It is estimated that there are over 3 billion active social media users logging into their accounts every day, with more than half spending a daily average of two and a half hours scrolling through online content.
To put that into perspective; that’s more people staring at their phones or browsing their laptops than the entire population of India and China, combined.
So, we know people are there. But how can you use your social networks to boost your bank account? Here are a few tips to help you earn money online using social media.
Define Your Niche with Affiliate Marketing
Affiliate marketing is possibly the easiest way to begin earning money on social media. While you don’t directly sell anything, you can use your influence to direct potential customers to an online vendor and get paid a commission each time someone makes a purchase using your unique affiliate code or link.
To get started, you’ll want to identify where you’re strongest and where you offer the most value. Focusing on one subject of expertise will help in streamlining your content plan, helping to cut through the swathes of random thoughts and information online.
Narrowing it down to a single subject will also help build credibility, making your account a reliable source of information. This is crucial to building a base of like-minded followers genuinely interested in what you have to say.
For example, if you love tech and have an above-average opinion on gadgets, create a social media account that provides reviews and information on what to look out for, how to get the most out of them, and where to buy them.
Looking for more ways to market your ecommerce business? Read 6 Simple Ways to Market Your Online Business for more.
Video is the King of Content Trends
Social media never sleeps. It continuously updates and adapts to algorithms, which help it deliver the right content to the right people. Likewise, the way people consume social media is also constantly changing. Keeping abreast of social trends ensures you don’t miss any opportunities to get your posts going viral.
However, the one thing that has remained constant is the effectiveness of using video as a means to broadcast information. Stats show that more than 70% of people prefer watching videos over reading text or scrolling through images when learning about a new product or service, making video the king of content marketing.
While it might be intimidating at first, creating short video clips is pretty easy thanks to most smartphones having video recording and editing capabilities. Experimenting with different techniques and styles and identifying what works best will be key to getting your message across.
Are you a budding wedding photographer, home baker, or even an experienced vehicle technician? All these skills are widely sought-after, and there is a strong likelihood that one or more of your followers need someone with the exact set of skills you possess.
Social media can be a great way to showcase and sell your products or services. You can post pictures and details of the products you wish to sell on your timeline or dedicated channels like Facebook Marketplace. Or you can advertise the services you offer in one of the many local groups or community pages.
If you’re already doing this, social media can be a great place to encourage happy customers or clients to promote you, too. There is no better marketing than a positive review or referral.
Still looking for that top-tier side hustle idea? Check out 54 Cheap Side Hustles to Make You Extra Cash in 2023!
Manage More Than Your Own Account
Perhaps you know all of this already and have a solid grasp of how social media works. Why not use that to your advantage and offer social media management as a service?
While most of us are on social media in one way or another, a quick closer look will reveal that many businesses aren’t very good at it. More often than not, business owners lack the time or the know-how to effectively manage their online presence or handle the sheer volume of requests that come in daily.
Offering your services as a social media manager (SMM) not only solves that problem but also gets you paid for your skillset. This is a great way to slowly build your portfolio into something bigger, with most SMMs managing a number of clients accounts on a monthly basis.
These may just be a few ways you can make money from social media, but by thinking outside the box, being consistent, and being patient enough to build a loyal, engaged audience, you could very soon be seeing your likes, shares, and hashtags becoming a viable income stream.