15 Social Media Monetization Options in 2022 (Ranked) |
You've seen ads. You've seen the videos that show you how to make 6 figures per month from your social media presence.
If you've ever tried it, you've noticed that 1. Everybody is doing the similar thing. The ones who earn the most money seem to be those who tell people how to make cash. Through our studies, we've discovered that many creators are STRUGGLING in the traditional ways of monetization.
But, monetizing a social media presence is possible. It doesn't require you to be a Kardashian to be successful.
There's good news that there are increasingly more ways to turn your following into a source of income. There are increasingly more SAAS platforms available to help you do it.
If you're tweeting to thousands, TikTok-ing to millions of people, or have 40 friends in a Facebook group, let's discuss about ways to make money from your social media users.
All that is required is you to be willing to think creatively and embrace a few new trends that are taking shape in the present. Here are 15 realistic options to monetize your social media. And, just so we're sure, these are ordered from the most effective alternatives to the most expensive which means the ones which will make the most and those that will pay the least.
If you're in need of more assistance for building your online community, come join OUR Mighty Community for free and meet other new and established community owners! We'd love to meet you. Register at no cost!
In this piece...
15 possibilities to monetize social media
11. Posts sponsored by sponsors
13. Premium subscriptions to content
Direct Monetization. Third-Party
Two questions that every designer needs to ask
15 possible options to monetize social media
1. Online Community
We may be a little ahem biased here, but online communities are an excellent method to make money from the social media users you follow.
and since we're an open platform for community Let's take a look at the objective evidence for why communities are a great option to make money.
Paying for a community helps you monetize your work (creating content) It gives people the things they're naturally inclined to want (human feeling of belonging and connection) This then transforms into the most profitable business model (recurring revenue).
It doesn't take Warren Freaking Buffet to realize that this is an equation that has a sense. The equation can be turned into a straightforward mathematical formula:
Content creation you're already doing + The connection humans want to make + The ideal business model = $$ cha-ching dollars
So instead of grinding around on a platform that someone else has, feeding their algorithm, and lining their pockets with your content creation - you basically bring your energy and flair to creating your own social media network.
A lot of communities charge the basis of a monthly fee for membership However, there's many different options to make money from them. These include selling courses, charging for groups, or converting them into an offering such as coaching.
You'll have to find which method works best for you.
How to make money from the community
It's important to have a good community platform . No facebook groups will not suffice. A REAL community platform lets members charge for memberships (or other items like classes) as well as lets you create incredible experiences.
This is why, with , we give developers a stunning platform to build on that includes beautiful discussions boards and groups, user profiles, integrated live events such as live stream, polls, and questions with native analytics, and many more... Everything is available on a beautiful app.
It is also possible to choose Mighty Pro, which lets create completely branded applications to fit your style. That's exactly the way Adriene Mishler took to build an individual community of her more than 10 million YouTube subscribers to her channel called Yoga With Adriene.
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2. Selling of services
If community gives you continuous revenue and paid-for subscriptions at a large size, social media's selling and monetization lets you make high-value products for a few people.
This is the best way to make money your social media following.
Forget trying to build an income from all of your followers. You should also stop selling products of other people for a small profit a sale. It is possible to use your personal following to sell products and services. It allows you to charge a premium for the work you do. Additionally, it helps you distinguish yourself from the rest of your competition as well as providing the fun of both creating a fan base and making money.
There's a need to highlight an obvious point in this list. Even though you're selling services doesn't mean you can't combine this with the other items that are listed here.
As an example, a career coach might sell a mixture of pre-made classes, coaching, and membership in the community. There are coaches making $500k a year using exactly this model.
Below are examples of services that could be made monetizable from a social media following and sold to consumers:
- Coaching
- Consulting
- Digital Marketing Strategy
- Facebook Ad Creation
- Content Writing
- Search Engine Optimization Consultation
- Graphic Design
- Lettering
- Web Design
- App Development
- Financial Advising
There is no limit. If you have a service-based company and build the following for the service, you are able to build a following that can earn you an income of a lifetime.
How can you make money from services
There will be a need to get your offerings out to existing clients in addition to a point of sale. That could mean using a service similar to Stripe combined with Calendly for the sales processes for, like a coaching service. You could also be fishing for bigger fish, such as being a consultant, and invoicing your business clients with a number of thousands.
This is the way to build a successful business around your social media presence, and it's effective!
