Recent research shows that we are now spending an average of 2 hours and 22 minutes on social media a day!
Furthermore, with 2.77 billion worldwide users, and a predicted $2.8 billion to be spent on Instagram influencer marketing alone by 2020, social media is now a place you can make some really serious money.
If you’re looking for an opportunity to make some money on social media, either on the side or even as your main income stream, there are a few things you need to consider in order to make the most out of social media and what it can offer.
#1 Find your calling and your platform
You’re more likely to succeed at something if you are good at it or knowledgeable in the area. Not least, because if you are going to dedicate a lot of time to this you are going to have to enjoy what you do.
That’s not to say that if something has been done then it’s not worth your time to pursue it, it just means you need to find your own angle of approach. You need to put your own spin on things in order to make yourself both standout and relatable. It’s a fine tightrope.
Furthermore, you need to do your research to decide which platform is going to work best for your content. Take a look at user volume, content specifications, and platform crossover possibilities.
#2 Get engaged and build your following
Speaking of your followers, you need to get building numbers and engaging your audience.
It’s a common fallacy that you need hundreds of thousands of followers to make money on social media. This just isn’t the case. Micro-influencers are those who have smaller audiences (anything from 2,000 to the tens of thousands) but who have high engagement rate. The co-founder of Viral-nation estimates that a good micro-influencer can make anywhere between $40,000 to $100,000 a year.
What’s important here is not so much numbers, although you do need to have a substantial following, but the extent to which people engage with your content. The more people engage with what you posts, the more valuable you are to paying companies.
#3 Keep your content high quality
One of the most important things to do if you want to encourage engagement and attract more income is to make sure that you create quality content. Everything you post should add value to your followers and you should be aiming for engagement.
Your number of daily posts will depend on your chosen social media platform, but consistency is key. If you look like you are losing interest in your account and your posts trail off, so too will your followers. And with them goes your income!
#4 Use product promotions
Once you’ve built your following, then look for paid promotion opportunities. This usually means that a company will pay you make a post promoting their product on your platform.
It’s simple enough for you and, depending on the industry, you can earn good money for each one you do. Just be very careful to make it clear that you’re doing a paid promotion – if you don’t you may find yourself on the wrong end of a lawsuit.
#5 Use those affiliate links
Affiliate links are a great way to make money too. Each time a follower buys something that they reached via an affiliate link on your social media page, you earn money.
Just make sure that whatever affiliates you use, that they will be of interest your followers. If they're not, then not only will you find you earn very little (as you are pitching to the wrong audience), but you may well lose followers too.
#6 Promote your own services
Once you have built your own platform, use it as a springboard to launch your own products or services. If you’re a personal trainer then advertise your classes, if you’re an artist or writer then sell your work through your platform.
As you have built your following based on your own niche interests, it will also very likely serve as an effective advertising space. These are people who are already more likely to buy your product than anyone in the general public.