4 Tips on How to Monetize Social Media
TechsPlace | Kayla Itsines, Daniel Middleton, Felix Kjellberg, Evan Fong, Mark Fischbach, LoganPaul; does any name here click? If you are like most folks, they probably don’t but if you are a social media enthusiast or a brand with a large social media following, they should. These are among the highest paid social media stars raking in millions of dollars every year from their accounts. Social media is the new frontier in revenue generation for individuals and brands. If you have always wondered how you can make money from your social media networks, it is time to do homework and find out how others are going about it.
This article explores a few strategies you can use to monetize social media and start earning money from your following. Keep reading.
One of the fastest growing online industries is e-learning and for a good reason. Everyone wants to learn new skills fasts from new marketing techniques, photography to video production. According to recent reports, e-learning is set to reach $325 billion globally by 2025 and you need to create a strategy to get a piece of the pie.
If you have built a social media following over some time, it is time to start earning money by creating an online course. To do this, you must have a unique skill which people would want to acquire. For instance, if you are good at making videos, you can start an online production course for individuals and brands. The idea is to make the course fun and interactive.
Now, that you already have a social media following, start by offering free lessons to members and create a premium package for more advanced techniques. Offer value in your lessons to attract more attention from followers and within no time, you will become the go-to place for specific skills. An online training program is not easy to set up but if you put your mind to it, this is the best way to monetize social media.
- Sell Products on Social Media
More people are buying online and before they make any purchases, they do some research on social media and other online platforms. Selling on social media is a great idea to make money both for brands and individuals though it is not the easiest.
For a start, you need to have a great product or service which adds value to the life of your followers. Selling on social media is more intricate than selling on other online platforms because people come here to have fun and you must find a perfect balance between engaging your followers and promoting your brand. It is easy to lose your followers if you turn your social media platform into a promotional page and this call for smart marketing techniques.
To sell on social media, you need to create memorable and interesting content, create enough engagement and always use entraining calls to action (CTA) for every post. Don’t sound desperate to sell because this will chase away your audience. You have to make use of both organic and paid traffic on Facebook, Instagram, YouTube, and Pinterest. Make sure you research your audience, understand your competition, keep your followers engaged to the brand and provide instant feedback on your products and services.
- Video Marketing
According to a recent report, 80% of all internet traffic will be video by 2019 and if you want to monetize your social media networks, it is time to leverage video content. You can now make money on YouTube and Facebook by attracting the right amount of traffic and the best way to do this is by creating interesting videos for your followers.
You can also make money as an influencer or in affiliate programs by leveraging video content. Ad revenues, affiliate marketing, and influencer promotions are great ways to start making money from your social media accounts so go for it.
- Lead Generation
Social media is a useful tool for brands seeking to grow their revenues. It is a powerful lead generation tool which most businesses are not utilizing fully. You can turn social media followers into customers through discount offers, valuable content with CTAs, free eBooks, surveys, webinars, paid ads, contests, free product samples and much more. More leads translate to better conversion which is the dream of every marketer.
If you have an assignment on social media and have just typed “tips to get my homework done,” you can use these ideas for your research. It is also possible to find more ideas on monetizing social media.