How to Make Money From Social Media Platforms
Do you recall the days when we had to go to offices and do lots of interviews to get a job? It was tough, but we had to work hard to make money. Nowadays, thanks to the internet, we can earn money easily from home. We can find jobs online, set our own hours, and make a living without going anywhere. Social media is a great way to do this, whether you want to work freelance, part-time, or full-time.
Did you know that over 83% of companies hire through social media? And about 79% of job seekers look for jobs there too. So, it's becoming really popular. Donβt miss out on the opportunity to join this trend and find your dream job.
If you're not into the traditional 9 to 5 job, here's something you might like. Social media is also a great place for starting your own business. You can make money from social media with little investment, and sometimes even without any capital at all. You might be wondering, can you really earn without investing anything?
How Much Money Can You Make Money From Social Media Platforms?
Here's the great news: You can make as much money as you want with social media. There are so many opportunities, and your earning potential is unlimited.
Freelancers can earn from $5 to $200 per hour. Social media marketers and managers can make six figures. Affiliates can get up to 50% in commissions for each sale. Customer service reps on social media often earn more than those on the phone or in person. And experts in their field can make hundreds of thousands of dollars every month just by sharing their knowledge through consulting.
How Much Do Social Media Influencers Make Money?
Apart from what's been mentioned, there's another exciting opportunity on social media: being an influencer. An influencer is someone with a large following on social media who businesses pay to promote their brand. Basically, they're like online brand ambassadors or social media celebrities.
Influencers' income varies a lot depending on their followers, engagement, industry, and more.
For example, micro-influencers with a few thousand followers might earn around $50 per post. But those with over a million followers can make at least $20,000 per post, often much more.
Why Small Businesses Should Utilize Social Media for Boosting Income
So far, you've learned about how individuals and businesses earn money through social media. For small businesses, social media can significantly increase their revenue beyond local streams. While you may currently serve only your neighborhood, social media can expand your customer base citywide, statewide, or even nationally over time. Other benefits include:
- Creating brand awareness & attracting more potential clients.
- Gathering positive reviews and testimonials to enhance your credibility.
- Creating a community around your brand and responding to customer feedback.
- Driving traffic from social media to your website and physical store.
In short, social media boosts various aspects of your small business, leading to increased income.
Join Platform-Specific Money-Making Programs
Most social media platforms offer their active users opportunities to earn through official monetization programs. Which Social Media Platform Pays the Most, you just need to meet specific requirements to access these program benefits. Let's explore what the top three social media sites offer.
On this platform, you can earn money through Instagram Live. Viewers can purchase subscriber badges during your live sessions to support your content creation. Currently, only individual creators in the US with over 10,000 followers qualify for this program.
With more than three billion users, Facebook is one of the most popular social media platforms. Its monetization programs are highly sought after. You can make money by showing ads on your live and recorded videos, receive funding from subscriptions, and earn based on the number of views your videos get. The only condition is to create a business page.
YouTube
The YouTube Partner Program has been a big help to dedicated YouTubers in making big bucks for some time. You can earn money from either shorts or videos. The main requirement for the program is to have at least 1000 subscribers. For shorts, you need over 10 million views in three months. Plus, viewers should have watched your videos for at least 4000 hours over 12 months.
Keep Up to Date With Current & Latest Trends
Your ability to earn money on social media mainly depends on how many followers/subscribers you have and the number of views/likes you get. So, it's crucial to ensure your audience values your high-quality content. Make it unique and engaging, or join in on current trends.
Share trending viral content or put your own spin on it. Even if you're not creating original content, staying updated with trends can help plan your next post. Every good idea can spark even greater ones.
Partner With Brands
Do you often mention the products you use in your content? You can team up with brands to promote their products and earn money! For example, if you review digital products and have a good following on Instagram, you can join the platformβs partnership ads program. This allows you to work with your favorite digital companies and create ads for brands using reels or posts, and they'll pay you for your work.
Join an Affiliate or Revenue Sharing Program
Content creators have a great advantage on social media. Instead of selling products directly, you can sell for others! You can start earning money by becoming an affiliate for a business or brand. Share their products through your social media using an affiliate link. For every sale made through your link, you'll earn a percentage of the profits.
Another way to earn is through revenue sharing. For example, with YouTube shorts, if your shorts qualify for ads, YouTube will pay you a percentage of the total revenue those ads generate, based on the views your shorts get.
Earn Commissions Through The Sponsored Posts From Social Media
You might have been posting on social media for yourself and gaining followers. But to earn money, you need to make sponsored posts. These are posts that businesses or brands pay for to advertise their products or services. There are different ways to earn from sponsored posts. You can get a commission for each sale, earn a fee for every visitor sent to the business website, or receive payment upfront for each post you create.
Sell Your Products Using Native Commerce Features
Native commerce is basically eCommerce tailored for social media platforms. Whether you're starting an online retail business or transitioning from a physical store to the internet, native commerce is a great way to begin. You can showcase and sell your products directly on social media, without redirecting users to another website.
Facebook and Instagram shops are prime examples. When users see your posts and want to buy a featured product, they can browse your catalog within the platform's Shops section and make purchases without leaving the platform. Instagram shopping even lets your followers buy products directly from your posts and videos.
Sell Merch
Designing and selling your own physical products is a great way to build your brand and make money quickly through social media. However, it's important to note that this works best if you already have a solid following on social media. Investing in merchandise can be costly, so it's crucial to ensure you have an audience to sell to.
For example, imagine you're a comedian with a decent following on YouTube. But despite your subscribers, you're not easily recognized in public. Selling custom t-shirts with your caricature on social media platforms, using their built-in selling features, can boost your visibility. As your audience grows, you'll also attract more opportunities for stand-up gigs!
Host an Event or Workshop
Just like in the real world, hosting an organized event, such as a seminar or workshop, can boost awareness of your business and brand on social media. Many social media platforms offer built-in or third-party tools for organizing events. Since these events are conducted entirely online, users can join from the comfort of their homes. Hosting events also allows you to gather insights from the market, helping you refine your business strategy.
Sell Your Own Products or Services
Selling your own products and services on social media has more advantages than affiliate programs. One big reason is that you keep all the profit. Plus, you can align your marketing with your production efforts, and vice versa. Best of all, your followers recognize it as your own product, showing your passion for your brand. This mutual trust encourages them to purchase your services.
Bottom Line
To sum up, there's no cap on how much you can earn through social media. You might start small, but with the right marketing approach and determination, you can reach significant success. The main avenues for making money include influencer programs, social media monetization, affiliate marketing, brand collaborations, and selling your own products/services. The key is to have a substantial following. You can use Social Stream Panel to sign up and gain thousands of real and organic followers to grow your audience.