How to make money on Social media platform
How to Use Social Media Platform to Make Money
More than four out of every five people using the Internet use social media, in one form or the other. The channel has evolved considerably from only serving as a means of connecting and communicating with people. In fact, it now takes the connectedness and communication to a whole new level, and utilizes these elements to encourage commerce.
You too can leverage the power of social media to make money out of it in ways you never imagined before. If you have what it takes to win sustained attention from a massive number of social media users, there are virtually no limits to how much you can make from it.
Let’s look at what thousands of successful social media entrepreneurs around the world are doing to earn a handsome living.
Reach out to millions of people to sell your products
If you have a fantastic product to sell, social media expands your avenues to virtually the entire world. Many shop owners have multiplied their incomes by stretching their brick and mortar stores into Facebook stores. Besides having a regularly updated inventory, writing enticing product descriptions, tweeting about things you sell, and posting extensively on the most relevant platforms about your brand can make you more money than you could with a local store alone.
Especially in the context of current consumer sentiments of liking locally made ethnic stuff, you can appeal to the entire world if your product falls into this category.
Use tools like SproutSocial and Hootsuite to automate your posts on social media, and to get useful analytic insights on best times and days of the week to post.
Use paid advertising to your advantage
Paid ads tremendously increase the inflow of traffic to your social media page and website. They work well for selling products as well as content and services. Design a catchy ad, or get a professional to design it for you, and it will give you a quick return on investment.
Do sponsored posts
If you have an enviable following on channels like Facebook and Twitter, brands will be ready to pay you a good sum of money to tweet or post about their products in your distinctive posting style. For sponsored posts, you earn a fixed amount per post and not a percentage of sales you generate. You do need to work on making these posts creative and fun for your followers.
Sponsored posts, however, ought to be interspersed with other non-sponsored, informative/entertaining content you’d usually post. If you get carried away with the money-making prospects of doing too many advertising posts, you risk losing the influence your word has on your followers.
Do remember that you need to specify that particular post to be containing sponsored content. A nice way to do that is through a hashtag saying #ad or #sponsored. If you miss doing this, you are breaking a law and can face a lawsuit for it.
Get into affiliate marketing
Utilize your social media influence to sell things for companies and websites that offer you a commission for every product you sell. Affiliate marketing is almost like a sponsored post, except that you earn a certain, pre-decided percentage of the sale price of every item you sell – you do not get paid upfront for posting the ad alone.
Get paid for managing other people’s social media pages
Many companies and individuals hire freelancers to manage their social media pages and marketing campaigns. If you are an expert in the domain, you can offer your services to such people and generate a decent income from it. You can use websites like Freelancer, Upwork etc to initially start looking for projects, and as you get experience, you can pitch to higher paying clients through a substantial portfolio.
Dig into the YouTube Partner Program
If you have a special skill you can showcase in a video, get on to YouTube and let the world be your audience. There are countless creative ways of creating captivating YouTube videos. And once your videos get a large enough viewership, you can start making money from ads that YouTube will place on your videos if you enroll into their Partner Program. Some really good videos continue to make money years after they were first posted.
Write an ebook on what you know best and sell it through social media
Are you a consultant? A story teller? An expert on style, travel, food and or any other thing that distinguishes you from others? Write what you know in an ebook and sell it on social media. You can use channels such as Amazon’s KDP, Gumroad and Sellfy to reach out to people who will pay for your content.
Before you launch your ebook though, it would help considerably to blog about your niche and get readers’ attention to your blog through social media platforms. Once you establish yourself as an authority in your niche, it will be much easier to find readers who readily pay for your content.
To make good money out of social media you would need both patience and persistence. You need to create and implement a sharp strategy to build-up followers on social media. Overtime, once your page garners a good fan following you would need to work creatively to sustain your visitors' attention and to add more people to your brood. You can take help of the various tools available to auto pilot things and focus your attention on developing a strategy. Also, be flexible enough to keep learning in the process and chuck off things that do not work. Constant learning and improvisation will help to make your social media endeavors a success and let you attain your financial goals.