Learn how to make money on social media in 2024 with these eight ideas.
It’s more difficult than
ever to get paid to post on social media. So, what are brands and creators
doing to stand out from the crowd? Here are eight ways to make money on social
media in 2024.
Some people make money on social media as content creators
and influencers by featuring brands in their posts.
Click here to start selling online now with Shopify
You don’t need a massive following to unlock your earning potential. Micro-influencers can start making money on social media with as little as
1,000 followers. One HypeAuditor survey found Instagram influencers can charge $20 to $100 for a
single post, even if they have fewer than 10,000 followers.
But the more followers you have, the more money you stand
to make. If you have 500,000 to one million followers, for example, the average
price per post can be up to $7,000.
Niche markets can also afford you higher rates in influencer marketing. This allows you to hone in on a specific audience and
industry, and brands in that niche will be more willing to pay higher rates
because of your targeted audience.
Partnering with brands to
create social media content and marketing campaigns can earn you money on social
channels because it’s a flexible option. Plus, working with brands is a great
way to legitimize your influencer marketing business and appear professional to
other potential partners.
Many social media creators have found success through brand collaborations.
Oftentimes, people use social media as a side gig to supplement the income from
their full-time job. You can bring them on to sponsor your content, create ads
and exclusive content for them, or join a product launch to expand its reach.
When you partner with
brands, position yourself in a way that meets their needs. Think about what a
brand would want from a collaboration. Create a pitch deck or press kit that
highlights this information and showcases your best posts. You may consider
sharing analytics about your reach and engagement, as well as case studies of
past collaborations, if you have them.
Affiliate
marketing is a passive way to
earn income for recommending products and services on your social media
channels. Companies pay a commission in exchange for every sale you refer to
the business. It’s sort of the generic version of brand partnerships. Affiliate
programs typically come with lower commissions but are more accessible—in other
words, it’s easier to work with a brand as an affiliate than as a content
partner.
You can use your social media platforms to earn money as
an affiliate marketer by sharing your unique referral codes and links in your
posts. And the best part is you can start affiliate marketing with no money.
Many social media influencers and content creators share
affiliate codes for brands they like. They then earn a commission in exchange
for every customer who makes a purchase using the code. Sometimes affiliate
codes also include a discount as extra incentive.
If you want to get
started earning money on social media as an affiliate marketer, check out the
following resources:
●
Affiliate Marketing for Beginners: Your Startup Guide
●
16 Affiliate Marketing Tips and Strategies to Earn More
Money
●
Instagram Affiliate Marketing: Everything You Need to Know
●
YouTube Affiliate Marketing: 7 Pro Tips to Earn Extra
Income
Keep in mind: Not all affiliate
networks and programs are the
same. Each has its own fee and payout structure, among other guidelines. The best affiliate programs offer healthy commission rates and frequent or instant
payouts. Always do your research to find the best option for your goals.
You can also make money by
selling products directly on social media, by using it as a sales platform,
even without your own ecommerce site. Social
commerce has opened the doors
to direct sales via platforms including Instagram
and TikTok,
making it possible to sell directly to customers from the social media platform
they’re already on.
You can develop private label products, create print-on-demand designs, or partner with a dropshipper to get up and running quickly.
Using a platform like
Shopify, you can even launch your own online store and integrate it with your
chosen social commerce channels to manage a full, multichannel business.
Shopify has tons of integrations to choose from, allowing you to turn it into a
complete command center where you can manage every aspect of your business.
If you’ve built a strong
brand, you might consider turning it into branded merchandise. Social media is
an excellent channel to promote products, whether driving people to your
Shopify store or selling directly via social commerce and tools like Linktree.
Julia Roblin is a Canadian artist from Winnipeg, Manitoba, who turned her
TikTok success into a
product-based business opportunity. She started posting her tattoo ideas and
quickly garnered an audience of more than half a million followers. When people
demanded her designs on products they could purchase, she launched a Shopify
store to sell merchandise in the form of stickers, apparel, and tattoo
mock-ups. This has been a workaround for TikTok’s strict creator fund restrictions.
