By Oyinlola Pelumi Adewale
Social media is an Internet-based technology that allows people to share content online, such as ideas, opinions, videos, images, and information. Users can access social media via their smart phones or laptops, making it the most widely utilized forum in the world. The recorded number of people who use social media every day is very alarming. An average person spends no fewer than two hours browsing through their various social media platforms, scrolling through funny videos, pictures, tweets or content. The most popular social media apps are Facebook, YouTube, Twitter, Instagram and TikTok. These apps nevertheless allow people to make money easily through selling of products, partnering with different brands, rendering services and so on.
In today’s society, social media has become an indispensable tool for most businesses. It helps you to engage with potential customers and repeat customers quickly and easily, as well as showcase other aspects of your brand. Some people use the social media to network and find job prospects, connect with others who share similar interests in different parts of the world, and share their own thoughts, feelings, and insights. There is no quick and simple way to making a lot of money. Anyone who claims there is, is most likely attempting to defraud you. You must be willing and able to put in the necessary effort. Every social media platform, however, allows an individual to make money easily once they have figured out the most suitable platform that suits the service they want to sell.
The good news is, money can be made from the various social media platforms available.
In an interview with Saturday Sun, Enoch W. Kabange, a Ghana-based Content Strategist and Digital Marketer, described the social media as a platform for interaction between individuals and other individuals as well as businesses and brands.“The unique thing about social media is that users (individuals and brands alike), can create and share content, start live voice and video sessions for the purposes of networking personally and professionally. Facebook, Twitter, Instagram, LinkedIn, Pinterest, Snapchat, Clubhouse, Quora, Reddit, YouTube and a lot more are the various social media platforms used today.
The various ways a person can make money through social media are:
ONE: BECOMING AN INFLUENCER
A content provider with a large social media following is known as an influencer. In social media, influencers are people who have established a reputation for their knowledge and experience on a certain subject.
Influencers on social media build a following by sharing high-quality content that motivates, entertains, informs, and connects them with their audiences. By being an early adopter, innovator, or niche, a social media influencer gains fame and trust from a growing community of online followers. They create a large following of enthusiastic, interested people who pay close attention to their ideas by making regular updates about a topic on their preferred social media channels. As an influencer, you will initiate social dialogues, generate engagement, and establish trends among your receptive audience.
TWO: SELLING PRODUCTS AND SERVICES
When businesses opt to publish and sell their products on a social platform, this is known as social selling. They then use that platform to reach out to their target audience and sell to them via the social media rather than a website. The trend of selling on social media is growing really fast! Regardless of the kind of business you run, you almost certainly need social media to run them efficiently. Most businesses, at the very least, have a Facebook page. Selling your products and services on social media helps in building and nurturing your audience, interacting with and answering questions, promoting articles and special offers, sharing videos and customer reviews, and, of course, promoting your business.
Maintaining a social media business account is simple — all you have to do is provide engaging content on a regular basis. The social media may be an important element of the sales funnel when done correctly, because the social media is a fun and conversational medium with viral, amusing, and relevant content to keep your audience interested.
THREE: BECOME A SOCIAL MEDIA MANAGER
Being the voice of your brand on social media, social media managers are in charge of representing the business/company online. They respond to comments, develop content, and build campaigns. Social media managers promote your business through social networks like Facebook, Instagram, and Twitter, with specific goals like “increasing website traffic” or “optimizing brand exposure.”
These specialists give businesses the advice they need to improve their online presence. Responding to comments and direct messages in a timely manner is one of the responsibilities of a social media manager. Others are; making social media calendars or contributing to them, creating content for a variety of social media platforms, scheduling information to be published at the most opportune periods, covering live events and pushing hashtags that are important, determining marketing and advertising objectives, social research and development , creating designs for social media and resizing pictures, and coordinating photo or video shoots
FOUR: GROW AND SELL ACCOUNTS:
Even if you post every day, growing your accounts will definitely take some time. First and foremost, you need to realize that just because a social platform exists does not imply that you should use it, especially if it is not the right medium to sell a brand. You must first decide whether it is appropriate for a company to have a presence on the platform, who uses it, and how people use it.
Statistics shows how important it is to have a large social media presence. Almost every social media platform has a summary area, profile picture, and cover photo where you can enter and display information about your company. You need to ensure that this information is correct and up-to-date on all of your platforms. There’s nothing more annoying than having more than one website address on your various social media platforms.
