How to Monetize Social Networks for Business Growth

By Emily Pribanic - Published on April 20, 2018
How to Monetize Social Network for Business Growth

Learn the best ways to monetize your social media networks.

Use social media networks to monetize your followers and grow your business.

Companies have been using social media for years to improve their marketing efforts and their reach to audiences. With digital marketing becoming so big, companies who have only relied on traditional marketing efforts have begun to implement social media monetization strategies. Companies who are new to digital marketing, though, are beginning to realize how difficult social media monetization can be. There is hope, though, if you follow these best ways to monetize social media followers.

How to Monetize Social Networks

Learn from Mistakes

It’s easy to see your mistakes as failures and to get discouraged by them. Smart people and companies, though, never see failures as failures and instead see them as opportunities. When you learn to see your mistakes as steps to success, you will implement more successful strategies. If your social media marketing strategies are not being successful, take a step back and ask yourself, why? Once you can answer this you will be able to change your strategy to work better. Remember, the word for crisis and opportunity is the same in Chinese so you can either look at your failures in a negative light or see them as an opportunity to make improvements and try again.

Organize with Third-Party Apps

It can be a very daunting task to execute your marketing efforts across multiple social media platforms. This is where third-party apps like Hootsuite come in handy. Hootsuite allows you to manage all your content distribution, and schedule posts for all your major social media platforms, in one place. Hootsuite also allows you to monitor your social media activity, so you can easily engage with your followers and participate in conversations with them. Being organized across all your social media platforms is essential to execute the most effective social media strategy.

Be Consistent with Content

Only when you’re consistent with the content you put out no matter what social media channel it’s on, will you’ be able to sustainably grow your brand. Many brands will experience increased fame once one of their posts goes viral. Make sure you ride that wave as long as possible by continuing to put out that same high-quality content multiple times a day on your social media channels. This consistency will build your brand presence, your following and the engagement you receive from your audience.

Partner with Influencers

Influencers have been helping brands explode for only a short while now, but they work very well. It has been proven that for almost half of our society with purchasing power, millennials and Gen Z, trust influencers over traditional celebrity endorsements. Partnering with influencers is an excellent way to monetize Instagram followers or any other social media platform you use. Many companies have partnered with influencers by paying them to feature their products and promote their brand. It is essential, though, that you choose the right influencers that represent or relate to your brand the best. Try A/B testing different influencers to see who gives your company the best ROI.

Focus on Your Engagement Efforts

Actively engaging with your audience is the best way to monetize your social media followers to grow your business. This includes asking them questions, participating in conversations, reaching out directly to individuals, hosting contests, encouraging friendly debates and anything else that will engage your audience with your company. People on social media are more likely to follow companies that actively engage, so be that brand that people want to follow and can’t wait to read your most recent posts.

Monetizing social media networks to grow your business can be a daunting, time-consuming task but when done correctly, you will see your business explode with profits.

Emily Pribanic

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 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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