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The Social Network Business Plan

18 Strategies That Will Create Great Wealth

By David Silver

(3)

| Others | 9780470419830

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1 Review

I found the author’s thinking and the writing in this book very elevated. Sometimes I got a little bogged down, but in general this is an outstanding book with a revolutionary concept contained within it.
What’s this book about?
From the introduction, the author says:
“There is a lot o ... (continue)

I found the author’s thinking and the writing in this book very elevated. Sometimes I got a little bogged down, but in general this is an outstanding book with a revolutionary concept contained within it.
What’s this book about?
From the introduction, the author says:
“There is a lot of money to be made if you get a lot of smart people talking and then sell their anonymized conversations to vendors.” (here “anonymized” is used as in anonymous.) Throughout the book he points out that our world, the world wide transparent net, is quickly developing into separate social communities which have tremendous power. He calls them “Recommender online Communities.”
What’s a Recommender Community?
As the name implies, products which are recommended by people of your community sort of sell themselves. The old method of force feeding advertisement to the masses is becoming as antiquated as trading of bread was in the Egyptian milieu. By the way, that’s an interesting facto. Have you got any dough? Give me some bread. We still use the terms, but we don’t trade in dough or bread.
Oligopsony Power?
That’s a strange new word. From Wikipedia:
An oligopsony (from Ancient Greek ὀλίγοι (oligoi) "few" + ὀψωνία (opsōnia) "purchase") is a market form in which the number of buyers is small while the number of sellers in theory could be large. This typically happens in market for inputs where a small number of firms are competing to obtain factors of production. It contrasts with an oligopoly, where there are many buyers but just a few sellers. An oligopsony is a form of imperfect competition.
So I’m a little confused. I think he means there’s a lot of buyers, but the sellers are reduced because the buyers are trustworthy and verify that the products are excellent.
He says “The social networks, acting as consumer rating services or recommenders of products and services, will eliminate the need for finding the customer." . . . “The social network that encourages reviewing, ranking, and recommending is the new marketing tool.”
Recommender communities will lower the price of all consumer goods and services by gathering consumers into membership clubs where they will have conversations about products and services, candidates, and local civic issues.
The single most important words are trust and verify. The members of the community must be real people, not representatives of large corporations.
Now, he goes on throughout the book to delineate 18 different strategies to create great wealth which are built around the recommender community which he shows you how to create. Social networks which recommend and support products are the wave of the future which we’re ridding now. At least, the momentum is beginning to build.
Immediately after reading this book I went to Onesite.com and got a seminar on their social network products for my emerging websites, wisdomgame.org and wisdomgame.tv. This is big time commitment and big time money. Is it worth it? Time will tell. I invite you to follow along.
Thanks for reading
Stephen Philip Means
Wisdomgame
http://wisdomgame.org

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wisdomgame said on Mar 1, 2010 | Add your feedback