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The Social Millionaire Wants To Be Your Friend

written by Michael Kwan on March 14, 2008

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The Million Dollar Webpage. The Million Dollar Wiki. The Million Dollar Pile of Mud. It seems like everyone on the Internet is trying to break into seven figures these days and they’re trying to get as creative as possible with ways to achieve that magical number. One of the latest efforts on this front is The Social Millionaire, a site that tries combine the appeal of social networks with the goal of raising one million dollars. They asked for a review, so here it is.

The Road to Riches

So, what is the idea behind the Social Millionaire? According to the about page, it is the website of a young entrepreneur named Pat Hankinson. He is just 19 years old, but he’s already working hard to achieve true dot com mogul status. The goal of the Social Millionaire is to accumulate one million dollars from social networks.

In a nutshell, advertisers are given the opportunity to buy keywords with a minimum bid of $1. Unlike other similar websites, multiple people can own the same keyword on the Social Millionaire. The person who paid the higher amount will show up higher in the list; in the event that they bid the same amount, the person who paid sooner gets listed higher.

The Connection to Social Networks

Based on this rather simple business model, it doesn’t seem like the Social Millionaire is doing anything, well, social. It’s just another paid directory of sorts where people pay to get their websites listed under a keyword of their choosing. Well, the key difference is that Pat Hankinson is actively involved in a number of social networks and he will be actively promoting his efforts on these social networks.

Here are some of the sites where Pat spends his time:

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Pat is using all of his profiles on all of these social networks to promote the Social Millionaire and by doing so, he hopes to bring in new and repeat visitors. He plans on doing this for the life of the site, which he plans to keep live until March 2013 “at minimum.” The blog will also be continually updated during this time.

Buying Keywords

By clicking on the link near the top of the page, you are able to buy keywords. This is slightly deceiving, because you can also buy keyword phrases, seemingly of unlimited length. From a single transaction, you are able to buy up to ten keywords, setting your own price. The only other piece of information you’ll need to provide is an email address.

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Upon submitting this form, you are redirected to PayPal where you will complete the purchase. When the payment is confirmed, you are then directed to another page where you specify the details for each keyword (or keyword phrase) that you purchased.

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The entire process of buying keywords, from beginning to end, took less than five minutes. It was all very intuitive and easy to do.

What Keywords Did I Buy?

John told me to buy a couple of keywords (or keyword phrases) so that I would know first hand what it would be like to move the Social Millionaire a little closer to his goal. Although it is set up like a tag cloud, the relative size of the font is not indicative of the links within. This seems a little unfair, because bigger words will necessarily attract more attention. Anyways, can you guess which two keywords I bought?

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I’ll give you a hint. One is more related to what John Chow does, whereas the other is a little more relevant to what I do.

Social Millionaire or Just Social?

Considering that most people are only going to buy keywords a dollar at a time, Pat Hankinson might take a long while before he can truly call himself the Social Millionaire. At the time this review was written, Pat has racked up just $213.61. Looking at the widget in the top-right of the website is just depressing, because it shows that he still has another $999,786.39 to go. Ouch!

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!

CLICK HERE TO BUY KEYWORDS FROM THE SOCIAL MILLIONAIRE

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