The number of internet users and social media users is on a constant rise. If you are a business owner or just a regular user, then you might want to learn about making money on social media.
According to research, the estimated total social media users worldwide in 2018 was 2.65 billion and expected to grow in 2021 to almost 3.1 billion. As of January 2020, the most popular one worldwide is Facebook, with almost 2.54 billion monthly active users, and followed by YouTube, with approximately 2 billion users. A survey also shows that an average person spends 2 hours and 22 minutes a day on such platforms. However, if you are a social media addict, you are probably spending more time.
Since you are spending so much of your time online, how about you try to monetize and make actual money from it? There are billions of network users and a handful of popular platforms, this can be quite a lucrative source of income if you know how to play the cards right. For example, if you want to earn money on Instagram, and you have about 100,000 followers, you can follow the tips in this article and actually earn $700 to $900 per post.
Why does making money on social media work?
According to Wade Harman, there is a psychology behind making money on social media. In fact, it is a main driving force behind social media traffic, however indirect it may be, by doing the following:
Creating a “human touch”
Giving your business identity is no longer only limited to giving it a brand name and a logo. Research has proven that attaching a persona with a name and a face to represent your company encourages audiences to communicate and engage with you. This engagement proves to be more remarkable and more comfortable for people because of the human presence that triggers a powerful emotional response.
Trust is a fundamental building block in just about any relationship, including business relationships and customer-business relationships. Whenever you reach for a product on a shelf or subscribe to a YouTube channel, you will almost always go for the name that you trust (to have the best quality or make the best content). Audiences are more likely to advocate for a brand that they trust.
So how do you build trust on social media, where people don’t physically come in contact with your business? Consistency plays a vital role in establishing trust. The mere act of repeating what your audience already knows to be true can plant seeds of trust.
With the help of human presence and trust-building, you can form attachments with your audience through relationship building. An influencer may not intimately know each and every one of their million followers, but, if they established trust and formed an attachment, all of those followers will probably feel like old friends towards the influencer.
This level of relationship-building not only creates a supporter out of your audience but an advocate as well.
As you can see, making money on social media is not as quick and as direct all of the time. Sure, you can close a sale easily, but the real money on marketing on these networks is with the art of establishing trust and relationships through human interaction.
1. Making money on social media as an influencer
One of the best ways to earn through an online presence is by becoming an influencer. Influencers are either highly knowledgeable on a specific niche or highly popular, or both. They hold the power to influence their audience or followers to support a brand or product. As a result, companies usually seek out these influencers on social media to promote their products to that audience.
Choose a platform
If you already have thousands of followers on your accounts, then it will be easy for you to start monetizing it. But for the newbies, you can use different platforms that you like. You can create different accounts for different platforms. But you must choose which of these will you prioritize the most for your bread and butter.
According to research, Instagram is the most used social media platform by influencers. Although you could also use other platforms such as Facebook, YouTube, Twitter, etc.
Boost your followers
You need to have thousands of followers to get started. This is probably the most painstaking task because there are no shortcuts in building an organic following online. For example, you want to build your brand on Instagram. To help you with your branding, you can do these following tips:
- Use hashtags on your captions such as trending hashtags.
- Generate engagement by using descriptive captions. The longer, the better.
- Create unique visual content.
- Interact with local or micro-influencers.
- Take advantage of the IGTV.
- Post regularly on Instagram stories.
- Use Instagram Stories Highlights to introduce your brand.
- Post more videos on your feed.
- Use other marketing channels of platforms to promote your Instagram.
Join influencer marketing platforms
These platforms help connect different brands with influencers. Below are some of the top influencer marketing platforms in the US.
- Tagger Media
Brands will choose influencers to promote their marketing products based on the number of followers the influencers have and their specialties (example: fashion, beauty, sports, etc.) depending on the business’s niche and desired audience.
Invest on engagement
Your engagement rate as an influencer is one of the top things potential sponsors look for, so investing in it makes good sense. You can do this by learning and practicing writing captions that stimulate engagement so that you get more likes, comments, shares, tags, and views.
If you’re still learning the ropes on copywriting for captions, you can start by actively responding to your followers. If you have several thousands of followers, this may take time, but you should set aside time and effort in responding to them. Drop a quick “thank you”, or at least like their comment if you’re short on time. The goal is to make them feel seen and appreciated so that they feel motivated to engage with your page some more.
Responding to your followers makes your account more “human” and therefore establishes more trust to be able to build a good relationship with them. This, in turn, makes you a good brand ambassador since you are trusted and liked as you are on your own page.
Promoting brands or products
One of the most common ways to make money using your account is by promoting brands and products through sponsored posts to a targeted audience. The reason why brands choose an influencer is that they have a high engagement rate. Therefore, if your platform is Instagram, then you must know how to make excellent posts how to write captions that drive engagement for the business.
Settle on a niche
At the start of your journey on being an influencer, you might be tempted to grab any and every sponsorship deal out there. However, you will want to have some semblance of cohesiveness whenever your audience views your account. This will also influence how potential brands and sponsors look at you as a promoter. Are your posts streamlined and follow a certain theme? Or are you just a mumbo-jumbo marketplace of anything and everything?
How much do influencers earn?
The amount of earnings an influencer can make on social media depends on a variety of factors, mainly their number of followers and views. Big-time celebrities on social media can rake in as much as a million dollars per post. This is largely due to their pre-existing popularity.
However, if you’re just starting out, you don’t really need much to start earning. Social Salaries, an income calculator for influencers, you need not a million followers to earn a decent income online.
According to the Bureau of Labor Statistics, the average American earns about $54,000 annually.
On YouTube, you only need at least 1,000 followers and about 13 million views per year to earn the average American wage. On Instagram, you only need 5,000 followers and 166 sponsored posts; and on TikTok, you will need 10,000 followers and about 146 million views to earn the average American wage.
There are also other ways you can use social media to make money aside from being an influencer. You should do the following:
2. Making money on social media through affiliate marketing
Affiliate marketing is quite similar to promoting a brand. But this time, you want your followers to click on a link to direct them to the vendor’s website and make a purchase. As a commission, you will get paid each time you lead someone to the vendor’s website and transform that action to sales. In short, you are selling someone else’s products.
Becoming an affiliate marketer is so easy that you can start right away and generate revenue. Plus, the businesses are willing to pay commissions each time you successfully promote their product or service.
3. Selling and promoting your own products or services
One way to make money from online networks is by promoting products and services. If you have products of your own, why not boost your sales with the help of good ol’ Facebook or Instagram?
Social media has a huge contribution to the success of most businesses. It is inexpensive, reaches a broad audience, and allows direct contact with target customers. There are different ways on how you can promote products and services effectively. Here are some tips.
- Join online communities to promote products.
- Run promotion codes and deals.
- Provide social proof.
- Run a contest.
Using promotions will not only increase sales; it will also increase brand awareness and increase customer traffic.
4. Become a social media manager
According to Glassdoor, the average salary of a social media manager is $50,473 a year. This occupation’s role is to monitor and execute the online presence of a business or individual in online networks to a potential audience. They create marketing campaigns and brand promotions across different platforms for a specific business. Also, a part of their task is to monitor the analytics, respond to customer messages and comments, and produce fresh and engaging content to be posted online.
If you want to learn more about how to use social media to make money, then enrolling in online courses like “Ways To Make Money Online: Using The Power Of Social Media!” and “Monetize Your Instagram” will help you with their easy-to-understand step-by-step guides.
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