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Social media is currently the most powerful marketing tool and can be very lucrative. It has had a huge impact on the way we shop and continues to play an important role in how people make money online.
The Influencer Marketing Hub is a very useful tool for anyone monetizing their social media. The 2020 benchmark report showed how great social media marketing is. According to the report, the influencer marketing industry is set to grow to around $ 9.76 billion in 2020. Not only that, but 300% more micro-influencers are being used by large companies now than in 2016. This paves the way for future influencers and allows more people to use their social media to generate income.
Sell your own products and services
According to a study by Smart Insights, 30% of consumers say they would like to buy directly from social media platforms. While 87% of ecommerce shoppers believe social media helps them make a buying decision. So, if you don't use social media to sell and promote your products and services, you are missing out on a huge potential market!
There are many helpful tools out there such as Hootsuite that you can use to manage sales through social channels. Through their service, you can track, manage and schedule your social channels in one place. They help you see what type of content and on which platforms your audience is most engaged. The more you know about the audience demographics and their tastes, the easier it will be to sell them.
Note that most of these tools are chargeable. However, you usually get a 30-day free trial to try first.
If you're considering setting up an online store, check out our article here for tips to get you started.
important considerations for online sales
- Customize your social strategy to suit your audience. Who is your main customer? A teenager or a professional? How you market and sell your products and services is largely determined by your population size.
- Create the right content at the right time. Statistics show that posts with visual elements consistently perform better and show more engagement across all social media platforms than posts without. Posting too often or not at all is harmful and drives customers away.
- Reconnect everything to your company. Having a relationship with your audience is essential – sales rarely happen on first contact, but usually several times later. Your audience needs to trust you and you need to listen to them. If you do, you will be in a better position to serve your audience with what they need, when they need it.
Make Money With Affiliate Links
Affiliate links are a popular way to get some residual income. They're also cheap and easy as you don't have to create and sell a product yourself. All you need to do is establish a connection between the buyer and seller and then receive a commission when a sale is made.
There are several ways to set up affiliate links – one through the Amazon Associate Program. This way, you can earn up to 12% of all purchases made during the buyer's shopping session. Even if someone clicks on your link, doesn't buy that particular item, but buys something else during the same "session", you are still entitled to 12% of it.
ClickBank is another website with its own affiliate marketplace. You can use them to promote products that are already best-selling and earn commissions of up to 90% on some products. You have the option to pair up with brands in different fields like arts and entertainment, e-business, as well as parents and families.
how to promote affiliate links
Any promotion or sale on social media should appear natural. No audience wants to feel like they are all the time sold to.
Reviewing a product is a legitimate way to link it to a post or blog. Summarize the pros and cons and give a balanced opinion on them. They want your audience to trust you and selling Naff products will only break your credentials.
Choose your affiliate links carefully and publish them sparingly. Flooding your followers with affiliate links is counterproductive. They are more likely to be scared off and instead stop following you. Promote a few that you really think are worthwhile and fit your brand image, whether it's fashion and beauty or the latest in gadgets.
Use promo codes
Lots of influencers use discount and promo codes to make money. They work much like affiliate links, which earn a commission on the number of sales made with their code.
Almost anyone can get promo codes for brands, although the bigger your fan base, the more lucky you are. When applying for promo codes, make sure the brand is relevant to you, your content, and your audience. They may be happy to offer you a code as it is free for them. If they don't sell from you, they don't have to pay you any commission and they have lost nothing.
how to approach Marken
Brands are a great source of income for social media, and anyone with a fan base of over 2000 is considered a micro-influencer. Many brands now want to work with influencers because it is much more effective and cost-effective for them than traditional forms of marketing such as magazines and television advertising.
However, it is important to know how to approach brands.
Steps to Approach a Brand
- Research. Find out more about the brand, its mission statement, and any products you are interested in. It looks very bad if you ask a brand for sponsorship but don't know about them.
- Check your social media. If you really want to be able to monetize your social channels, make sure you keep them branded and professional. Public contributions must be free of incriminating or potentially offensive contributions. If brands discover risky content, they are sure to avoid it.
