Social media has not only revolutionized the way that people communicate and stay in touch; it has completely transformed business and marketing practices as a whole.
Over the past five years, social media websites have become some of the largest and most meaningful pieces of the digital marketing puzzle.
While many still maintain that social platforms are for communicating and not slinging products, others would vehemently disagree; just look at Facebook, Instagram and other networks’ efforts to integrate e-commerce options.
Generating revenue is, by many standards, the sole reason why many aim to accrue millions of followers; massive awareness often leads to either sponsorships or sales. Either way, cash is the ultimate goal.
But is it possible to monetize your following even when you don’t have millions of followers? Yes!
If you’re ready to start having your social followings work for you, here are five ways to turn your social presence into a beneficial stream of revenue.
The online course industry is growing very fast, and is estimated to reach a $325 billion industry by 2025. Those who understand this know that this is the time to double down on their expertise and create a course to offer their audience.
Are you skilled in something? Create a consumable online course for your followers and offer them amazing benefits while making money through your courses.
In order to generate sales from your audience, you need to have something to sell.
By posting about new products or services on social media, you are giving your offering a much larger platform to reach prospective buyers. If you want to significantly extend that reach, start running Facebook/Instagram ads for your products, or hire an expert to handle it for you. This will allow you to target the most relevant individuals to help boost your sales.
Videos help increase your chances of monetizing your audience, as video content is engaging, educational and often entertaining.
Leverage this by creating video content about your products and using live streaming services like Facebook & Instagram Live to connect with your audience and explain exactly how your product will help them reach their goals and make life simpler.
Affiliate programs are another sales model that is increasing in popularity.
Becoming an affiliate advertiser is a relatively simple endeavor which allows entrepreneurial-minded folks to acquire advertising materials for various brands to market to their audiences.
These adverts can be posted on your blog, website and yes, social media accounts.
Create long-form reviews on products, and let your followers know your honest opinion; as a bonus, you can even create video content on these items to boost your engagement.
Social media platforms are integrating all sorts of shopping options for brands and consumers to take advantage of. One of the most comprehensive and in-depth social selling toolkits comes from Facebook & Instagram
By using the shop section, you can list physical products directly on the platform for followers to browse and buy. It just doesn’t get any easier to reach so many people in such an efficient and effective manner.
The digital age affords brands and entrepreneurs a vast array of options for generating income in a much less back-breaking way than past generations. These are only a few of the many ways that you can monetize your social following and build an online business.
So which of these tips will you try out? Leave a comment below!