These days, just about everyone has (or has had) a social media account on at least one platform. Billions of people use social media every day for staying in touch with family and friends, although social media has come a long way since it was first introduced. Now you can use social media for much more than just communicating, and several people have been successful at monetizing their platforms. Here are three ways that you can make money on social media.
#1: Affiliate Programs
One of the ways many people are able to monetize their social media platforms is through affiliate marketing. There are several small businesses just starting out that are looking for influencers to market their products. Because big-time influencers usually get paid a lot for their marketing efforts and small businesses can’t always pay them accordingly, they look for people who love their products (customers) to market for them instead.
The way it works is that they give their influencers a link to share with their followers, friends, and families and when someone makes a purchase using that link, they earn a small commission. It isn’t much money, but some companies have tier programs that allow you to make more money if you consistently promote and sell their products.
Not all companies will advertise the fact that they’re looking for affiliates or “brand ambassadors” as they are sometimes called. You can reach out to a company via email, or there may be a link on their website for those who wish to sign up for an affiliate program.
#2: Sponsored Posts
Sponsored posts are when a larger company pays you to post about their products on your social media accounts, similar to affiliate programs. The difference is that the company pays you a one-time payment or a payment each time you’ve agreed to post their products. Companies that do this typically reach out to larger social media influencers or those with a substantial following, but it wouldn’t hurt to reach out to them and ask if they could sponsor you.
You can also sponsor your own posts by promoting your content so that it can reach more people. Platforms like Facebook and Instagram allow you to “boost” your posts for a fee (about a few dollars a day) to reach a larger audience as long as you’re using the correct Instagram and Facebook ad specs. This is a good option if you’re selling a product or service because while you’re boosting your post to reach more people, the promoted content can also direct your audience to a link to your website.
#3: Market You Best Skills/Sell Your Products
Everyone has something they’re good at, and almost anything can be monetized on social media. If you’re good at making art, writing poetry or fiction, making music/singing, or you just like filming videos, then there are ways that you can promote yourself and your craft and start getting paid for your talents.
The key is to take advantage of the business tools that each social media platform has to offer that will help you advertise and market your content to the biggest audience suited towards your niche. Instagram is a great platform for marketing since it’s photo-based. You can showcase your work, products, and anything else you’re marketing in a way that will quickly get the attention of buyers.
Also, encourage your followers to like, comment, and share your content to reach more people. This is also a good way to build your following, and a larger following also opens you up to more opportunities that will allow you to make more money.
The key to being successful on social media is to be consistent. Also, pay attention to which platforms work the best for you. For example, you may see more engagement from your audience on Instagram than you do on Twitter. You may also learn that certain types of content (written posts, photos, or videos) may work better than others.