20 May How To Monetize Your Social Media Following
It can’t be said any other way: social media is big business!
Now is the time to monetize your following if you haven’t already. With the right strategy, you can profit from social media while also engaging with your audience and having a ball
Here’s a few ways you can monetize your social media following;
1. Create an online course
If you have a large social media following and something unique to teach, an online course is a perfect way to bring them both together. Selling online courses is a great way to monetize your social media audience while also providing value to them.
Social media groups are also a good platform for live training, support, and networking because they provide private, member-only access. An online course is one of the best ways to monetize your social media following, whether you consider yourself a teacher, trainer, or consultant.
2. Work as a social media influencer for a fee
With influencer marketing budgets on the rise, now is the perfect time to ramp up your efforts.
There are two ways to start as an influencer as your following grows:
- While you wait for brands to contact you, keep posting high-quality content and engaging with your audience.
- Actively seek out brands in your industry (especially those with a history of using influencers to spread the word)
Some companies will compensate you for promoting their products to your audience. Others will provide you with free merchandise in exchange for your services. Some may also provide experience-based compensation, such as free hotel accommodations, depending on the brand.
There is an opportunity to become an influencer and monetize your following regardless of your niche.
3. Posts that have been sponsored
Sponsored posts are a no-brainer if you’ve established yourself as an influencer.
It’s exactly what it says on the pack: a sponsored post. A company will pay you to create a certain type of post, such as a product announcement.
4. Make use of social media to promote your website
You can use social media posts to drive traffic to your website rather than selling directly from your social media platform.
This is especially useful if you require a more robust platform to share all of the details of your services. Consider high-ticket items or complicated deals.
If you’re selling a six-week coaching program or a three-day virtual event, for example, expect a lot of questions from your prospects. Conversions will not be driven by a simple Facebook ad.
The goal is to entice your social media followers to stop scrolling and visit your website for more information.
5. Provide a service that is related to your niche
This is a simple way to profit from social media. Rather than directly monetizing Instagram or Facebook, you use your favorite social media platform to indirectly drive sales.
This strategy involves posting on social media on a daily or weekly basis. Make a pitch for your service. Share news, tips, and ideas. Engage your followers and strike up a conversation with them.
Because prospects see the types of projects you work on and hear you talk about them, you’ll be the first person they think of when a need arises. The best part is that they can immediately DM you to inquire about your services.
If you’re a graphic designer, for example, monetizing your Instagram makes sense. Share photos and videos of your work along with a caption that explains what you’re up to.
Include it on your website so that people can learn more about what you offer.
Charleson Tip: Keep an close eye on the amount of traffic your website receives from social media. This allows you to track conversions and pinpoint the sites where your fans are most active.
6. Create a product that you can sell
This isn’t an option for every influencer, but it’s something to think about if you’ve already monetized your audience through sponsored posts and affiliate offers (more on that in a minute).
Building your own product costs money up front, but it will significantly increase your influence and profits.
The key is to consider your audience’s wants and needs. You probably know them better than anyone else. If you notice a need that isn’t being met elsewhere, you’re in a great position to fill it.
A health and fitness influencer, for example, could launch their own line of protein powder, energy drinks, or even clothing.
7. Affiliate marketing
You don’t actually need your own product to make money off social media, as appealing as it may sound.
Affiliate marketing allows you to monetize your audience by selling someone else’s product and earning a commission when someone purchases through your link.
Affiliate marketing is a rapidly expanding field into which you can easily enter.
To achieve affiliate success, concentrate on the following three factors:
- Identify trustworthy reputable affiliate partners.
- Look for products and/or services that are relevant to your audience.
- When presenting affiliate links to your audience, don’t be overbearing.
Charleson Tip: To make money, you don’t have to directly share affiliate links on your social media profiles. Drive traffic to your website using social platforms, where you can display affiliate links to visitors.
8. Set up social media shops to sell your physical merchandise
Do you offer physical goods for sale? By selling products through a social media shop, you can directly monetize your Instagram or Facebook account.
This eliminates the need for customers to visit your website. As a result, it’s the most straightforward way to sell physical goods on social media.
9. Make money by selling leads to other businesses
Selling leads is a lesser-known but highly effective way to monetize your audience.
Any person who is interested in what you’re selling is referred to as a lead. You may have a large following with very specific interests as a social media influencer.
You simply need to set up a system for collecting leads and then selling them to other businesses. A health or fitness influencer, for example, could sell leads to gyms, apparel companies, nutrition companies, and other businesses. Personal care and beauty brands could sell leads to a fashion influencer.
With so many options for monetizing your audience, it’s time to develop a strategy that fits your skillset and target market. The opportunity to profit from social is right in front of you. It’s time to turn your dream into a reality.
Still stuck on how to monetize your social media? Don’t worry, we gotchu. Contact us for a free consultation.