How to Monetize Social Media
To choose the best option for monetization you should have a clear understanding of the niche you belong to, and your target audience. Today, every more or less popular brand or content maker needs at least one social media because that’s the easiest way to have and improve connection with the audience.
What’s the first thing that comes up to your mind when you hear the word “Monetization”? We have taken a poll on our social media, and to be honest, we were surprised to know that the majority has an everlasting association with YouTube and videos created under advertisement agreement. Though we are happy that plenty of people (less than a half) mentioned monetization of Instagram pages, selling courses as a way to monetize knowledge and affiliate programs.
These answers aren’t wrong, but to be honest there are way more ways to turn your social media into a money making tool. Our team wants to make more people know about the possibilities of turning their creative or educational free content into an income source.
Social Media basics
To choose the best option for monetization you should have a clear understanding of the niche you belong to, and your target audience. Social media as we know it today has appeared not that long ago, though we can’t imagine our life without it. An impressive percentage of information that we daily get is from Facebook, Instagram, and some other online resources.
Today, every more or less popular brand or content maker needs at least one social media because that’s the easiest way to have and improve connection with the audience.
Define Your Niche
According to the statistics, 90% of the internet audiences visit at least one business account per day, including Facebook groups, Instagram pages, etc. There are billions of people online that might be interested in your content, so your niche should be easy to get.
In 2021 there are 8 most popular content niches:
As you can see there are so many options that you can use to realize your potential. We recommend you master one of them instead of spreading yourself too thin. No need to please everyone, there are your people, and if they haven’t come yet, they’ll naturally find you as soon as your niche is clear to them. The number of your followers is not that important, first of all, you should think of their engagement.
Find Your Audience
Well, you’ve defined your niche, but to start monetization of your social media you need to obtain a certain amount of loyal audience that would regularly come to your social media and follow your content for free. At the very beginning it might seem difficult but there are some tricks that have been used by successful social media influencers and businesses.
Every lucrative marketing plan needs a full analysis of competitors. To attract followers to your social media pages, you need to observe some experienced businesses. This does not mean that you should copy the content posted on their Facebook group or portray the style of their social media. The best for you is to study their actions and the audience’s reactions to be in tune with trends and come up with your creative ideas.
If you started with an account on one social media, and later you decided to develop another one, don’t be afraid to advertise new pages on your resources or existing pages. There’s nothing wrong with duplicating content. That’s normal when one part of subscribers follow your Instagram page and another your Facebook group.
Feel free to mention your parallel accounts in social media not once, but with a certain frequency: this way you will reach new followers, those who have recently discovered you on somebody else’s social media or even a 3rd party application.
Making friends and cooperating with direct competitors is almost an impossible task, but partnering with other areas is quite realistic.
The formats of partnership can vary from one social media to another. The easiest and fastest option is to exchange posts in Facebook groups (usually for free). If you want to generate more interest, come up with joint promotions, workshops, or contests.
Events and games
With or without partners, do not forget about direct communication with subscribers and entertain them. This is what social medial are all about, users come here to relax, distract themselves and learn something new, so many of them are eager to get involved in interactive activities. Everything from repost posts for a randomly won prize to competitions for the wittiest comment is of interest.
Social media buttons
If you have a website, the easiest thing you can do to attract traffic to social media is to place social media buttons on your website. You need just a few clicks to place it and almost always get an expected result. Users would always be interested in the company’s social media because Instagram with live comments and captions will always be more interesting than a regular photo gallery.
Most Popular Monetization Techniques
Congratulations you know your niche and finally accumulated your loyal audience that is engaged in all kinds of activities that take place in your product’s social media. Don’t miss the moment, start earning money from your social media.
We decided to free your time and made a list of the most useful monetization options that were used by successful marketing teams all over the world.
Statistically, our generation has some kind of issues with information accumulation, so sometimes it might be hard to absorb information from long texts. To reach this part of the audience we recommend you to consider video content, it might be something short as Tik-Tok videos or longer IGTV videos on Instagram.
Video can have any kind of message and purpose, the biggest advantage is that your audience will see you and have a kind of eye to eye contact with you. You can use various platforms to perform your content. It can be live streams in Facebook groups or locked videos on the Scrile Connect platform available to those of your followers who paid for it a token amount.
By the way, videos help to increase engagement, that’s a fact that Facebook posts with videos get way more attention than the same posts containing only text.
One Step from Freemium to Premium
Are you surprised to see this option? Don’t hurry to skip it.
The Freemium approach for a content-related marketing scheme is a quite popular model for the modern social media business. Followers can get free access to online content, which is followed by paid subscriptions. At first sight, this marketing scheme might seem a little confusing, because if you want to monetize the content it is illogical to give it for free. But if your audience sees the benefit of the product, they want to get access to a premium plan, and they are ready to pay for it. We recommend you to consider it as a demonstration of all the advantages of your product.
In the last few years selling the product via your business social media has been gaining in popularity. Some time ago all the purchases were held only in online shops, but now it is easier for people to go to your Instagram page and buy your product there.
Planning your marketing tactic you should keep the balance of the informative side of your social media and monetization force. Don’t try to sell your followers those products that you don’t believe in.
Though it might seem that social media have integrated into our life not that long ago, there is already a generation that grew up having their own Instagram pages and Facebook profiles since childhood. They’ve built it for years, social media can be considered as their reflection in the online space.
This generation tends to follow their favorite brands and content creators to show their belonging to the social group. You can use this peculiarity to monetize your business. If you plan to develop your business outside of web space, make some products as unique software, or write books, you could use social media as an advertising platform that is 100% about you and your product.
Sponsorship is a mutually beneficial marketing solution. Under sponsorship agreement a sponsor reaches a new audience and you as creator get money for the loyalty of your followers.
In most cases, content that is monetized on a sponsorship basis is published on special terms, or advertised within usual content, but it should be marked as sponsored. Many successful businesses have budgets and special departments that follow different creators and connect with those who seem to have a high potential for their marketing campaigns.
Affiliate programs are a kind of sponsorship that stands alone. Many well-known brands offer affiliate programs. It helps both creators to monetize their work on promotion of their social media, like Instagram, Facebook, and brand’s media spaces created on the basis of various platforms (Scrile Connect is an example of such). Being an affiliate creator is paid some percentage from the products that were sold after the advertisement was released.
Most importantly we recommend you to remember that stepping on the way of advertising contracts, you have to respect your audience. It’s a wrong way to create promotion campaigns on your social media just to monetize it, but not to share your honest opinion about the product.
We are very happy that social media makes a comfortable online space for creators to feel free in the realization of their potential. Social media have become an inseparable part of business and marketing schemes, that help to make money and navigate the audience on the way to a creator who would broadcast topics and ideas that bothers them.
If you want to become such a creator or you already have an audience that is interested in your opinion we’re welcome you to Scrile Connect. The platform that won’t take any commissions from your earnings, but is ready to offer you a full set of monetization tools for you to become an independent creator or a brand owner.