Can ShoeMoney and John Chow be wrong about the Million Dollar Wiki?
moneyrelations :: Sep.12.2007
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Yesterday, I checked my comments to find a pingback from Pingblogs who had aggregated the buzz generated amongst the blogging community for the Million Dollar Wiki. For new readers, I had blogged about my reasons for buying the Stock Picks page at MDW. You will also note that I have a fascination with entrepreneurs and people who think outside the box. I bought the page specifically because I wanted to learn about monetizing strategies and experience the effects of viral marketing. A case in point: when John Chow blogged about the Million Dollar Wiki and his Make Money Online page, it resulted in the purchase of 70 pages for Graham Langdon, MDW’s site owner. When ShoeMoney said he bought Free Ringtones, it generated another rush of 150 pages being bought in one day! At $100 per page that’s 15k! Can these two big name bloggers be wrong about the Million Dollar Wiki? I don’t think so. They will make their money back and more as these bloggers have the vehicle to drive visitors to their pages for whatever they are selling. Now, what about the rest of us? John Chow is an affiliate of MDW so you can bet he will continue to promote it. That’s a bonus for other page owners hoping to get a spill over effect.
The next question, of course, is have I received any benefits in the increase of traffic? Well, I have enough honesty to say no. I’ve only made $1.10 but I’m also very inexperienced. However, by buying the page and having a stake, I have learned a lot which is invaluable to self-progression. I have learned that just like WhateverLife.com for MySpace, the trick is to tap into the community itself. Why do people want to buy a MDW page? To make money. Guess what gets hit? Making Money Online and all the other keyword variants. You can check their progress in the Money page. How do you design a web page? Get the design guy to do it for you. How do you market your page? Well, what do you know… there’s a marketing guy too! And let’s talk about the whole thing in the MDW Forum. Graham said it himself in the MDW FAQ:
The Million Dollar Wiki is a micro-economy of pages filled with informative, entertaining and resourceful content.
The keyword is micro-economy.
I still intend to provide better content on my Stock Picks page as it forces me to learn about investing and it can serve as a tool to cross-promote my blog. It’s still a very good keyphrase. However, now that I know more, I might purchase a “fun” word or a word that will service the wiki community itself. Therefore, in the short term, I believe you can make money from the hype. Afterall, if all goes according to plan, you have 10,000 built-in customers. As for the long term plan, that’s up to you and how you evolve your page.
If you want to buy a page, there’s still time to enter John Chow’s contest that by ends by this month. Details below.
John Chow dot Com is holding another evil blog contest. He’s giving away a 24? wide screen LCD monitor and a signed copy of the best selling book, The 4-Hour Workweek! Find out how to enter here. The contest is being sponsored by The Million Dollar Wiki. Use coupon code JohnChow to save $10 on a page.
Making money online ::
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Hey, I just started reading your blog. I find it very amusing! I was hesitant but I might buy a page now to route to my start up business.
Hmm. Amusing, eh? I hope that’s a compliment!
Regarding the page, what type of business are you in? I would just caution that I just view this as a scientific experiment for my own *ahem* amusement. My goal is soley to participate and try to make my money back. It’s kind of like a gym membership. I only get moving when I pony up the cash.
If you have a business that targets the wiki community, I’m pretty confident you can make your money back pretty easily and more importantly, get a client base beyond the duration of the site. The site lasts 15 years but for all intents and purposes, technology will change and people will be on the next big thing. Realistically, I give this site a shelf life of 5 years max so keep that in mind. You might want the page just for networking purposes.
I also caution that you will still have to do work to guide traffic to your specific page. There’s buzz around the wiki, the question is if you can convert.
I bought a page too. So far I haven’t made anything as I think only curious people are viewing it. You can read about it on my blog.
Hi DJN. Great domain name
I was a reader of your blog before MDW. I like your posts about ebay niches. I never knew that about ping golf balls! Anyway, good luck on your page!
Interesting. I recently started a website ’sort of’ like if you smashed the MDW, squidoo, and directories smashed into one site, and I donate 50% to the nonprofit Kiva. I am still looking for honest feedback, so if you could shoot me an email at collin [@] wordhugger.com, I would greatly appreciate it.