FIVE: AFFILIATE MARKETING
Affiliate marketing is an advertising model in which a brand pays third-party publishers commissions in exchange for traffic or leads to its products and services. Affiliate marketing entails promoting a product or service via a blog, social media platforms, or a website. When someone purchases something using the link associated with their referral, the affiliate receives a commission. If done correctly, this performance-based opportunity can become a valuable part of your business, providing you with a steady stream of income.
Affiliate marketing is a low-risk business model. You can start making money with an established affiliate product or service without any upfront expenditure because affiliate networks are free to join. Affiliate marketing can also create relatively passive income through commissions. Though you’ll have to put in some time to build traffic at first, your affiliate links can provide a stable income in the long run.
SIX: CREATING A PAID MEMBER-ONLY COMMUNITY
Managing a blog or a small business website is not the same as building a successful paid membership community. The membership model is a subscription-based strategy that allows you to charge a monthly or annual fee to your audience in exchange for unique content, community, services, or benefits. Customers will be automatically charged a monthly membership fee when they sign up. Paid membership models ensure that money continues to flow into one of your business’s channels, even during slow seasons or unexpected downturns. Paid membership models assist organizations in building an email list of customers who are eager to open their emails when they are sent to them. This makes your email marketing, as well as your other material, more effective. Blogs and newsletters, for example, also get to the recipients effortlessly. And, if you’re in the business of selling, greater open rates mean higher click through rates, which means higher potential conversion rates and, if you’re in the business of selling, more sales. When your paid members tell their friends and family about how beneficial your community is, their referrals bring more money in the door. A shared blog post is great. Many paid membership sites have affiliate programs to reward users who bring in new paying members on a regular basis. It’s up to you whether or not you give one, but make sure you find a way to reward your members for bringing their friends on board.
SEVEN: PARTNER WITH BRANDS
Many marketers are fixated on a single aspect of social interaction which is the relationship between brands and consumers. You can partner with another brand to boost the return on your social media marketing expenditure, whether you’re a big or small business. To boost the profile of your brand you should collaborate with a partner. You may give the partner’s brand more visibility while they provide their brand equity to your marketing. Make connections through social media that you might not have been able to make physically. Use the same tools to build relationships as you would in a face-to-face meeting. Don’t be scared to ask for help. If you ask nicely, you might be able to get something in return. Look for ways to include partners more fully in your social media initiatives whenever possible.
EIGHT: TEACH OTHERS WHAT YOU DO:
This is self-explanatory. Stop hoarding information like some politicians hoarding COVID-19 palliatives. Start to teach others what you do either through YouTube videos or blogs and see how you will make money from just sharing an idea.
NINE: OPEN A SOCIAL MEDIA SHOP ON IG OR FACEBOOK
Facebook shops isn’t for every business. If Facebook allows you to establish a shop area to your Facebook page so customers can buy your products directly from Facebook, then a Facebook shop would be a wonderful fit for your business. Although Facebook page shops and Instagram profile shops have been around for a while, the most recent version represents the most important shift for small and medium-size enterprises (SMEs).
Previously, Facebook shops were focused on online retail stores selling things but now they want to increase the number of tools available for service-based businesses and digital products. Promotion, sales, marketing, conversion, customer service, and more are all available through the Facebook Shops platform. Facebook has made the strategic decision to continue partnering with and strengthening connections with third-party eCommerce technologies like Shopify, BigCommerce, WooCommerce, and others. Facebook shops can also be linked to your Instagram.
TEN: START A YOUTUBE CHANNEL
Owning a YouTube channel does not only give you the liberty to make money through social media, you can also become a celebrity. YouTube is a terrific platform for connecting with others, forming communities, and possibly even making money. Whatever your Big Idea is, make it the sole focus of your efforts. Consisting of titles, visuals and audio cues, help to maintain that focus. You’re establishing a reputation here. Just define your point of view and tell your narrative in a way that only you can.
ELEVEN: BECOME A FREELANCE
You can become a freelancer by selling your skills in writing, design, etc on any of the social media platforms, depending on the one that suits your style.
TWELVE: UPLOAD YOUR MUSIC FOR REVENUE FROM ADS
Sound Cloud is one of the best places to get your music noticed. If you know how to write a catchy jingle, you can upload it on Sound Cloud to attract clients looking for music for commercials, radio ads, and other projects. To be consistent in making money on social media, you need to develop a simple social media routine regarding spending time on social media and what exactly you will be doing. Plan content ahead and have a regular process for content creation.