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Social media marketing is one of the hottest forms of marketing on the internet and it is where majority of the internet users spend most of their time – social networking. With social media marketing, web business owners have the potential to gain quick popularity in less time with less cost than pay-per-click ads. Fortune 500 companies are already using the power of social media networks as a means to gain popularity and strengthen their market position.

If you have a website selling products or offering services or just publishing content for ad revenue, social media marketing is a viable method that will generate you massive amount of targeted traffic and make your site profitable over time. Recently, it was said that Dell had earned $3 million in revenue directly through twitter since 2007, when it started posting coupons and word of new products on the microblogging site.

So what really is social media marketing?

Social media marketing is a form of internet marketing strategy based upon the utilization of social media or any other collaborative networks to inter-connect with people, promote your ideas, and build new business partnerships. Basically, the more people you reach, or the more people get connected with you, the quicker people will be exposed to your business and then the quicker they will visit your website.

Social Media Network is divided into Social Networking sites and Social Bookmarking sites. So many internet users and even social media marketers are confusing social networking sites with social bookmarking sites. Social networking sites include popular sites like Facebook, MySpace, Twitter, Youtube, Bebo, Ning, or Google Buzz. Social bookmarking sites include well-known sites like StumbleUpon, Digg, Reddit, or Del.icio.us.

One of the advantages of using social media networks as marketing tools is that it is fun, you can reach a lot of people and it’s free. You begin to meet a lot of people that you normally wouldn’t run into during the normal course of your business.

Effective social media marketing takes your search engine positioning and ranking to a higher level as it helps to foster a more deep relationship with your customers. Sharing a good post/article on these networks can realistically acquire a large number of high quality links which will lead to multiple benefits for any website. Do this enough and your search traffic will undoubtedly increase.

Social media marketing is heavily dependent upon building long-term relationships with your potential consumers rather than focusing on the quick one time sale. What’s even better about social media marketing is that you have the potential to reach more people in a quicker way for less cost than traditional advertising.

Next, I will be sharing and discussing with you ‘How to Participate and Communicate in Social Media Networks’.

If you love this post, don’t forget to subscribe to our blog, follow Jerry on twitter, and join us on facebook too.

Here, I will share with you 8 Simple Steps to Start Making Money Online with your Twitter account:

1.  Create Your Twitter Account: If you don’t have a twitter account already, go to twitter.com and click on ‘sign up.’

2. Join a CPA Network: Cost Per Action (CPA) network gives easier ways to earn money without selling any product. All that matter is to flood the advertiser’s website traffic through your link. If any of the visitor signs up by fillign out the form, you earn a commission. Of course, if the visitor purchases any product, you get paid. So you can earn on two different levels. With CPA networks, all your efforts earns you money.

3.  Customize Your Twitter Background: You can customize your twitter background with your branding and look unique. Go to twitbacks.com or mytweetspace.com and create your twitter background.

4.  Write Your ‘Bio’ Profile: This is where others will read to get to know a little about you or your company. Make it simple and rich. Don’t forget to upload your photo or corporate logo. You can write something like this in your Bio box: “Hi, my name is Jerry; I offer internet marketing services. Get this free gift for just visiting (your product or affiliate link). Don’t forget to follow me and I’ll follow you.”

5.  Develop Your Networking and Monetize Your Twit-traffic: You can automatically send your new follows a welcome message and also auto-follow them. Go to socialoomph.com, create an account, login, click on ‘Account’, and then click on ‘Add Accounts’. Check ‘Automatically send a message to new followers’ and in the ‘Send This Message:’ box, you can write something like: “Hi, thanks for following me! I have monetized my twitter account and it’s making me money, you too can (link). I look forward to tweeting with you.” OR “Hei, thanks for following! I offer professional internet marketing and web sites design services (link). Would you like your website to be optimized and get found on the internet?

6.  Search for Targeted Friends: Let’s say you have a passion for internet marketing; you need to develop your networking with people interested in internet marketing on twitter. How? Go to search.twitter.com, write keywords like internet marketing, internet marketers, or online marketing and follow anyone interested in it.

7.  Cloak Your Links: You can shorten your links with bit.ly, and will also be able to know how many people are clicking on your links.

8.  Automatically Feed Your Blog Posts and Market Niche Alerts to Your Twitter Account: Go to twitterfeed.com, and create an account. Click on ‘Create New Feed’ and type in the feed link of your blog. Also, if you are interested in a particular niche, build your market around that niche. This will almost certainly boost your credibility, and most importantly your profits. Now, go to google.com/alerts, type in different keywords or keyword phrases related to that niche market you need to get alerted on. Get their feed links and feed them individually to your twitterfeed.com account. You can do this for more than five niche keywords and start making $200 daily like me.

If you love this post, subscribe to our blog, and follow @Jerry_Ihejirika and also  @NigeriaMarketer on Twitter.

If you have a Twitter account and you are not earning cash with it, then you are simply not having FUN twittering! Thanks to companies that pay tweeters to tweet their products.

A company called IZEA is now offering Twitter Ads through its site named Sponsored Tweets. Sponsored Tweets is a new Twitter advertising platform that connects advertisers with tweeters. Advertisers can create sponsored conversations on Twitter. Tweeters can earn money for spreading the word.

All you need is a Twitter account to get started. Sponsored Tweets is a whitelisted Twitter application and uses your Twitter credentials to create an account.

Google Wave is a new model for social networking and communication on the web, coming later this year. Social networking simply means using social media sites to network with other people. You can use social networks to promote your web business.

Google Wave is like another great tool for social media marketers, bloggers and advertisers. You can sign up to be informed immediately when it releases here:

http://wave.google.com/

Google wave is shared. Any participant can reply anywhere in the message, edit the content and add participants at any point in the process.

You can invite your prospects, buyers, fans, members, etc and share your products, services, or ideas with them on Google Wave.  Google Wave will be MicroNiche Social Community Site.