Leveraging Social Media To Create Multiple Income Streams
As we transition into 2019, it is easy to notice marketing trends all around us changing. We have entered an era in which digital marketing seems to have become more popular than traditional ways of marketing. Companies are starting to spend more money on advertising on digital platforms than ever before. With all these changes taking place, new opportunities to generate revenue have risen.
A huge factor contributing to these changes is the impact social media has had across the globe. Social media has allowed what digital marketers call “influencers” to create revenue streams significant enough to change an entire lifestyle within a short period of time.
Personally, I was able to build a seven-figure social media and digital marketing agency, Social Revelation Marketing, from ground zero within 18 months. Outside of the agency, I have also been able to generate over five figures per month through different monetization strategies by leveraging social media.
The aim of this article is to inform you of the massive opportunity that social media monetization can bring and to provide solid action steps toward your own monetization strategies.
Monetization Through Brand Collaborations
One of the easiest ways to start financially benefitting from your social media channel is to reach out and create brand collaborations.
There are tons of brands looking to pay influencers to promote their products or services on their social media accounts. Additionally, there are several companies you can sign up with that act as bridges between influencers trying to get paid and brands willing to place ads on influencer pages.
The use of “micro influencers” (influencers who have less than 100,000 followers) is also becoming more popular, as brands are learning they can generate better return on investment (ROI) on their smaller investments to micro influencers, as opposed to spending hundreds of thousands on a celebrity influencer.
The relationships with most micro influencers and their followers are usually stronger and more trustworthy than the relationships between celebrities and their followers. I personally attribute this reason as to why brands can generate better ROI from micro or even macro influencers compared to celebrities.
Influencers should always reach out to brands they would like to work with regardless of their follower count. However, be aware that your follower count will directly impact how large of an offer you may potentially receive from a brand collaboration.
Influencers should always work hard to increase their audience base but should never engage in any activity that aims to inflate your credibility. Always be authentic, and this will reward you in the future!
Monetization Through Email Marketing
Email marketing is another powerful way to monetize social media. As it’s often said, a person’s most valuable asset is their email list. Email lists are an asset that never goes away.
Once you build the list, you will likely have it forever, assuming you know how to back up your contacts. Emails are also a great way to maintain relationships with clients, customers, students or fans.
Additionally, social media provides so many ways to build an email list. Personally, I enjoy creating landing pages where I give away a gift of value that is targeted to my audience base. Since I am an entrepreneur, it could be as simple as creating a free e-book titled “Five Tips on Scaling” and exchanging that on my landing page for an email address.
After the landing page is set up, the next step is generating traffic to that page. You can do this by posting on your Facebook or Instagram page, your Instagram or Facebook story, your Snapchat story, your Facebook or Instagram highlight section of your bio, or you can even run Facebook or Instagram ads. The options are endless, so be creative!
Once you begin generating opt-ins to your list, simply set up a drip-feed campaign to nourish those leads over the next 10 to 14 days by delivering value to their inbox. This will allow you to build trust and establish yourself as an expert in your field.
When you are considered trustworthy and authoritative, the door opens for people to buy from you. You will be able to push products or services their way that you personally believe in, and this is where the magic happens.
Thinking Outside Of The Box
When it comes to monetization through social media platforms, the sky is the limit. The key to unlocking massive amounts of income streams is to think outside of the box. Practicing this strategy will allow you to create new revenue streams that you never thought possible.
As an example, a colleague of mine leverages social media to get the word out about his podcast and creates joint ventures with top-shelf entrepreneurs through Instagram, which brings in revenue for his podcast business.
He also records his podcasts in video format, so he can repurpose each episode across YouTube, Instagram and Facebook with cover music and a solid call to action to buy his podcast merchandise. This allows him to not only monetize from social media outlets but also raise his brand awareness at the same time.
The key is to stay ahead of the curve by generating new, revolutionary ideas that will create new income flows. The bigger the problem you help solve with your audience, the more money flows your way.
Like most things, social media may have its drawbacks, but one thing people cannot deny is its endless opportunities to generate new flows of income. Millennials across the globe have been able to generate six-, seven- and even eight-figure revenue streams from social media platforms. I know how powerful social media can be, and I can honestly say I would not be in the financial position I am in today without it.