Social media are interactive technologies that facilitate the creation and sharing of information, ideas, interests, and other forms of expression through virtual communities and networks.
Different Types of Social Media Networks
Social Networks: Facebook, Twitter, LinkedIn.
Media Sharing Networks: Instagram, Snapchat, YouTube.
Discussion Forums: Reddit, Quora, Digg.
Bookmarking & Content Curation Networks: Pinterest, Flipboard.
Consumer Review Networks: Yelp, Zomato, TripAdvisor.
The four main uses of social media form the acronym SLIM: sharing, learning, interacting, and marketing, all of which are helpful in making money.The following are some of the common ways of making money on social media.
. BUILD A PAID MEMBERSHIP:
One of the most popular ways to make money on social media today is to produce exclusive content, accessible only to followers who pay a monthly subscription via a membership platform.
Platforms such as Patreon have emerged in recent years to cater specifically to this phenomenon, and video sharing social platforms such as Youtube and Twitch have also launched features to compete in this space. Even Twitter has started testing a new “Super Follow” feature enabling users to charge a subscription for exclusive content.
2.JOIN A NETWORK FOR INFLUENCERS :
Another way to make money on social media is by joining networks made for influencers.
These platforms are used to connect brands with people based on their followers and specialties.
3.PROMOTE BRANDS :
Another great way to monetize a social media following is to promote brands that you love by linking to their affiliate programs.
Some brands have their own affiliate programs that you can apply to individually, but most brands’ affiliate programs will be accessible via an affiliate network.
There are multiple affiliate networks, each of which works with different brands, so depending on the brands you want to promote, you may need to apply to several different affiliate networks.
Otherwise, a third and easier option to get started would be to use a platform such as Skimlinks. By working with the 50 largest networks, Skimlinks enables you to instantly access up to 48,500 affiliate programs worldwide.
A great example of someone using affiliates to make money on social media is Rhiannon Ashlee.
In each one of her Vlogs on Youtube, Rhiannon lists all of the products that she mentions at some point during the video and puts an affiliate link next to almost all of them.
The links entitled “fave.co” are affiliate links and everytime someone clicks on one of these links and buys products, Rhiannon will get a commission on the total order value usually ranging from anywhere around 5% to 15% depending on the brand’s affiliate program.
You might also notice that Rhiannon makes it clear and transparent which links she could make money from by having a * next to each affiliated link. This is good practice from an ethical point of view (plus it is required by the Federal Trade Commission), and in fact, this can also help with conversion rates as her fans are likely to want to support her channel while shopping.
4.MONETIZE YOUR EXISTING AUDIENCE:
A lot of businesses, influencers, YouTube stars, and entrepreneurs already have a social media presence.
They have a dedicated audience that follows them, likes their work, and is interested in their products.
If you are someone who already has a following but are still looking to make more business out of your social media accounts, all you need to learn is how you can use your existing audience and attract them enough to make the conversions.
The only possible way of doing this in a digitally competitive world is to create content that is super appealing for the audience, attract them, and eventually engage with your posts on any social media site.
This will be your social media strategy that you will use to market your content and make your target audience help you achieve your goal.
5.BECOME A SOCIAL MEDIA INFLUENCER:
Social media has become the most popularly used forum by many users.
As a result of the increased usage of these platforms, these virtual spaces have become a major source of income for some people.
The easy access and the use of all social media networking websites have enabled people to utilize their inner talents and exhibit it on the internet to earn through these forums.
Already existing businesses are also using social media forums and utilizing social media marketing to the fullest to expand their business and make it big, which is very much possible through these social media platforms.
Whether you currently have a social media account or not, you can still utilize this opportunity of virtual marketing and increase your customer base and earn a lot of dollars through these social media forums.
Here is a list of things that can help you with how to make money on social media.
BLOGGING:
Blogging is a great way to make your first $100 online. Start by choosing a profitable niche, building an email list, and recommending products you’re an affiliate for. You can make thousands of dollars per month if people purchase through your recommendation.
CONCLUSION: Social media has now become one of the best platforms for earning money, for individuals of every age group.
