How to Make Money on Social Media: Tips for Brands and Creators
The good news is there are so many ways to make money on social media!
The bad news: there are so many ways to make money on social media…
Where to begin? Making a living as a creator is possible with the right strategy and mindset, but figuring out how to do it can be tricky.
And brands… As you know, social networks are constantly changing. What works to increase sales from social networks right now? How do you work with authors?
Creators and brands, this article is full of strategies for both of you. Expand your marketing plan and go.
1. Collaborate with brands
This is what most people think of when they hear “make money on social media”. OG Method: Become an influencer.
Relax. This doesn’t necessarily mean taking selfies for sponsored “diet tea”posts. You should avoid it, not only because you are great in your own right, but also because your audience will see through it.
To maintain your integrity, work with brands that:
- Naturally fit your content and personality
- There are products that you really use
- Offer value to your audience
Whoever you partner with, make sure the content on your social media accounts still looks like you.
Child-focused creator Lindsey Gurk creates hilarious videos, often featuring her (amazing) singing. This sponsored video feels as authentic as her organic content.
View this post on Instagram
As far as charging fees, that’s up to you, but for inspiration, check out these influencer income figures. (Also, learn more about sponsored content, also known as sponcon.)
2. Join an affiliate program
Marketing partners share links to products or services and earn commissions when someone buys from that link (or with a unique coupon code).
There are three ways to start affiliate marketing:
- Join an Affiliate Network: There are many options, such as Impact and ShareASale, where you can join multiple affiliate programs on the same network.
- Join a specific company’s affiliate program: Many brands run their own affiliate programs, which often pay better than joining larger networks.
- Offer tailor-made partnerships: Influential creators often negotiate special rates with brands and enter into contracts for long-term partnerships.
Affiliate marketing is a snowball effect. At first, if you don’t have a large audience, you probably won’t earn very much. (Though this isn’t always the case!) Sharing affiliate content will pay off over time if you focus on serving your audience first.
LTK (formerly Like to Know It) is one of the most popular affiliate programs for fashion creators. When people click on a link in this post…
View this post on Instagram
… they can buy the whole outfit neatly laid out. Creators can add items from almost anywhere, earning a commission on any sales, and LTK adds the FTC-required disclaimer at the top.
A few important rules to follow in affiliate marketing:
- Always disclose your links. When posting content that features affiliate products, be honest and let your audience know that you will earn a commission if they buy. You can use hashtags like #affiliatelink or #ad. This is required by the Federal Trade Commission.
- Not everything has to be an affiliate link. Feel free to recommend your favorite products if they don’t have an affiliate program. You are here to serve your audience first and foremost, remember?
3. Sign up for platform-specific monetization programs.
Social media platforms need creators to keep users engaged so that brands can continue to advertise. #Serious conversation
Because of this, they are constantly launching creator-friendly features to help you make more money. I mean, help them make more money from you…
But since you’re creating content anyway, sign up for as many programs as you can. Why not, right?
TikTok Creators Foundation
There are plenty of ways to make money on TikTok, including branded content, tips, giveaways, and a dedicated creator marketplace. The creator fund is simple: TikTok pays you for views .
This is not a problem if you meet the strict eligibility criteria. Earn more with the content you already make.
Pinterest Creator Rewards
Pinterest is currently testing a new idea badge rewards program. They also offer an app-based fund that is unique in that it is designed to support underrepresented authors.
Learn more about ways to make money on Pinterest.
YouTube Partner Program
The combination of video revenue and partial ad revenue means YouTube creators can start making some decent money with an audience of several thousand people (or one really viral video). To subscribe to the program, you need a minimum of 1000 subscribers and 4000 hours of viewing.
There are other ways to make money on YouTube.
Followers on Instagram
Subscriptions allow you to add a membership to your Instagram account. Subscribers can pay a monthly in-app fee to access exclusive content, which can be anything from subscriber-only posts and videos to group chats, livestreams and more.
It basically combines Patreon functionality right inside Instagram. Instagram subscriptions are currently available to US creators.
Don’t worry, there are many other ways to make money on Instagram.
Instagram and Facebook Drum Bonus Program
Meta runs an ever-changing rewards program that pays you to either view Instagram Reels or achieve other achievements on Facebook. These are currently invitation-only programs available to select US authors. If you qualify, you will receive a notification in the registration application.
Increase your chances of admission:
- Using Instagram to create your videos. Instagram hints that creators using Instagram’s “creative tools”have priority.
- Creating positive, original videos. Instagram needs trendsetters, not followers.
- Removing watermarks. Don’t repost directly from TikTok. Remove all watermarks and make sure the download quality is set to high. Enable this setting in the app by going to Settings -> Account -> Data Usage.
4. Sell merch
Making decent money from your own product requires a loyal following. You don’t need a million followers, but you may want more than 100.
