Today, social media interaction is more than posting videos, images, and content on the network. Therefore, you ignore social media at your peril. The good news is that anyone with at least 500 followers can turn their followers into a source of income. Small-sized businesses can ride on your popularity to market their products and services.
Social media jobs and the opportunities they bring influencers and other technical talented people make networking a highly commercialized business. How can influencers monetize their followers and popularity on social networks?
1. Affiliate links
Affiliate links are one of the oldest methods of earning an income online. Affiliate marketing is performance-based, where the influencer gets a commission for any product sold through their efforts. How so? An influencer posts an image or a post on a social media platform. The post has a discount tag or a marketing caption to influence a follower to purchase a product. The influencer gets a particular percentage for every sale because their post compelled the buyer to make a sale.
How much an influencer earns from affiliate marketing depends on the number of followers one has and the number of contracts. However, the influencer must complete a sale to get a commission.
2. Sponsored ads
An influencer has many followers watching their videos, viewing their posts and images, and other interactions on the network. A brand can approach an influencer to advertise a product or service on the influencer’s post. The brand rides on the influencer’s popularity to reach many followers.
When a social media influencer vouches for a product or service, followers are more likely to trust the brand. A sponsored ad tag appears on the influencer’s post to inform the followers that their idolized influencer will get a commission for marketing the brand. Mega influencers earn more from sponsored ads because they reach many followers.
3. Brand Ambassador
A brand ambassador is a contract agreement and a long-term relationship between the influencer and the company. Often, a brand ambassador promotes the company’s products, services and anything else affiliated with the brand.
An influencer contracted as a brand ambassador is highly monetized because they cannot acquire another brand. The brand can compensate the influencer in the form of gift hampers, free products, and other perks. Some influencers can get a salary from the partnership, get a percentage share in the sales, or receive a post fee for marketing. An influencer contracted as a brand ambassador also earns depending on the size of the brand and the number of followers.
4. Off-site advertising
An influencer can expand their reach by hoisting a website. The influencer can use their website for marketing another brand apart from posting the influencer’s content. A brand pays the influencer to place ads on the influencer’s website. Off-site adverting is a marketing method with two advantages; one for the influencer and the other for the brand. The influencer connects with their audience through a post and earns a commission for a paid-per-click advertisement.
Webinar is an excellent way of making money if you have years of experience in an industry. An influencer or content creator may be an expert and package the knowledge through an interactive video. Webinars can be live, pre-recorded, and shared across networks. The influencer’s followers pay to follow tutorials or attend online seminars. Often, the followers can pose questions and give feedback to maximize the opportunity to interact with the influencer.
Influencer and other content creators can monetize their experience and leverage their followers on social media networks.