Did you know you could actually make a living by being on social media? Yes, making money on social media is a real thing!
And if you think that only accounts with a huge following can succeed at social media monetization, findings reveal that micro-influencers (those who have between 10,000 and 100,000 followers) are dominating the scene.
In fact, research suggests that images posted by micro-influencers gain 20% ROI, which is 7% more than macro-influencers.
Also, as social shopping continues to grow, influencer marketing and posts on sponsored products are proving to be lucrative ways of making money.
The best thing about monetizing social media? There’s no one way to do it. You can get as creative as you like and experiment with various strategies. Then, stick to what works best for you.
The brave new world of social media monetization can be extremely enticing for people with a flair for using these platforms. And why not? It’s a great way to make money while doing what you enjoy.
If you’re planning to take the leap, you’re probably haunted by questions like “How to make money on social media?” and “Which social media platform pays the most?” Let’s get you some answers.
10 Proven Ways of Making Money on Social Media
1) Define Your Niche
First thing’s first‑determine and define your niche. You’ll need to answer questions like: what will your social media platform be about? What kind of content will you create for it? What problems are you going to help solve and how?
Most social media accounts fail to make the cut because they publish random information that isn’t targeted towards a specific audience. So, if you’re interested in making money on social media, you’ll have to focus on a specific area of expertise.
Every piece of content you create thereafter must be tailored to suit the niche you’ve chosen. For instance, if you love computers, create an account that provides factual information and real reviews on the latest models and where to buy them.
Be consistent and over time, your account will become a reliable source of information on computers. It will also earn you a legion of followers who are interested in knowing about computers.
2) Consider Influencer Marketing
Another great way of making money on social media is to become a social media influencer. This way, you’ll get paid to post content about other people’s brands and offers.
Think of it this way, you’re going to post something on your social media anyway. Why not make money out of it?
Consider programs on YouTube that compensate influencers according to the views on their content. Here, social media monetization could be in the form of money or a free product or even a commission on sales that materialized through your content.
You can approach brands directly for relevant partnerships or let them reach out to you. A highly-engaged social network can make you a lot of money either way.
3) Try Social Media Affiliate Marketing
Thanks to online shopping, people can buy almost anything with just a click of a button. The unstoppable rise of e-commerce has resulted in the emergence of affiliate marketing. It involves routing potential clients to an online seller (or affiliate) and receiving a commission each time someone routed by you purchases something on the affiliate website.
To become an affiliate marketer, you’ll need to enroll in an affiliate program. The Amazon Associates Program, for instance, is a good place to start. It will allow you to create impactful content about the various products and services available on the affiliate website. You will also be able to provide your followers with links to these items, making the buying experience more convenient.
Upon clicking the links, your followers will be redirected to the affiliate website from your social media account. Once they make a purchase, you will be paid a commission.
4) Tap into Your Own Products
You can also sell your own products on social media. Items can include electronic gadgets, fashion products and accessories, e-books, and so on.
Take visually-appealing photos/videos of your products and post them on your account. For example, if you hand-make earthenware, take stunning pictures of your creations and post them. Similarly, if you create specialized online courses in finance, you could make a sample video on a topic like “What is financial accounting” and pitch it accordingly.
Make sure to add the necessary product details and mention how customers can touch base with you to buy them. Et voila! Be prepared for some serious social media monetization.
5) Create Sponsored Content
If you’ve been working as an online content creator for a while and boast a highly engaged follower base, you must give this a serious thought. Creating content for sponsored products and services is an easy way to monetize social media.
Basically, a brand (sponsor) will pay you to put together posts that promote their offerings. However, here’s what you need to know: the structure of the post will be determined by the sponsor. Of course, you’ll decide whether or not you want to publish it. However, it is important that both parties agree on the structure, format, compensation, and so on before taking that step.
6) Partner with Brands
Unlike doing a one-off sponsored post, partnering with a brand involves more income as it is a long-term commitment. You’ll need to do it in a way that keeps augmenting the value you’re providing your audience without irritating them.
When seeking partnerships to monetize your social media, go for brands that align with your target audience’s pain points and needs, as well as your values. Any mismatch here could result in a glitch in the matrix.
The YouTube Partner Program can be helpful here. It will allow you to see your target audience’s most preferred brands, so you can explore opportunities accordingly.
7) Use AI Chatbots for Social Media Monetization
It’s only natural that an increasing number of people want their online interactions with brands to stay private. They also like receiving instant answers to their basic queries. Enter AI-powered chatbots that not only keep your followers engaged, but can also upsell.
Chatbots can be programmed to gather your followers’ information during initial interactions. Based on the gathered data, they can nudge your followers to complete a quiz for a limited-period discount or subscribe to your newsletter.
They can also be used to present buyers with suggestions for other higher-priced products or items that complement the ones they’ve been browsing or have already brought.
8) Host an Event
Hosting events or workshops is a great way to make money on social media. While setting them up and promoting them can take a lot of effort, they can be recorded and used in various ways later on. You could edit them and turn them into a series of social media posts, for instance. Or you could turn the entire video into an online course and sell it.
The various types of events you can create and/or host include:
– A one-on-one workshop or educational course
– A conference, webinar, or live presentation
– A convention in partnership with other brands
– A networking event
– A fundraiser
9) Answer FAQs
While every business website or landing page has a dedicated FAQ section on it, you can replicate this on your social media platform as well.
Don’t limit yourself to the tried-and-tested. Get creative by giving your information through a video. Invite questions and answer them one at a time, and go into more detail with every subsequent session. Turn it into a series!
This can be helpful in increasing engagement because it will allow your followers to see the face behind the brand—up, close, and personal.
It will also convey that you want to deeply connect with your followers and are ready to provide them with more details. This can go a long way in monetizing your social media by converting customers who are on the fence.
10) Flaunt Your Testimonials
If you want to succeed at social media monetization, you’ll need to connect better with your followers and inspire trust in them. This can be done with the help of customer testimonials. They can serve as solid social proof that you have a track record of delivering on your promises.
To make this work, start asking your loyal and satisfied customers for feedback, reviews, or testimonials after they purchase from you. Make it easy for them by providing links to the page where they can simply type and submit their feedback. Offer them a discount or a coupon as an incentive.
Once that’s sorted, share the testimonials on your social media with screenshots, images, video content, and the like. Rest assured, all of this effort won’t be in vain.
Final Thoughts
As you can see, social media platforms can be used for more than just posting selfies and vacation pictures. Social media monetization is an actual thing now, which means you can use your favorite platforms to generate a source of income.
However, monetizing social media involves creating quality content. With a little effort and strategy, you will not only be able to connect with your customers, but also keep them engaged.
An AI-powered platform like Podcastle can be a strong ally in helping you achieve your social media monetization goals. Let it simplify your audio and video creation through AI video upscaling, background noise removing, or instant background blurring, so you can focus on enhancing your creativity.
About the Author: Virginia Andrus
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Virginia Andrus is an independent Digital Marketing Consultant with 6+ years of marketing experience. Virginia is a chef by heart. In her free time, she is either writing marketing copies for brands and agencies or experimenting with new recipes at her home. |