There is also the actual production of merch. What will you do? How will you do it – on your own or outsourced?
There are many ways to outsource clothing and gift production with websites like Printful. And ways to sell it on an Etsy or Shopify store.
The key, apart from a loyal following, is merch that makes sense. Tech columnist Sarah Ditchie’s line of tech accessories fits perfectly with her brand slogan “Rhymes with peachy”and matches her audience’s interest in technology.
5. Create and sell an ebook or online course
Can you teach? Diversify your income by creating your own course or book.
Emil Pakarklis wanted to get better at photography. He gained a lot of fans as he developed his skills with only an iPhone. He turned his experience into a course. More than 319,000 people have completed the iPhone School of Photography at a cost of approximately $75.
Quick math… That’s $23.9 million.
Here’s how he uses TikTok to promote his course.
If creating a course seems overwhelming, start with something in the next section.
6. Host an event or workshop
Events and workshops are a quick way to monetize your social media presence.
They require a lot of setup and promotion work if you are building something from scratch. But you can write it down and use that content for a lot of other things: cut it up into lots of social media posts, or turn it all into a course and sell it.
Event ideas to create and launch:
- Individual course or master class.
- Online webinar or live presentation.
- Charitable fundraising and networking.
- Summit or convention, partnership with other creators or brands.
Also, there are ways to take advantage of events without creating them yourself, such as:
- Become a paid conference speaker.
- Podcasts and media interviews. (Not always paid, but maybe.)
- Sponsorship or advertising at someone else’s event.
Thinking about hosting a virtual event? Make sure you do these 10 things.
1. Sell your products using built-in commerce features
Social selling is one of the most powerful ways to use social media for your business. Brands that use social selling are 51% more likely to reach their sales goals.
Instagram Store
Instagram is currently offering brands the ability to display your products in the Store tab of their profile.
However, the Store tab will disappear around March 2023, so take advantage of it now. It looks like Instagram will still be offering some sort of Store section to brands after the changes, so be prepared for changes in Q2.
In the meantime, set up your Instagram store in a few easy steps.
Shop on Facebook
The Instagram store setting automatically propagates to Facebook as well. Even though Instagram’s Shop tab will end soon, we can assume that Facebook’s Shop tab will accompany this.
Facebook’s commerce tools remain unclear as Meta also removed the Live Shopping feature in October 2022.
One thing is for sure, video content and cutscenes are still essential to success on Instagram and Facebook, so spruce up your game with cutscenes ideas.
Shopping on Pinterest
Pinterest claims that its users spend 80% more on purchases each month compared to users of other platforms. They offer brands several ways to increase revenue:
- Partnership with the creators of branded idea pins.
- Multiple ad formats, including dynamic shopping ads and AI trial pins.
- Shop profile tab, which automatically imports your eCommerce catalog.
Shop TikTok
TikTok offers a trusted e-commerce solution for brands. You can run a store on your profile, run ads, collaborate with creators in the app, and show products in paid videos.
If you use TikTok don’t miss this opportunity. TikTok users love to shop, with 71.2% reporting buying something they’ve seen on the app.
Note. TikTok’s social commerce solutions are only available in select countries.
Snapchat Store
Snapchat offers a “Shop”tab similar to the current one on Instagram: your followers can view products from your profile and checkout on your website. It is currently only available for verified business accounts.
2. Set up an affiliate program
Building your own will take some work, but creators love affiliate programs. You will need to create a legal contract for your partners and also decide how much to pay.
There is no correct answer, but most programs offer a flat rate per sale or a percentage of a unit.
You can manage your own affiliate program on your website or, easier, offer yours through a network like Impact.
3. Upsell with AI Chatbot
Heyday goes beyond conventional chatbots by using advanced AI to adapt the tone of sub-brands, learn from past interactions and provide 24/7 multilingual support.
Since Groupe Dynamite launched their own Heyday chatbot on Facebook Messenger, their traffic has grown by 200% and 60% of all customer conversations have been automated – with detailed analytics to ensure a high level of satisfaction.
Heyday
Plus, Heyday is made by Hootsuite, so you know it’s going to be awesome, right?
Check out more examples of chatbots to grow your business.
4. Work with social media influencers and content creators.
It seems like every Procreate YouTube video is sponsored by the screen protector brand Paperlike because it works.
Their two-minute Kickstarter launch video featured testimonials from real artists and designers and netted them $282,375 — 56 times their original campaign goal.
Lesson learned? Copy and paste this strategy into influencer marketing. Paperlike continues to partner with artists and creatives who use the product.
The Paperlike strategy shows that influencer marketing can be as simple as letting your users talk, combined with real action (like using it all the time, not just for a campaign).
Get a complete strategy for your business from our guide to working with influencers.
Whether you’re a creator or a brand, find out how Hootsuite can help you manage your social empire – beyond scheduling and publishing.
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