Stop that pointless late-night scrolling and learn how you can monetize your social media addiction! Make money on social media by following these useful tips.
According to statista, the average person spends roughly two hours every day using social media. Let’s keep in mind though that this statistic includes the older generation who may have never even heard of Instagram and Tik Tok. If you’re below the age of 30, chances are you’re spending closer to 5+ hours every day on social media.
If this sounds like you, first of all, I’m impressed. 5+ hours a day spent scrolling… that’s dedication! Now how about you use that dedication to aimless scrolling to your advantage and start learning how to monetize while you scroll!
In this article, I will be highlighting 10 ways that you can easily start making money on social media without any previous experience. Don’t believe me? Keep reading!
What is Social Media Monetization?
Social media monetization is basically just a way of generating revenue via your social media platforms. This can be achieved in so many ways, that I will further discuss in this article, but what all of them have in common is that you must first know your audience. The reason you will be able to monetize your social media page in the first place will really have nothing to do with the platform or even how many followers you have, it will all come down to who your audience is and how engaged they are. You need to be able to present who your social media targets clearly and effectively, what their pain points are, and what they desire.
Once you have a good understanding of who your audience is and what kind of content they want to not only see, but engage with, you will be in a much better position to effectively tailor a product or service to this audience.
Why Should You Monetize Your Social Media?
As previously discussed, if you already have a social media presence or are already somebody who takes pleasure in scrolling through and engaging with people on social media every single day, it would be silly to not monetize your time. Turn your passion into an income!
Not only is it possible to make thousands of dollars a month as a content creator or seller on social media, but you can also unlock the world of so many free products! At that point, not only are you making money, but you are also saving money since you no longer need to buy as much!
How do I monetize my Socials?
There are so many ways that you can monetize your social media presence, but below are the top 10 easiest ways to do so (in my opinion!)
Monetize Your Existing Audience
Are you someone who has already spent time growing your social media presence? Do you have at least 3000 followers? Do you have a dedicated audience that follows you and is influenced by what you say and do? Do you get hundreds if not thousands of likes and comments? If so – there are so many companies out there that are looking to partner with both micro-influencers and influencers to promote their products!
If you do plan on taking on the big commitment of monetizing your own account, you must ensure that you are staying on top of Segmenting an email list and designing smart email campaigns and ConvertKit makes this very easy!
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2. Utilize your skills
If you have other skills aside from scrolling through Instagram and TikTok for hours, start putting them to use! Use your love of social media to market and advertise this skill to find clients and then use these skills to create a job for yourself. You might become so invested into it that you even start your own online business. Some of these skills that you may want to market may include things such as:
- Graphic Design
- Digital Marketing
- Print Design
- Packaging Design
- Voice Over
- Blog Writing
If you do fall into one of these categories, check out Fiverr! Fiverr connects digital freelancers to employers who are looking to hire for remote work! I averaged $45 an hour and more freelance writing just a couple of years after getting started.
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3. Become A Social Media Influencer
Becoming a social media influencer is a hot topic these days, but thanks to Tik Toks unique algorithm, anyone can do it! I know that there are going to be some people reading this that aspire to be as famous as Addison Rae or Charlie Damelio, and what’s great about the internet these days is that it is totally possible!
Charlie Damelio, arguably the most famous influencer in the world today, acquired her fame basically overnight! Charlie, who is only 16 years old, only began posting to tik tok in 2019, with lip syncing and dance videos. Charlie wasn’t even old enough to have a driver’s license, but in just one year she amassed 120 million followers in Tik Tok, 40 million followers on Instagram and 9.5 million on YouTube. Since 2019, the now 16-year-old has also claimed several major awards including Forbes person of the year, The Kids Choice Award for favourite female social star and even earned a place on Fortune’s 40 under 40 list.
