WSJ is launching a new social networking site targeted towards business executives. This will essentially be like Facebook but less fun. Unlike business social networking site LinkedIn which is free, this site will only be accessible to WSJ paying subscribers.
The new Journal Community is coming Tuesday as part of the site’s first major revision since 2002. There, paying subscribers create personal profile pages with their real names, job details, interests and photo, much as users can at Facebook and the professional-networking site LinkedIn.
Community members will be able to comment on individual stories, create discussion groups on specific topics and ask one another for advice on such topics as starting small businesses or finding a place to take clients during a business trip, say, in Prague.
The Journal’s online audience has been growing fast, and nonpaying visitors make up the lion’s share. WSJ.com has 4.7 million visitors in July, nearly twice July 2007’s total of 2.4 million, according to comScore Inc. Only about 5 per cent of the site’s users are paying subscribers, the Journal said.
Starting a social networking site today is very difficult, but with a decent sized subscriber base in place, they may have a shot. WSJ is banking on their sophisticated member base to distinguish themselves from other sites. Furthermore, they want to ensure the high quality of conversations and discussions.
WSJ.com hopes to increase the quality of discussions by insisting that users post over their real names — as verified against billing and subscription information. Other social networks that ask for real names don’t have good ways to verify them, and news sites that allow pseudonyms have found discussions often degenerate into vicious personal attacks.
I suspect that many potential members of the WSJ site are already on LinkedIn. Thus, it will be necessary for WSJ to create an experience that members can’t find elsewhere. I think that WSJ is on the right track by creating a community where there is less noise and using the wight of a global media brand.
WSJ would be wise to develop or add features that will allow the organic growth of different tribes within its subscriber base.
