Smallplanet.net, a newcomer to the social networking scene online, hopes to make money by letting marketers promote their products and services to its young, professional members. In a ClickZ column today, Janis Mara explains the CEO's strategy, and how it differs from other online social networking sites.

For the most part, many networking sites like Friendster and Myspace.com sell advertising space to help boost profits. L.A.-based SmallPlanet.net plans to profit by letting marketers offer Smallplanet members discounts on goods and services, according to CEO Hunter Heaney. The invitation-only site will encourage members to vote on the products and services they need, and the company will then seek marketers wishing to reach its 18- to 35-year-old demographic.