In recent years, social media has found a way to permeate nearly every aspect of life, from the recipes we follow to the way we spend our spare time. Data shows us that the average millennials or Gen Z user around the world has 8.5 social media accounts. Interestingly, the average number of social media accounts per person in India is much higher than the global average — at 11.4 accounts per user.
With social media being so prevalent today, anybody with an online presence can begin the journey of social media monetization. This includes companies, brands, individual content creators, influencers, and practically anyone with a social media account. Even you. So, how do you get started? This handy guide will help you learn everything you need to know about social media monetization in 2023.
Social media monetization is the process of generating income through the content you put out on your account for your target audience. There are different ways in which you can do this, like affiliate marketing, promoting brands and products, creating exclusive content and more.
Depending on the kind of returns you generate and the nature of your online persona, social media monetization may be a primary or a supplementary source of income. Brands and companies can also monetize their social media accounts to add to their primary revenue streams.
You know what social media monetization is, but how do you go about turning your online presence into a reliable source of income? It turns out there are some tried and tested strategies that you can adapt, as outlined below.
Partner with brands
You can partner with brands and put up sponsored posts or endorse their products and services on your social media account. This could generate a fixed amount per post, or give you returns depending on the number of conversions you bring in.
Focus on lead generation
This strategy works for companies or brands that have an established business outside of the social media applications. If that’s your company, you can use your social media accounts to generate leads and convert them into sales for your business.
Monetize your videos
Video content creators can monetize their social media platforms with the help of video ads. YouTube, which is the world’s leading video-based social media platform, also allows creators to financially benefit from the YouTube Partner Program.
Sell your products or services online
Another effective social media monetization strategy is to sell your own products or services to your social media community. You can effectively use your social media account as an online store and become an online entrepreneur.
Try affiliate marketing
Affiliate marketing involves using your social media account to sell the product of another company or entrepreneur. Everytime someone uses your link or coupon code to make a purchase, you earn a commission.
Curate and sell an online course
If you’re good at something, you can monetize your knowledge and expertise on that subject by creating an online course or hosting workshops for your online community. You can even self-publish e-books and market them via your social media accounts.
While income generation may be one factor, social media monetization can benefit you in many other ways as well. Here are 3 good reasons to consider monetizing your online community via social media.
To earn primary or supplemental income:
The primary advantage of monetizing social media accounts is the returns generated. You can use this income to supplement your main earnings. Alternatively, you can even resort to using social media monetization as your primary source of income.
To grow your brand:
By monetizing your social media account, you can establish yourself as a brand to be reckoned with in your chosen niche. This can bring in more opportunities for individual content creators and convert leads into sales for companies.
To expand your customer base or online community:
When you monetize your social media account, you can also reach a wider audience, attract potential customers or followers and grow your online community. This can ultimately drive growth and bring in more streams of income through collaborations and partnerships.
If you are eager to monetize your existing social media accounts, here is a simple step-by-step guide to help you get started.
Step 1: Identify your niche
Find out your key area of expertise. This could be a skill you have, a habit or subject you are passionate about, or a subject in which you are an expert. For companies and startups, this would be the industry they operate in and the business they carry on.
Step 2: Define your target audience
Your niche defines your target audience. For example, if you are planning to focus on photography tutorials, your audience would be aspiring and amateur photographers. Or, if you are planning to post recipes, your target user base would be homemakers or people living alone.
Step 3: Develop authentic and engaging content
Once you’ve identified your niche and your target community, you can start creating content for your social media channel. Ensure that it is authentic and engaging, so you can develop your own signature presence in an already populated space.
Step 4: Build a strong presence online
Choose social media channels that align with the nature of your content. For example, YouTube is perfect for long video tutorials, while Instagram may be better for static posts. Promote your content and build a strong presence online before you start monetizing your account.
Step 5: Choose your monetization strategies and implement them
You’ve seen how there are various social media monetization strategies. To successfully generate returns from your account, choose strategies that work best for your online community.
Step 6: Analyze your results
Analyze your monetization results at periodic intervals and identify areas for improvement, if any. You can make use of the analytical tools provided by the social media platform itself to gather the necessary insights. This will help you generate better and more consistent returns.
The bottom line is that social media monetization is for everybody. If you’re good at something, you can use your social media account to monetize your passion. It could become a side hustle and give you additional income, or it may even become a mainstream source of money. For companies keen on monetizing their social media accounts, the income thus generated can even add to their primary revenue streams significantly. The key is to take the first step, draw up a plan for social media monetization, and implement it effectively.