3 Ways to Monetize Social Media

By Emily Pribanic - Last Updated on January 6, 2020
Best Ways to Monetize Social Media

Follow these best ways to successfully monetize your social media sites.

Before you begin creating your monetization strategy, think about how much your social media sites can benefit your efforts. Even if your following on your social media is low, you can easily leverage these platforms to increase any monetization efforts you have planned for 2018 and beyond.

Social media platforms are used by almost everyone and can prove to be extremely lucrative ways to generate revenue for your company, even if you don’t have a large following. Social media monetization can be achieved in many ways, but you first have to understand that these platforms are not just for socializing anymore. The revolution of social media sites has led to the revolution of marketing practices. By thinking in this new way, monetizing your social media sites can be achieved.

How to Monetize Social Media

Monetize Social Media Followers
An excellent way to achieve this is to unveil new products and services to your followers to generate sales. Posting about new products or services gives these items a larger platform to reach prospective buyers, especially when in conjunction with Influencers. Also, try running ads for your products and use Custom Audiences and Lookalike Audiences to show these ads to. By targeting the most relevant customers that are the most likely to want what you have to sell, your sales are more likely to increase. Another way to utilize your followers for monetization purposes is to offer exclusive product releases to give your social media audience early access to products and deals. This not only creates a sense of urgency but makes your audience feel privileged as well.

Incorporate Video
The best way to engage with audiences, and especially how to monetize Instagram followers, is to incorporate video into your monetization efforts. Video content is the best way to connect with your audience because it can take seconds to convey concepts that would otherwise take a lengthy article to do so. It has been proven that when a company produces a video explaining more about their product or service, potential buyers are almost 2x more likely to buy that item. Make sure your videos are engaging, informative and entertaining in order to captivate your audience and increase the likelihood of monetization.

Sell Through Social Media
Monetizing social media in 2018 has never been simpler. With Facebook offering an easy way to sell products, Instagram launching their pilot program to do the same, and Snapchat not far behind, selling products on your social media sites is easy. Try using Facebook’s shop section to physically list your products for followers to browse through and buy from the platform. Instagram recently launched a program available for businesses to list their products on the platform and allow followers to browse through photos of products and even purchase them through Instagram’s platform. 2018 has made selling to customers easier than ever.

There are many ways to monetize customers through social media platforms and you can easily accomplish this for your company, even if you don’t have a huge following. When beginning your monetization efforts, remember to be engaging and relate to your customers. It is important to think about how customers that are engaged with and feel a connection with a brand are more likely to buy from that brand and are even willing to spend more money with that brand to feel that connection.

Emily Pribanic | Emily is a graduate of the University of North Texas. She has her B.A. in Advertising with a concentration in Copywriting. Emily has been writing since she was young and has a creative imagination. She lives in Dallas, Texas with her family and two cats.

Emily Pribanic | Emily is a graduate of the University of North Texas. She has her B.A. in Advertising with a concentration in Copywriting. Emily has been writing s...

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