There are tons of different platforms that qualify as social media.
The advantages of social media is that you don’t have to really build a website to have a presence on there. Building a website can be really challenging for the layman, and then there’s the marketing of your website and making sure people can find you through meticulous scrutiny over Search Engine Optimization or SEO. Though, generally, websites are far more powerful than social media is.
That’s not to say that you absolutely can’t generate a good following on social media; but it’s just… that’s all it’s going to be. A following. Social media doesn’t translate very well into cash flow per-say. But it also depends on the social media.
YouTube allows you to capitalize on your following by getting commission of the ad-revenue that your videos generate. So if you can build an audience of bajillions of people watching you, it could be that you could be doing great on YouTube. There’s also a ton of different alternatives to YouTube that are more niche.
Reddit … is reddit. You can collect upvotes and stuff; but usually if you’re monetizing off of reddit, you’re going to be pointing to outside purchasing points on other websites like eBay, or Amazon.
Facebook and Twitter serve primarily the same function. Though Twitter’s been used in some crafty ways by people with massive followings. For instance, 50 cent once bought a ton of stock, then tweeted about it to his kajilloin followers, and the price of the stock went through the roof. Crazy huh? Facebook, by comparison, is more business-friendly; you can make a business-page on facebook and stay connected with your audience on that if you’d like.
Then there’s linkedin– which is great if you’re looking to network and you have a particular skill. It’s … kind of like if everyone in the world went around with their resume stapled to their forehead.
And also tumblr. Tumblr’s a blog network. You should know all about blogs by now, so if you know blogs; you also know tumblr.
So keep social media in mind when you’re deciding what’s right for you and your business or skills. It’s a great way to reach out and connect to your customers.