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The Social Millionaire: Can It Be Done?

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Pat Hankinson, the man behind the site thesocialmillionaire.com, has an idea...a big idea. An idea so big, it makes some people question it.

So what is this idea?

Pat sells keywords on his site. These keywords are then linked to the buyer's website. The catch? His site is really only promoted (as far as I can gather) on social networking sites.

The concept sounds pretty good, considering the popularity of social networks, such as MySpace, Entrecard, and Twitter. But the question still remains as to whether this is a good idea or not. Naturally, a project of this type is going to have both supporters and those who question. For example, John Chow.

Promoting The Social Millionaire on the various social networks seems like a solid idea, but I don’t think that it’ll be enough for Pat to rake in seven figures. I encourage him to prove me wrong though! -- JohnChow.com 3/14

John also pointed out that with keywords selling for as little as $1.00 each, it might be slow-going at best.

On the other hand, word-of-mouth has its advantages. In just one day (after the post on Mr. Chow's blog), Pat's sales have gone from $213.61 to $1,005.08. That's a pretty staggering amount of change for just one day.

My prediction, while not nearly as 'valid' as John Chow's, is that Mr. Hankinson will make a nice fat paycheck when it is all said and done. Social networking or not, word of mouth might just push this idea right to the finish line.

Why didn't I think of that?