5 Ways to Turn Your Social Media Presence into a Stream of Revenue
Over the past few years, brands have turned to social media to engage and build relationships with their audiences. According to a report by Gartner, most companies spend 10.4% of their revenue on marketing activities, 2.5% of which goes to digital media. These figures are certainly predicted to grow in the coming years.
While brands pump more and more money in social media, the question remains: how can you transform your social presence into a solid stream of revenue? Well, if you already have a social media following, here are five tried and tested ways that you can leverage to monetize your audience:
1. Create Marketable Online Courses
According to Online Learning Consortium, 5.8 million students are currently enrolled in online courses—a 263% increase over the past 12 years. So, now is the best time to capitalize on your expertise and create online courses for your audience. Three of the most common monetization models that you can use include:
- Subscription-based: Customers pay a monthly fee to access courses and features that they like.
- Pay-per-course: Customers pay for one course at a time.
- Advertisement-based: Offering free courses to generate large volumes of traffic then selling advertisement space.
2. Launch New Products and Services
To drive your social media following into sales, you should have a product or service to sell. Posting your products and services on a social media platform is a great way of reaching potential buyers.
To extend your reach, offer limited and exclusive deals or discounts on the products and services that you are selling. Deals will keep your audience communicating with you, improve your social shares, and even help you grow your audience further. You can also boost your sales by running ads. By aligning your target market with the right user demographics, social media advertising can help you realize high sales volumes at a lower cost of acquisition.
3. Join Suitable Affiliate Programs
Affiliate programs are a well known marketing method. Joining an affiliate network gives you the opportunity to earn income from sales generated by links posted on your social media platforms.
So long as you pick or join good affiliate programs, you stand to make passive income over long period by simply posting the affiliate links within your regular social media posts. Amazon, for instance, pays commissions that range between 4% and 15% on its affiliate programs.
It is, however, necessary to do your due diligence and be transparent with your audience when doing affiliate marketing through social media as some networks can be scams.
4. Blend in Video Content
Since a video is by design entertaining and engaging—the kind of features needed to sell an idea, service or product—you stand to gain by including videos in your social media content. Statistics indicate that well-crafted explainer videos can potentially increase the possibility of a prospect making a purchase by as much as 1.81 times. Create quality video content about your products and services and use live streaming features, such as those provided by Facebook, Snapchat, Youtube, and Periscope. Here you can explain how your products or services will help your audience make their lives simpler. A good video with a call to action can go a long way in helping to boost sales.
5. Leverage the power of Facebook’s Shop Section
With a goal to boost their users’ shopping experiences, a bigger percentage of social media platforms are focused on integrating a wide range of shopping features. Facebook, for instance, has a “Shop Section” feature, that allows users to search for and purchase products directly within Facebook pages. If you already have an audience that shares the values or interests that you represent, promoting your products in such communities is certainly beneficial.
The digital age is giving individuals, brands, and entrepreneurs a vast array of viable options that can be used to generate income in ways that were unheard of just a couple of years ago. Despite this, the endless options for monetizing social media remain largely untapped or underutilized by many social media users. With the above tips, there is no reason why you shouldn’t start testing to see what works best for you, and learn how to earn revenue from your social media audience.
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