3. Classes
Unless you've been living under a rock for more than 10 years, you're aware that one way to monetize your social media followers is with courses. This is real!
Building an online course is a fantastic way to earn the money you need to share your experience to the rest of the world. In case you're concerned that there's not enough room for you... do not be afraid. It is predicted that e-learning will continue expanding and will reach $1 trillion in value in 2030.
A few things have changed with online courses is the delivery options. Ten years ago, people were adding an asynchronous course on an existing WordPress site - then creating it and then forgetting about itin hopes to "earn some money while sleeping."
Although there's absolutely nothing wrong with passive income but the nature of online learning is evolving. We're seeing more and more live and cohort-based courses and courses that are built in vibrant communities that give participants a huge hug of love and support throughout their journey.
Like we mentioned above the courses are great when combined along with the additional options listed in this list (especially communities) for a complete company's model.
How to monetize with the course
Choose an awesome course platform (like ) that gives you courses and community together Trust us, you'll find an effective business model here. Decide on your Ideal Member as well as your main goal, identify the transformation you want to take students through and then begin developing and selling!
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4. Mastermind Groups
Mastermind groupings are an excellent method to make money from your social media followers. In contrast to traditional coaching masterminds are group of people with similar interests for support, gain knowledge, and be accountable.
Top mastermind groups charge an amount for a carefully cultivated group of fellow-minded individuals, and business owners swear by these groups.
How to monetize with the help of a mastermind group
If you want to read our guide to starting mastermind groups to get greater details, in essence, you require a group comprised of Ideal Members, maybe a platform to bring them together on and charge the membership fee, and now you're rocking!
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5. You can find work
Here's some unconventional guidance. You can use your following on social media for a chance to land an interview. If you're regarded as an expert in something and have a following, it's possible that building your reputation will make you attractive to potential employers. What better way to leverage your brand into a paycheck!
It's the same if creating a fan base is something you are able to help others. You could consider getting paid to create content and apply your skills in social media into practice. Our team hires people to do just this! (Check this page for a listing of our vacant positions.)
6. Physical goods
Based on your work and the kind of people you follow on, there could be an opportunity to sell physical items. Consider if you're a artist or photographer with a following on Instagram. This implies that you'd be able to create products from your work and sell your work!
Some you're probably inquiring "Where is the best place to get prints?"
There are costs involved in getting your physical business off the ground - for instance, printing prints and purchasing shipping materials There's no reason why it should be prohibitive. Since you don't need to purchase a storefront and any earnings you earn after manufacturing and shipping is likely to be a profit. In addition, if you've got a following already and you have a following, it's possible to make a profit on your efforts!
What is the best way to make money from physical goods
It is possible to create an own Shopify store, or create a website with an e-store plug-in built into. You could also make use of a marketplace for products already in place similar to Etsy. Figure out how to collect from them, and then sell your products!
7. Group coaching
We touched on coaching above however, another method that works great for monetizing social media sites is group coaching. Like a mastermind-style group groups of people come together to learn from... YOU. If you're a social media influencer with a decent-sized social media following which would like to learn from you, group coaching can work really well to monetize.
It is advantageous to be having multiple people working at the same time - which gives you scale. Coaching clients receive benefits from working directly with you - often for less as compared to 1:1.
Group coaching is an excellent way to have fun as it unlocks the advantages of community we talked about in the previous paragraph.
How to monetize with group coaching
It gives you everything you require to run a successful group coaching business. It allows you to gather a crowd and charge for subgroups - that's the group coaching cost. After you've had your group established, you'll be able to create occasions (coaching sessions), live stream, and keep the conversation going with forum discussions and direct messaging.
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8. Sell merchandise
Merch can be considered a type of physical product, but it's worth mentioning here. This is because merch isn't just about making an item that is unique, but is more focused on monetizing your brand.
So whether it's the cutest pair of slippers featuring your logo their soles, or coffee mugs or t-shirt, locating and selling merchandise that matches the brand you're trying to promote is a fantastic option to earn money.
What is the best way to make money with merch
There are some platforms that have merch capability included, which is awesome. The most popular is Patreon. Although it has some limitations in monetizing your followers-not to mention the amount they chargethe ability to sell merch is quite cool! YouTube should also be mentioned in this article, as they've developed the ability to include merchandise to your channel.
9. Build software
The process of creating software is not an option for people who don't have the skills however, it's something that some people on social media are doing. If you have a huge following and are known for the expertise you have in one particular area, you might be the ideal person to create an enterprise that runs on the people you follow.
