitchell Cogert and you should listen to him because he’s built a profitable little business selling poker books primarily through the free traffic he’s acquired using Twitter.
Mitchell is a veteran of marketing strategy having worked with Proctor & Gamble, Hewlett-Packard, Intuit and other leading businesses.
Read on to enjoy his thoughts on such topics as:
…here we go:
Q: Hi Mitchell. Before we get to your poker book business, let’s look at the rest of the world — first off, does Twitter make money yet?
There is an article entitled Twitter is Said to Be Profitable in Bloomberg that stated Twitter earned $25 million in 2009. The revenue came from deals with Google and Microsoft to get access to tweets for their search results.
At the Chirp conference (the Twitter developer conference) last week, Twitter announced a plan to earn money from ads. If you do a search on Twitter, you may see an ad as a tweet at the top of the results.
Q: Do you know of anyone else who makes money off Twitter?
Here are a few companies: DellOutlet, the Coffee Groundz, Zappos, Souplantation, NakedPizza.
You can learn more about success stories on Twitter by going to these Twitter Case Studies.
Q: Let’s get back to you your poker book business — do you make money on Twitter…is it profitable for you?
The cost to be on Twitter is $0. The cost for my Google blog is $0. The revenues from my poker books are priceless…lol.
Actually, using Twitter is very profitable! The most expensive thing I do is the time cost to write posts for my poker blog.
But that is fun to do, because it is my hobby.
Q: Would you break down the steps through which your poker business makes money using Twitter?
It’s a process:
Q: So, “all in,” as they say in poker, how much money does it cost you to operate your combo Twitter/Blog sites per month versus how how much you think Twitter generates in book sales?
Out of pocket cost is for twollow at $7 per month and the websites on Homestead at $20 per month.
The royalties from my poker book sales average at least $1,000 per month.
Q: Do you have any other tips on how to make money using Twitter?
Yes. Let me give you one tip on how to get followers who are the most likely to buy from you.
The trick is to find followers who have “lists” that define your consumer.
For example, let’s say you are selling books to moms on parenting advice. Check out Twitter users who have lists they define as “moms.”
Now, just click the “follow this list” and you have created awareness about your business.
The moms that like what you have to say (tweeted) on Twitter, will follow you back. These followers are prospects!
Q: Thanks again, Mitchell
Thank you again!
Note: see How to Get Twitter Followers (Ones That Buy!) for Mitchell’s thoughts on that subject and for his contact information.