You can’t read a blog, a newspaper, or graffiti on the subway wall these days without seeing something about Twitter. The microblogging service has taken over the public consciousness in a way only technology can – there is a certain inevitability to the way people talk about Twitter now. Major social networks have adapted their own offerings to include “status updates” and micro-sharing capabilities. The “gold rush” is on, and with it come the charlatans who claim to know exactly how to make millions on Twitter.

Here’s the one thing to remember from this article: the owners of Twitter do not have a business model. There are ways to make money, but they haven’t picked one yet. Although Twitter (or something like it is here to stay, no one has cracked the code on how it can pay for itself. It seems ridiculous to think that any of the snake oil salesmen know any better. Even worse, these systems only fuel the proliferation of Twitter spammers. Put away your wallet – you are not going to make money from these jokers.

It’s not all doom and gloom, however; gradually, a model is emerging that looks a lot more like a traditional advertising model. From an advertiser’s perspective, Twitter is just another “media buy,” and Twitter users are channels within that media. This may be boring, and it may be old school, but it offers a road toward best practices in Twitter marketing. You don’t need to pay me anything to get my secret: I think the best idea for making money on Twitter is niche tweeting.

Niche blogging (sometimes called “Bum Marketing,” after Travis Sago’s claim that he could teach a homeless person how to do it) involves writing keyword-rich content on blogs and article services so that people searching for information on those keyword topics will find the article, learn something, and (hopefully) make a purchasing decision that benefits the author. They may click on an affiliate link, they may see an ad on the blog that points them toward a store. The route is not as important as attracting attention and providing quality content.

Let me say that again: the key to success is attention and quality content. That’s all you need – and in fact one of the great advantages of article marketing is that you don’t have to spend a mint to get started. You just have to care about what you’re writing about, use keyword phrases liberally, and stay focused on writing lots and lots of blog posts and articles.

The same approach can work on Twitter. Rather than a blog, you have a tweetstream, but in both cases the content is focused on a particular topic or cluster of related topics. For that reason, Twitter can compliment an existing blog marketing effort. But it can also stand alone. There are many services that allow companies to market their products on Twitter. Magpie, Tweetbucks, Adjix and Sponsored Tweets all give Twitter Users a way to make some money by “renting ad space” within their timeline. A Twitter account that’s committed to providing quality information can also find affiliate partners that make sense for a given niche and let their followers know that they trust and like those products. Just remember: you need attention and quality for those ads and affiliate links to make you any money.

Another good use of Twitter is as a rapid prototyping tool for potential blog ideas. Don’t have a blog about web hosting? No problem – start a Twitter account first and test the waters. See what kind of play you get, how many people follow you, where their interests lie. The great thing is that, if you do go ahead with a blog, you have a built-in audience in your Twitter following. You’ve proven that you’re a quality source of information, and so you’ve earned the attention that the blog receives.

This is not rocket science, and neither is my last tip: be sure to make use of the many free tools for niche tweeters early and often. There are all kinds of ways to find followers, automate your tweets, and build an audience that don’t involve being lame. Research the tools that work for you and stick to them. Many of them are “freemium” tools, so if you become a Twitter mogul, upgrade away. In the meantime, you can do just fine with free tools.

Good luck, and happy niche tweeting!