Social networks must develop a more serious focus and move beyond simply allowing people to meet and communicate if they really want to make headway in 2009, warns Societal Web expert William Buist.
Buist, creator of The Societal Web (http://www.societal-web.com), believes that the combination of shrinking world economies, falling advertising revenues and reduced activity per capita will have profound implications for web traffic and ultimately, the business models of many social networks, who will be forced to refocus and ensure their proposition really adds value.
“Social networks are increasingly realising that they need to develop a more serious focus by providing help and supporting members as well as just allowing them to meet and communicate. The winners will be the ones with high traffic, or high niche value”, says Buist.
Buist claims that whilst social networking sites such a Facebook are likely to survive due to high traffic, the real impact (and benefit for members) will be seen in business social networks, like Ecademy and LinkedIn, and even more niche networks like IFA Life.
Only recently, Ecademy (http://www.ecademy.com) announced that membership numbers had had doubled in the past year and that the average time spent on the site was up by a third, which Buist says proves that people are increasingly looking for deeper, more meaningful connections which have a real impact on their lives and their business.
“The business world is changing and within this new world of The Societal Web, communities will provide the direction whilst companies merely provide the infrastructure, and there will be a fundamental shift to collaboration and mutual support. Social networks will increasingly become the place to source such support, regardless of their size or membership count and I think many will be surprised at which social networks are on top at the end of this troubled period”, says Buist.
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