A Guide to Monetizing Your Social Media Following
By TOI Staff March 23, 2023 Update on : March 23, 2023
Social media has grown to become much more than just a tool for people to connect and share ideas and photos – under the right circumstances, it can actually be a stable source of income.
With 4.2 billion people active on at least one social media platform, it’s easy to see why brands and businesses are big on using this as a driver of their marketing efforts.
Platforms like Facebook, Instagram, and Twitter provide opportunities for businesses to reach millions of customers – both new and potential. However, for them to do that, they would most likely need to partner with people who have also built strong followings in that field. This is where you could come in, and where you could earn a living.
If you’re an active social media user with at least a few hundred followers, you can actually leverage this to earn money from your social media activities. Below, we’ll look at some of the strategies that could help you:
Become an Influencer
Even if you’re a bit new to the social media landscape, you must have heard of the word “influencer.” These are pretty much people who have built a large following and who have been able to capture a specific segment of the market.
Say, for instance, you may be looking to dive into Bitcoin gambling, as the industry continues to boom and become more accessible. As a beginner, you need someone to show you the ropes and explain how things are done. If you’re active on social media, one of the best ways to do this will be to follow accounts that you know are big in the Bitcoin gambling space. They can share content that can help you to earn money and optimize your profitability chances, and you can also leverage their network to find other people and learn from them.
Influencers are the lifeblood of social media marketing. And if you already have a considerable following, you could become one – and leverage your followers to earn.
To become an influencer, here are a few things you want to keep in mind:
- Focus on the numbers. At the end of the day, this is what matters the most
- Build a community of engaged followers. The more organic, the better for you
- It’s also recommended that you focus on a niche. It could be something as simple as yoga. Create content that targets your audience, and watch them grow
- Actively reach out to brands in your niche. This gives you social proof as an influencer and will help you to earn more
Make Sponsored Posts
If you’ve established yourself as a social media influencer, then one of the easiest ways to make money is via sponsored posts.
With sponsored posts, you barely have to do any work. A brand pays you money to create a particular type of post – whether a product announcement, a promo, etc. You collaborate with them on the messaging and the post’s production, and you can both decide on when to publish.
Most people looking to earn from social media tend to build products or services. However, thanks to affiliate marketing, you don’t have to.
With affiliate marketing, you sell someone else’s product or service to your followers. Whenever someone makes a purchase through your affiliate link or promo code, you earn a commission. As expected, the more sales are made through you, the more you earn.
Affiliate marketing is especially easier for people with large numbers of followers. You already have a community, so all you have to do is sell. Some keys to success with affiliate marketing include:
- Find products or services that your followers would want to buy
- Don’t push your audience to make a purchase. Let it happen organically
- Partner with only reputable companies. If a product or service that you promote ends up being a scam, you could damage your reputation in the long run.
Sell Leads to Companies
One of the biggest hidden gems of social media monetization is lead selling.
Basically, a lead is someone who might be interested in purchasing a service or product. As a social media influencer, you already have people who are interested in a specific niche – adventure and travel, food, technology, etc. So, you could set up a system for collecting their information and selling it to companies in your niche that will now target them with their products or services.
For instance, an influencer in the fitness space could sell leads to clothing companies, gyms, nutrition brands, etc. A beauty influencer can also sell leads to cosmetic companies, skincare brands, and more.
You should note that it might take a while to make money selling leads. But, once you find a company that’s willing to pay a fair rate for your data, you should be fine. Also, remember to let your followers know what you’d be using their data for. This way, you don’t end up violating their privacy in the long run.
There are a number of different methods that are available nowadays to monetize your social media following. Each of these strategies can provide a variety of different results, but each can be effective, too.