Have you heard of Ning?
Before jumping on to How Ning.com generates revenue, let’s look at what Ning is and How does it work?
Ning is an online social media network platform for people and organizations to create custom social networks.
Ning, a SaaS company, was founded in 2005 by Marc Andreessen and Gina Bianchini. It offers organizations to build customized social websites and interactive virtual communities. Users can choose from a variety of themes and customization tools available on Ning’s design studio.
With Ning, organizations can share text, website content, and multimedia tools with their users and get feedback. With Ning.com, businesses also get built-in social integration for social media channels like Facebook, Youtube, and Twitter.
Ning.com is an innovative way to engage with users and promote user-generated content. And the best part, users aren’t required to have any technical skill or pay Ning.com to build a social network. Though to use added features, Ning.com offers a basic and premium subscription package.
If you are in business and traffic monetization and management make you sweat, Ning.com’s new E-commerce platform is all you need. Social networking platforms have become an essential part of our daily lives.
However, let’s not stroll you further and understand how ning.com generates enough revenue.
With an estimated value of $560 million, Ning stands as one of the most popular SaaS-based systems available to use for businesses and individuals. With ever-increasing traffic and users, it landed more than 90,000 users worldwide.
With innovation and advancement in the industry, Ning also includes Paid access allowing creators and businesses to make money from their content. There are more ways Ning.com employs to generate revenue. Let’s look at them gradually.
How Ning.com Generates Revenue?
Most of the revenue is generated through traditional advertising and paid services. However, running ads, creating a domain name, accessing premium features, etc., help generate Ning revenue from its users.
In 2020, the Total revenue generated was $26.9M with total funding of $130 million, assuming a ballistic growth rate in 2021. So how did Ning.com do it?
Let’s look at some business model strategies followed by Ning.com:
Ning.com Business Model
A SaaS business model like that of Ning.com includes several factors that help generate revenue. First, there’s no need to buy any hardware, simply a subscription fee, and you are good to go.
Recurring payments: For a business, the most challenging part is getting money from users/clients. With a fixed subscription service, there’s no worry about getting payments every month/year.
Upsells: is a generic term that helps improve customer value and expenditure. And it’s more profitable, too.
How?
Data suggest getting a new customer is more expensive than upselling an existing customer. In practice, big firms typically link upselling and cross-selling to maximize profit.
For instance, one can persuade a user with a better version of a product or service that he/she has already purchased, like moving from primary to premium plans.
Adding more Storage: Another business model used that helps generate revenue is adding more storage and speed. Ning.com helps both users and businesses in terms of cost-efficiency by improving and innovating existing services and plans.
Affiliate sales: Want to know a major growth hacking and revenue solution? Affiliate sales lower marketing costs, effortlessly penetrate new markets, produce viral expansion, and retain your existing customers. This is done by either generating feedback or analyzing the user’s history based on the product/service they enjoy the most.
APIs: are the most innovative and effective way to generate revenue. An API helps to integrate one software with another. For example, suppose you made a product/service that another provider can potentially utilize in the same ecosystem, outweighing the potential cost. You might want to sell it to generate revenue.
Advertising: How can one possibly not utilize advertising to generate revenue. It is one of the most efficient and hands-free ways to earn residual and recurring income and doesn’t cost you any added fee. You need to offer a room for advertising space, and you get your profit when the user clicks on it.
A SaaS-based platform like Ning.com is highly profitable as long as you understand these business models. Think beyond a regular subscription fee, and analyze what your user needs to discover additional revenue streams.
Ready to create your social networking site?
All you needed besides the iScripts SocialWare script is a domain and hosting plan.
iScripts SocialWare is an open-source social networking script that helps to create a social networking website.
Users can create a profile, share newsfeed, search for other people, and control the platform. The software also supports privacy settings, links, photos, and videos.
Benefits of using iScripts SocialWare include generating revenue through social commerce by establishing gift shops, affiliate programs, points systems, ads, and membership fees. You can also enhance your existing business or website by encouraging social interaction among groups.
The user-created content in social networking sites is the greatest asset for the communities. Value creation at the edge is a great way to keep the user communities adding value to the main entity it serves, let it be a business or social organization.
Social Networking Mobile App is our new release for creating online community sites. Among the best open source community software available is iScripts SocialWare. This feature-packed community script helps you design, develop, and host your own social networking website with little time and budget.
If social media marketing has these many advantages, why don’t you build a social networking platform?
This online platform is our new project developed by our dedicated development team.