- Pitch Yourself. You have to be able to offer something to the brand in return. Think about what your unique selling points are – what is different about your content or your audience? This makes this a rewarding opportunity for them that they won't find anywhere else.
- Illustrate brand affiliation. Don't send a blanket email to every brand you come in contact with, demonstrate your knowledge and create a unique pitch every time.
Questions you need to answer when targeting brands
- How relevant is your blog or social channel to the campaign theme?
- How big is your fan base? What is the potential audience that the content will reach?
- How regularly do you post on social media?
- How engaged is your audience?
Another consideration for reaching brands is with agencies. There are actually several UK influencer marketing agencies that you can sign up for including Disrupt, Goat Agency and Socially Powerful.
Tips for Building a Following (and Selling to Them)
Unfortunately, there aren't any quick ways to grow your fan base right away. There are a lot of fake ads for it, and as your number of followers grows, it's made up of bots that don't really care about your content or your brand and completely ruin the purpose.
One way to build your network is to create daily, weekly, and monthly goals so that you are committed to growing engagement from the start.
TikTok was the latest social media trend and is growing rapidly with over 800,000 logins per month. Although TikTok doesn't currently offer direct money-making features, one of the most important ways people make money from it is to push their TikTok followers to their other social media platforms where they can make money. Some other users have even organized sponsorship deals for wearing branded clothing or appearing on their videos at certain events.
Although right now most of the influencers using TikTok compile it as part of a general package instead of making big bucks out of it. Just a few months ago, TikTok announced its Creator Marketplace, which will appear later this year. When this is live, it will be a website where users can connect with advertisers to collaborate on marketing opportunities.
Instagram goes a long way in helping people make money on social media. Over 90% of influencer marketing campaigns use the app.
Instagram has the option of converting your personal page into a company profile. Doing this will give you insights into how you interact with your posts and stories and can set up an Instagram store.
Instagram's shoppable features allow businesses to tag products that are available for sale and customers can purchase them right from the app.
In an Instagram company profile, you need to provide:
- A photo or brand logo that is recognizable and consistent across all of your social platforms.
- A well thought out biography. This is an opportunity to give customers a glimpse of you, your brand, and your company.
- Link to your website. Unfortunately, Instagram doesn't allow direct links in posts, so the bio URL section is the only clickable link on your profile.
The easiest way to run ads is to promote posts you've already shared on Instagram. Simply select the post you want to improve and hit the "Apply" button.
You have the option to create the audience you want to post to (choose between gender, age group, etc), or you can let Instagram do it which will automatically share it with a similar audience.
Ads don't have to cost a lot either – they can start as low as a few pounds. To begin with, you can only run an ad for a few days to see how well it works. Remember, however, that it takes a little work to get it right. If your first try doesn't bring much business, keep trying. Ideally, simply clicking the action button like "Shop Now" will make it easier for someone to make a purchase. Overcomplication will put people off.
If you have more than 10,000 followers, you can add links to your stories on Instagram. It can take a while to build a fan base this size. However, if you have a precise and consistent brand image, post regularly, and use hashtags smartly, you can bring new people to your page.
With the "Link in Stories" function you can create direct links to your website, your shop or specific items.
# Use hashtags
Hashtags are an easy and effective way for people who don't follow your page to find your content. Don't use too many, however! You don't want your page to look like spam, you want it to be carefully curated. It's much better to focus on some targeted and high-traffic hashtags. Think about who to target and use hashtags to help you find them.
Rules for making money on social media
New legislation requires you to declare money when you make money.
- Disclose all affiliate relationships. All you have to do is write a simple phrase like "Disclosure: the link below is an affiliate link. This means that I will earn a commission at no additional cost when you shop through this link. "
- If you're working directly with a brand that paid you to post something, add a simple hashtag or comment based on #sponsored #ad.
- If a brand or public relations firm requires that you not label something as "sponsored" or "advert", it is indeed illegal and you must refuse.
- You need to make it clear if you also post about your own products and services.
What counts as an advertisement?
- Paid place
- Own advertising
- Affiliate marketing
- Paid reviews of products
- Paid product placement in your content
Gifted content can create confusion. However, if the brand is asking for something in return – so you can post it on social media or provide editorial content – it's an ad that should be labeled as such.
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