THREE TIPS TO BUILD A START-UP SOCIAL NETWORK

Given Facebook, Twitter and now Snap’s billion dollar initial valuations, it may seem like easy money to build a social network from scratch. But there’s nothing simple about it.

Once the poster child of internet innovation, the social media industry is now a crowded space. And it’s difficult to stand out when there’s social networks for almost everything.

Culture, religion, dating, you name it; there’s a social network for it. And if the consumer-based social networks aren’t enough, there’s even companies out there that help enterprises build their own internal social networking tools.

The average Australian has around five active social media accounts, with the latest data from the Sensis social media report adding that Australians spend in excess of 30 minutes a day updating all of them. Many would argue we’ve hit the social peak.

But as the rise of SnapChat and Instagram shows, there’s always room for more social networks and consumers are happy to adopt them as long as they see a clear use case for the new product. Read more

Issy Livian - Dynamic Business - 19 Apr 2017