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Ways you can make money on social media

By Zarah Mae Torrazo · February 13 2020
Reading:
egg

Earn

Ways you can make money on social media

By Zarah Mae Torrazo
February 13 2020
Reading:
egg
Ways you can make money on social media

Ways you can make money on social media

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By Zarah Mae Torrazo · February 13 2020
Reading:
egg
Ways you can make money on social media

Most people think that social media platforms are only used for connecting with other people.  But there are money-making opportunities on social media if you are prepared to put in the needed time and effort. 


Social media accounts with a high number of followers are now widely being used for influencer marketing. 


This is a form of marketing through social media, which uses influencers or people with wide social networks to influence the behaviour of a target audience. 


Here are a number of ways you can grow your following and earn money through social media!


Choose a platform 

One of the main things to consider when creating your social media profile is which platform you’re going to work on and prioritise it. 

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While it is possible to work on several sites at the same time, in the long term, you will need to focus and put a lot of time on the platform that will be most profitable for you. 


In research conducted by the World Federation of Advertisers, around 89 percent of surveyed digital marketers said Instagram is the most important social media channel for influencer marketing. 


All global marketers in the study had used Instagram as a platform for influencer marketing. Facebook and Youtube were the second and third most popular. 


Upon choosing which platform you do decide to work on, you should then hone in on a niche. This will determine what kind of following you will have and what type of content you should be creating for your target audience.


It is advisable to choose a niche that fits your specialty or interests. When choosing your niche, it is also important to consider if your chosen topic will continue to generate content and remain relevant more long-term. 


Influencers are also advised that they should produce content that is consistent. 


By producing content that is loyal to your niche, your followers will eventually think that your account is a reliable source of information for a particular topic. It will also attract new followers that are looking for experts in that particular field or industry. 

 Increase engagement rates 

Companies and brands want to market with social media influencers that have a big following due to their high engagement rates. 


That’s why it’s crucial to have a solid number of followers that are receptive to the type of content that you are producing. 


To increase the number of followers your social media account attracts, you must produce high-quality content that will be appealing to your target audience. This is when an investment in equipment can help. Having good content that adds value to your followers will also boost your legitimacy. It will also help build a good image for your personal brand. 


It is also necessary to establish a personal connection with followers by engaging with them frequently. This can become difficult as followers increase, but it will help the audience feel that they have a special connection with you.


If you have built a strong enough rapport with your followers, they will be more willing to act on your recommendations and click through the links of products and services that you share. 

Join an influencer network 


It can be difficult to connect with brands if you are just starting to build your following. Joining networks made for influencers can help you to jumpstart your social media platform’s monetisation. 


These platforms connect brands with social media influencers that produce content related to their products or services. These networks will also manage all communication with brands or businesses that influencers are working with. 


Influencers must properly research these platforms to find out which one will help them attain their goals for their social media account. 

Promote products and services 
 

One direct way of monetising your social media account is by promoting products and services of businesses and brands through sponsored posts. 


Profits from a sponsored post will usually depend on the number of followers you have and the engagement rates that your social media profile has or can offer. 


To get sponsorship, you can reach out to brands or companies that are selling products and services that are in line with your niche.


Avoid collaborating with any brand that is against your social media brand’s values or identity. For example, if you are a fitness channel, your following may be composed mostly of health buffs or people who are trying to be fit. In this case, you are probably better off promoting health products and exercise equipment rather than unhealthy foods! 


Engage in affiliate marketing 


Another way to make money on social media is through affiliate marketing. 


Influencers can earn money by sharing affiliate links of a company’s product or services through their social media platforms. Influencers will get a profit or commission from sales through their social media channel.  


To have a higher engagement rate on affiliate posts, most influencers provide honest reviews of the affiliate products and services that they are promoting. It can be in the form of a blog, a video or even a photo detailing the product review in the caption. 

 It is also a “best practice” of major influencers to fully disclose their affiliate relationships with brands. It would allow their followers to know which content is promoted and which is not. This can help influencers maintain their credibility and retain engagement from followers. 

Conclusion 

There are plenty of ways to make money on social media. By increasing the number of your followers and boosting your social media engagement, you can have the opportunity to be an influencer and earn money by marketing with brands and companies. 

Ways you can make money on social media
Ways you can make money on social media
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