Getting paid to post on social media is tougher than ever. So, how are brands and creators managing to stand out? Here are five strategies for making money on social media in 2024.
How to make money on social media: 5 ways
1. Become a micro-influencer (a.k.a. micro-creator)
Many people earn money on social media as content creators and influencers by featuring brands in their posts.
You don’t need a huge following to start making money. Micro-influencers can begin earning with just 1,000 followers. According to a HypeAuditor survey, Instagram influencers can charge between $20 and $100 for a single post, even with fewer than 10,000 followers.
However, the more followers you have, the more you can earn. For instance, if you have between 500,000 and one million followers, you could charge up to $7,000 per post.
Focusing on niche markets can also lead to higher earnings in influencer marketing. By targeting a specific audience or industry, brands are often willing to pay more for access to your dedicated followers.
2. Partner with brands
Partnering with brands to create social media content and marketing campaigns can be a lucrative way to earn money on social channels due to its flexibility. Additionally, collaborating with brands helps legitimize your influencer marketing business, making you appear more professional to other potential partners.
Many social media creators have found success through these collaborations, often using social media as a side gig to supplement their full-time income. You can work with brands to sponsor your content, create ads and exclusive material, or participate in product launches to enhance visibility.
When partnering with brands, focus on meeting their needs. Consider what they would seek in a collaboration. Develop a pitch deck or press kit that highlights your value and showcases your best posts. Including analytics about your reach and engagement, as well as case studies from past collaborations, can further strengthen your proposal.
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3. Sell your own products
You can also earn money by selling products directly on social media, using it as a sales platform even if you don’t have your own e-commerce site. Social commerce has made it easier to sell directly to customers on platforms like Instagram and TikTok, allowing you to reach shoppers where they already spend their time.
You can create private label products, design print-on-demand items, or collaborate with a dropshipper to get started quickly.
By using a platform like Shopify, you can launch your own online store and integrate it with your social commerce channels, enabling you to manage a full multichannel business. Shopify offers various integrations, turning it into a comprehensive command center for handling every aspect of your business.
4. Sell online courses or ebooks
The passive income approach to coaching involves transforming your expertise into courses or ebooks, essentially productizing your coaching services.
You can sell these courses on your Shopify site and promote them through your social media accounts. This method gives you more control and insight into your business, along with the convenience of seamless integration with social media tools.
When creating your content-driven products, be prepared to commit to regular updates. While an annual review is a good starting point, the frequency may vary based on the topic.
5. Make and sell digital products
Creating and selling digital products is another exciting avenue to explore on social media. Digital products come in various forms, making this a flexible venture. You might even have existing digital assets that can be transformed into sellable products.
Here are some ideas to help you get started:
- Digital Art and Design: Create digital illustrations, graphic designs, art prints, or customizable templates for social media posts, stories, and banners.
- Photography: Sell high-quality stock photos, digital wallpapers, or photography and Lightroom presets.
- Ebooks and Guides: Write in-depth guides or tutorials related to your niche.
- Printable Planners: Design calendars or organizers for specific purposes, such as fitness, productivity, or goal-setting.
- Online Courses: Develop courses for platforms like Udemy or Teachable, conduct live webinars, host virtual workshops, or offer Q&A sessions.
- Music and Audio: Create digital music tracks, sound effects, audio samples, or music production templates and presets.
- Virtual Assets: Design 3D models for virtual environments or gaming, and create virtual backgrounds for content creators.
- Coding Resources and Templates: Offer code snippets, website templates, or app templates.
Exploring these options can open up new revenue streams while allowing you to share your creativity and expertise!
How to make money on social media FAQ
How Much Money Can I Make on Social Media?
You can earn as much as you want on social media. With time, effort, and the right marketing strategy, your earning potential can be limitless.
Which Social Media Platform Pays the Most?
There isn’t one platform that consistently pays the most. Your earnings depend on your strategy and the quality of your followers.
How Many Followers Do You Need to Make Money on Social Media?
You can start making money on social media with fewer than 1,000 followers. Generally, more followers can lead to higher earnings, but there are exceptions.
Which Social Media Platform is Best for Making Money?
All social media platforms offer opportunities to make money. You can sell products directly on Instagram and Facebook, earn ad revenue on YouTube, and collaborate with brands and creators on virtually any platform.
