After the Pitch
Now that you have pitched yourself, what are the ways to make money on social media? You shouldn’t limit yourself to brand endorsements. Whether you are a Micro or Macro Influencer, these tactics if used correctly can provide you with a stable cash flow.
Note to Influencers
Before accepting an endorsement opportunity it is important to ensure that the product will benefit your audience. Ensure that it is within your expertise. Thus, enticing the interest of your audience engages them and allows you to benefit from their habits. After all isn’t that the objective of an endorsement? It’s to simply compel individuals to engage with something based on the recommendation of a trusted source.
With that, its important to not break this trust by endorsing products that aren’t beneficial.
Ways To Make Money On Social Media
Once you’ve done the fundamentals, you should start applying strategies to make money on social media.
Which kind of partnerships are you going to prepare for?
Paid social media posts are one of the most common avenues for social media influencers to make money. It’s when brands pay you to advertise a company or product in a social media post.
The post may either be solely about the product or may include a variety of products at a time. You may create review articles, post content, or simply display and tag items.
Influencers can charge between $100 and $1,500 per endorsed message. But the cost may vary based on a variety of factors, such as the number of followers you have and the niche you specialize in.
In this sort of agreement, you will contact companies or stores selling associate services. And after you have been approved as a company affiliate marketer, you will be presented with a special connection or code that will be used to monitor your conversions. You may create posts that review, highlight, and/or support their products. Depending on the manufacturer or store you work with, you may have to purchase the products yourself.
Or you might be able to select from a range of items that the manufacturer or seller will deliver to you free of charge.
You must lead your followers to use your affiliate connection or code. And for any conversion that comes from your promo code, you’re going to receive a fee.
The fee can be a small percentage or even a set amount based on the plan you have signed up to.
There are plenty of stores and companies selling partner services. Look at services provided by your favorite companies or do a quick Google search for the best programs available.
There are also many opportunities to make more money on social media once you’ve become a notable influencer.
One of the best methods is to promote the products you have created in partnership brands.
And in return, you might be paid large sums along with a percentage of profits.
The incentive package can vary depending on the contract and the level of participation in the production process.
Such partnerships are just as beneficial to brands as it is to influences because it helps to build trust with consumers.
Become a Brand Ambassador
You can also earn an income by becoming a brand ambassador. This would normally be an extended contract lasting at least a few months instead of just a one-off partnership. In certain cases, the deal can even run for several years.
Whether you review or promote, you’ll get the company’s promotional products. In return, you’re going to have to advertise these items on social media.
Some brands can pay an extra fee for each piece of content created by their ambassadors. Or there could also be a bonus provision in which you receive a percentage or a set value for any conversion you make.
Create Your Own Products
The benefits of creating a product or service of your own increases your branding power. Sure, you would need to make a minor investment first. But if you want to monetize your leverage much further, this kind of investment might prove valuable in the long run. These goods will then be marketed on social media. After all, you do have the niche and the platform to do so.
Sell Personal Items
This was a less known way to make money but it was recently publicized by Belle Delphine, a gamer and internet personality that began selling her bath water. As absurd as it may seem she sold over 10,000 units. Selling personal items is a slippery slope since it can easily backfire. These actions can be seen as distasteful and in Belle’s case being banned from Instagram. Many influencers sell their photos, this is especially lucrative for photography accounts. Besides tangiable products you can offer personal time with your followers, everything from personal video chats and phone calls.
It is imperative to treat your accounts as you would any business asset. Besides maintaining it with relevant high quality content, affiliating your brand with high quality products and services improves your standing power. Being seen as a content creator is good but being a product creator is better.