How do you monetize social media?

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So Matt Castle sent a link to me on how to monetize social media.  With all the hype out there about cool Web 2.0, it’s good to take a step back and figure out how an investment will give you pay back.  I should note that this is very focused on consumer type communities or experiences. Using social tools for employees would probably have a different theme. It’s still possible to see ROI from it, a different approach is needed though.

1. Set clear business goals
2. Create paths of continuous participation
3. Engage everyone, not just contributors
4. Make your efforts contextually relevant
5. Drive revenue not just web metrics (I like this one)

See the web page for a slightly deeper dive into these five items.