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New business model

March 27, 2009

Let the advertising department take care of advertising so that journalists can take care of the news.

One possibility for a new business model in which online advertising can support the news side of the business is an online shopping community based on social networking sites. One such site is StyleHive. The site itself isn’t perfect, but it is a good starting point for connecting advertisers and site visitors.

I envision local advertisers listed by categories, by the products / services they offer. Visitors could then join the community following that advertiser. StyleHive has big name advertisers such as GAP, Saks Fifth Avenue, Urban Outfitters, American Eagle, National Geographic store, etc. Impressive list with impressive numbers of followers.

Blogs and diaries are part of the site. Check out the wish list feature! What a great way for people to let friends and family know what products they want for holidays, birthdays, and other events that include gift giving. Also, this type of site is the perfect venue to read product / service reviews when researching the quality of a product.

Smart shoppers, and smart advertisers = win-win.

Update: Transaction fees based on sales would generate revenue like affiliate marketing. This is part of the new business model based on community rather than content.

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