LinkedIn Eyes Monetization of Network

The monetization of social media has been a challenge for companies like YouTube as well as Myspace and Facebook. However, professional networking site, LinkedIn is taking advantage of its audience to gain revenue all while helping researchers.

LinkedIn’s decision to open its network as a sample for market research presents many opportunities for LinkedIn and its users.  With a business-minded audience, LinkedIn has an advantage with producing the most optimal results. Furthermore, LinkedIn will have the ability to sort the sample according to specialized areas of expertise, experience, seniority and geography.  Users will also see benefits to their participation in surveys through different rewards.  According to reports, “rewards are relatively steep, averaging from 50¢ to more than $2.50 per minute when monetary rewards are used…LinkedIn is using a combination of gift cards, charitable donations and opportunities to view survey results as rewards”. So far, LinkedIn’s market research initiative has had success, as participation rates are exceeding expectations.