Each platform has its own rules when it comes to selling
products on its platform. Julia found a way to use TikTok to promote her
merchandise business venture. Check out these channel-specific guides to help
you navigate the nuances of selling merch on social media:
●
How
to Make and Sell Merch on TikTok
●
Creators in Control: How YouTubers Can Make Money With
Merch
You can make money on
social media selling consulting or coaching services.
There are many avenues you can take with this business
idea. You can choose a specific niche, such as helping product-based businesses
create social media plans or coaching professional photographers on how to prep
their photos for their feeds. You can offer private one-on-one coaching or
organize group coaching sessions, a membership program, or a paid community.
Consider bundling your
services into packages, which will protect your time and prevent your
relationship turning into one akin to an employer-employee relationship.
Perhaps you offer a certain number of posts for a flat package fee, or you
conduct an audit for a set rate.
The passive income version
of coaching involves turning your knowledge into courses or
ebooks,
essentially productizing your coaching services.
Sell courses on your Shopify site and then promote them on
your social media accounts. This offers you more control and insight into your
business while offering the convenience of seamless integration with social
tools.
When building your
content-driven products, make sure you’re ready to commit to regular updates.
Annual is a good idea, but this may vary depending on the topic.
Making and selling digital products is another fun avenue to explore on social media. Digital
products come in various forms, so it’s a flexible venture to pursue. You might
even already have digital assets you can turn into sellable products.
Here are some ideas to
help you get started:
●
Digital
art and design: digital illustrations; graphic designs; art prints;
customizable design templates for social media posts, stories, or banners
●
Photography:
high-quality stock photos, digital wallpapers, or photography/Lightroom presets
●
Ebooks and
guides: in-depth guides or tutorials related to your niche
●
Printable
planners: calendars or organizers for various purposes; cater to specific
needs, such as fitness, productivity, or goal-setting
●
Online
courses: courses for platforms like Udemy or Teachable; live webinars; virtual
workshops; Q&A sessions
●
Music and
audio: digital music tracks, sound effects, audio samples, or music production
templates and presets
●
Virtual
assets: 3D models for use in virtual environments or gaming; virtual assets for
content creators, such as virtual backgrounds
●
Coding
resources and templates: code snippets, website templates, or app templates
Brands can also use social
media to promote product sales and brand awareness. In fact, many of the ideas
above apply. There’s little difference between individuals and businesses when
it comes to creating popular monetized social media content. Businesses are now
personal, and people are now brands.
Regardless, here are a
few ideas:
●
Promote
sales and special offers: Discounts,
sales, giveaways, and special offers give customers an extra incentive to buy.
And limited time offers instill a sense of urgency. When it comes to promoting discounts on social media,
you can offer codes in exchange for an email signup, as an incentive for social
media engagement, or even exclusive deals to top customers in your “close
friends” list on Instagram.
●
Highlight
your best customers: User-generated content (UGC) is a great way to boost sales on social media. Not only
does this give you easy access to content—an ever-present challenge for
brands—you can also tag featured products for social commerce sales.
●
Build
anticipation for product launches: Social media is an excellent platform for
building buzz around specific events, namely product launches. With the right
mix of paid, organic, and influencer posts, you can put your brand in front of
millions of potential customers.
●
Sell your
products directly: Social commerce means people can make purchases on social
media platforms, without visiting a dedicated ecommerce site. With Shopify’s Facebook and Instagram integration, your Shopify products will automatically sync to your Facebook
and Instagram
storefronts. You can also easily create ads, tag products in shoppable posts,
and offer a one-tap checkout experience.
●
Partner
with creators: Partnering with creators puts your product and brand in front of
new, engaged target audiences. It’s also a great way to amass a small
collection of content to add to your arsenal for future use.
nice work
ReplyDelete