Looking for ideas? Check out Neil Patel, who turned his SEO expertise and following into investing in and joining companies such as Kissmetrics as well as Crazy Egg.
It's not easy making software, but it could be a lucrative way to monetize the social media presence of your followers.
10. Patronage
At the bottom of this list, we're hitting things that are widely known, however, they're not necessarily as profitable. It's the same with the patronage model that is best known via the tiny website called Patreon.
Basically, Patreon gives people who trust in your cause the opportunity to support you, although it's grown its business model to incorporate "perks" that you can provide to your followers... (When it comes to selling perks and merch, Patreon looks a bit more like a traditional product or service company. But we digress. )
The most successful Patreon creators make money. The podcast, for instance, True Crime Express notoriously makes approximately $240k a month. However, the lowest-earning artists earn pennies, or nothing, every month thanks to their hard work. There are many starving artists who joined Patreon, and are still in a state of starvation.
That means your chances of earning a living through a Patreon account are not that great This pushes Patreon further down the list.
How can you monetize your site using patronage
There's a detailed guide on How to Be Successful on Patreon and you can go through. There are also other Patreon alternatives to Patreon that share the same goals. However, to start simply pick your platform, get your account up and running Set your support levels, and tell all your friends about it! Then you're ready to go to the races.
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11. Posts that are sponsored
Sponsored content is one of those ways to monetize your social media fans likely to require a substantial following - although even micro-influencers could earn dollars and get free samples of these.
Like it sounds, a sponsored post is when someone pays you to write. The feeling could be pretty good if you've worked hard to gain a reputation and you've got a product you love and want to recommend. On the flipside, if you're trying to promote a product you don't know or even like to the people you're trying to sell it to in a desperate bid to earn a few dollars this will make you feel disgusting.
Sponsored posts can net you anywhere from a few dollars to $1 million when you've got a Kardashian following.
How to start with sponsored posts
There are many methods to get sponsored content. It is possible to reach directly to marketing departments at the companies you enjoy, while certain companies even have teams who are dedicated to influencer marketing.
The bigger your following gets, the higher chance such people be contacting you advertising sponsored content (but beware, there are plenty of scammers and spammers that are waiting to contact you when you have a big number of followers as well).
There are increasingly new platforms emerging that help influencers and companies to connect. G2 provides a list of these influential marketing networks .
12. Affiliate Marketing
Affiliate marketing is another way to monetize content, however, unlike sponsored posts , you're never paid to post - you are paid each time you sell the product. Usually, affiliate agreements will define the amount you receive per sale.
Then, you'll send the tracking URL that informs which company referred the purchase, and then you get paid!
Cha-ching!
The has a couple of downsides to monetizing with Affiliate marketing.
- There must be a subject which makes sense. Links that lead to "low-interest credit cards" for your followers who follows you for advice about pet care is an easy way to lose your followers.
- The amount of money paid out is usually correlated to the worth of the product. It's quite a difference purchasing a book that has 10% of the money being paid or a higher-priced, $3,500 course with 10 percent payout. You need to figure out what products are worth your time.
But if you have an audience that matches your product, and you've got items that are well-paying and you are confident in promoting, why not! ?
How can I start with affiliate marketing
Select a brand you enjoy and then search "THAT BRAND affiliate program." Find out the affiliate program they offer.
It is common to register for an affiliate program and get approved. You may need to add some personal and tax info for the payments.
The past was when a lot of affiliate programs were managed exclusively by brands. However, increasing numbers are managed by central platforms such as impact.io. It means that you can sign up for multiple affiliate programs from one location, and they handle the payouts too.
By the way, if you like the content and would like to make it available to others, we have an affiliate program too! Find it here. *
13. Premium Content Subscriptions
One way to earn money by providing your social media users with content is through using exclusive or restricted content. There was a time when lots of bloggers created "members only" sections that provided users with access to premium blogs.
This is an idea that has used by some of the top social media sites. In essence, you produce content that is for members only or people paying for a subscription. The great news is that you could earn recurring revenues should you be able to create it to work for you.
How can I start using content subscriptions
There are two choices. First, if you're on an app that offers subscriptions included the platform, turn it on and go. For example, Twitter recently launched its "Super Follow" button which lets creators with more than 10,000 subscribers sell premium subscriptions.