Beyond Charlie’s ability to brand herself, she has also been able to use her newfound fame and influence to collaborate with some major brands and corporations, earning her some respect within the corporate world. Some of these have included building out a clothing line through Hollister with her sister Dixie, starring in her own reality Tv show that has recently aired on Hulu and Disney Plus, collaborating with the makeup brand Morphe to create her own line etc. Charlie has evidently become one of Tik Tok’s highest earning stars. This could be you! Be sure to check out an article I wrote on secret tax deductions that can save influencers thousands.
4. Create A Facebook Group
In the last few months, people have started taking to Facebook again to create groups where they can ultimately market their own products or charge businesses to display theirs.
An audience can feel very connected to a Facebook group, because generally a Facebook group will give anyone access to create discussion threads, ask questions, or feel as though they are truly a part of a community.
This is a particularly good idea, if you already have a following as it will allow you to engage and create relationships with your ideal audience and following. When an audience feels closer to you, they are also far more likely to trust your opinion on what to buy, or if you personally are putting out a product such as merchandise, they are a lot more likely to purchase it.
Additionally, Facebook is one of the best platforms to create targeted ads, so you should Definitely feel comfortable creating ads on Facebook for your ideal audience if you are actively trying to promote a product.
5. Use Social Media Advertising
Did you know that Instagram has one billion users, TikTok has 66 million users and Facebook has 2.89 billion users? Not only do these users exist, but a large portion of them are active on social media every single day.
It doesn’t matter if you are a small business, an influencer or a big corporation, anyone can benefit from social media advertising! As I just mentioned in number 4, Facebook is one of the best platforms for promotion using targeted advertising. This will allow you to target and retarget your ideal customers for optimal engagement and relevant traffic to your site ir linked product. Other social media platforms that you can promote ads on include YouTube, Snapchat, Instagram, Pinterest, Twitter and even WhatsApp.
You can run ads on these social media platforms, for as little as $5 a day. The higher the engagement on these ads, the higher your return on investment.
6. Explore Affiliate Partnerships
When you think of affiliate marketing the first thing that comes to your mind might be your favourite influencer posting a photo in their favourite hoodie and then sharing a discount code with you for the hoodie in the caption. Generally, people will click this link, use it and then the influencer would likely make a commission for each purchase.
As mentioned by Forbes, “affiliate marketing reached $5.4 billion in 2017 and is estimated to reach $8.2 billion by 2022. There is massive potential for affiliate partnerships to further your business’s exposure and sales.” There is still so much space and opportunity to be had in the realm of affiliate marketing for people who want to give it a shot. Check out my ultimate guide to affiliate marketing for bloggers.
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7. Start a YouTube Channel that provides value
Whether you are planning on starting a YouTube channel for a personal brand or for your business, one thing is certain – video content has been on the rise for over a decade and we’ve barely eve begun. Video content has been growing vast and adapting to changes every single year so if you’re looking for a time to start, it’s now! YouTube alone has over 2 billion monthly active users that you need to take advantage of! Check out my article “can you still make money on YouTube” for more info on this topic.
Once you get started on YouTube and begin building an audience, you can be paid for simply putting out videos!
The following table shows how much different channels are making on YouTube per video:
Besides a source for social media traffic, I would highly recommend developing your YouTube channel as an asset in itself. I used my channel for just these summary videos for years before paying attention to YouTube. I got some traffic but the channel never really grew much. When I started actually spending some time to grow the channel, I grew it to over 36,000 subscribers in the first year and doubled my income.
Check out my YouTube Channel
For more ways to make a passive income using social media, be sure to check out my YouTube channel. My channel hosts a huge community of people ready to beat debt, make more money and make their money work for them. Subscribe and join the community to create the financial future you deserve. It’s free and you’ll never miss a video.
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Read the Entire Making Money on Social Media Series
- How to Start a Food Blog and Actually Make Money
- Why You Should Start Your Own YouTube Channel Now
- Ultimate Social Media Plan to Increase Website Traffic [Step-by-Step]
- How to Promote Your YouTube Videos with a Blog and Social Media
- How to Use Pinterest for Bloggers [8,000 Visitors Mo. Case Study]