How to Monetize Your Social Media
I’m going to take a chance and assume that you spend at least an hour of your day on social media. Whether you are creating or consuming the content, wouldn’t it be nice to make money off of that attention, time and data? Today I am going to highlight the ways to monetize your social media, such as Instagram, Tik Tok, LinkedIn, Facebook, and Twitter.
1. Affiliate links – Essentially, you recommend a product or service to your followers. Your audience will then purchase the product or service using your affiliate link and you get paid commission for the sales made. This is a simple and low effort way to recommend products that you actually like, be able to share them with your audience & create an extra income stream.
2. Book – This monetization strategy can include an e-book, audiobook or a paperback. This will undoubtedly take more time to build but once it is done, you’ll have a lifetime to continue to collect on your work.
3. Online course – This is a great way to monetize if you have a solidified niche. You can offer an online course that shows them the ins and outs of the business or a process that you conduct within the business. The number one goal should be to provide value -- genuine value. Again, this monetization strategy will take some time to build, but once it is, you can charge higher prices due to the more intense work
4. Speaking engagements – The book and the online course are often ways to jump off into this territory of public speaking. Around every niche is podcasts, summits, and conferences. Reach out to some of the podcasts or events in your area that may bring like-minded individuals or match your audience to grow your brand and your name.
5. Contributor/Guest Blogger – Just as there are many podcasts, summits and conferences, there are also lots of blogs that will happily take guest writers. There are so many editors who will pay you to write about what you know. Take advantage of your knowledge and don’t be afraid to put yourself out there.
6. Endorsements – This works in a multitude of ways but one of the most common is to talk about a product in one of your social media posts. I urge you to only take endorsements that you genuinely use and love otherwise, audiences are smart and they can smell a sell out from a mile away.
7. Funnel for company clients – For some, this will be the last step and for others this will be the first step. Whatever you do, whether you sell apparel, have a copyrighting business or are an interior designer, use your social platforms to showcase what your work and your day looks like. People are incredibly curious about different industries, even those who already have a career. This will open tons of doors to work with clients around the world and in a multitude of different industries.
I hope you found this week’s podcast of how to monetize your social media helpful! As always, subscribe to the pink suit and I will see you here next week, same time and same place!