Another way of doing it, especially if you're in a system that doesn't have it built in you, is to pick an application that can provide you with a premium content subscription. A solution like Substack does this for newsletters, giving all the features you require to start a business with a newsletter.
and, of course, it also provides you with a way to make money from your content to paying members and mix in various methods mentioned in the previous paragraphs!
14. Advertisements
Below on the bottom is the social media monetization method that most people thought would be at the top the list: advertisements.
The monetization of advertising can be unpredictable, even though it's what most YouTube creators dream of. In reality, there is a strict set of rules regarding the types of ads that can be monetized and it requires a lot of time to make any real income from YouTube advertising.
The same thing would be the case with display ads, in the event that you were to direct your followers to a website which you own. The low premium on ad time means it's likely that you will not be able to cover your expenses in the near future. However, if you're eligible to receive ads , like on YouTube and using the monetization methods that we've discussed in the past, it certainly it's not a bad idea to switch on advertisements!
15. Mix and Match
The topic has been touched on every step of the way however let's get straight. It is possible to mix and match lots of these options to create a viable enterprise from what you have!
In particular mixing classes and communities is a great way to benefit from both strategies!
The combination of these two elements creates a structure that allows your members to establish relationships and assist each other in staying committed to the new ways of life they're developing. Connections they build about the subjects that are most important to them are why they are motivated to come back, and to renew their membership every year.
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Direct Monetization. Third-Party
The last question to be answered in the entire process is whether to monetize directly on a social media platform or move your viewers to another. If you look at the most successful creators, you'll notice that they're often doing a mix of both.
The key is the following: If you are able to offer your most engaged and motivated followers the opportunity to master a topic in a group in order get results from that subject together, you can monetize any social network.
How does mastering a subject together appear like? Let's look at an example.
Imagine that your Instagram account follows your adventures of homesteading or being a farmer, living off the land and growing your own food, taking care of livestock on your own, as well as designing your own clothing (remember that we used the word "imagine" in this article! ).
It is possible to monetize your Pinterest users by creating the possibility of a membership-based paid annually that allows community members to can join to learn more about sustainable living through collaborating both with you and with each other.
It is also possible to monetize your Instagram followers by offering an exclusive online course, focusing on the best ways to grow a flourishing food garden.
You can follow the example of Kathleen Drennan. Kathleen, a florist with her own business in remote Australia and monetizes her Instagram fans with the hashtag #ForFlorists. It's an online school of business for florists. In her Instagram account, she runs an online community for members with an annual subscription and an online business class for professional florists who are aspiring that allows members to master the business of floral design and design, all in one.
At the end of the day, it's not just about strategies - it's more about the things that will give your audience members to undergo the change they're looking for and want.
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2 questions every creator must ask
In order decide if you could also profit from your social media followers Ask yourself these two simple questions.
#1. What are my most loyal supporters?
Monetizing your social media followers doesn't mean you have to be all about your social media followers. It's about finding and connecting those who are most driven today to dig more deeply into you and your niche.
Which of your customers would want a deeper product you can create than what you offer in social media for free? In addition, who is your audience most likely to to connect with each other?
Begin by looking at ways to make money from those who are on social media initially. These are the most easy to reach initially and benefit the most from paying membership or online course.
#2. What sort of outcomes and transformation could I offer my most ardent followers through an online course, a training program, or annual membership?
What is it that your most committed followers wish to see happen within their lives? And what can you do to help them get there faster with an improved structure and an empowering community? For example, could you aid your followers in advancing professionally? Learn about best practices for beauty? Do you want to train for a 5K?
Once you've sorted out the characteristics your most loyal fans share, and also what results they're most eager to get now, it's time to take the next step toward social media monetization.
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Ready to start earning?
There's a catch to monetizing your social media channels: People will be willing to pay to see results and change. And when you're ready to monetize your social media followers A Mighty Network will help you to get there.
Through a Mighty Network, you'll be in a position to provide all the pieces under your brand's name that is instantly accessible on the web, iOS and Android. It's also easy to set up different membership levels or access to special online training as well as both.
Within your private Mighty Network, you can charge for access to your whole community. Make use of the Mighty Network free and charge only for online courses or group in the Mighty Network; create bundles of online classes or groups which you may offer annually, monthly or as a one-time fee; and more.
It's an effective model that is easy to run (especially when you're running your first membership site or online course) and also for your students to understand your subject all at a single location.
Ready to monetize your following?