3 ways to monetize using social media in 2021.
3.96 billion people use social media in the world(1). Either for business, fun, connecting with friends, or building an online presence. If you have a product, service, or talent that you wish to monetize then here is your audience.
The pandemic has been tough on all of us be it salaried individuals, businessmen, or housewives. Pay cuts, layoffs in the name of the pandemic, shut down of markets, and uncertainty in the economic state of the country has had a huge effect on our pockets. Almost every other person has a social media account and is hustling to monetize their hard work through social media. If you are one of them then this article is for you. Here I will share the top 3 ways in which you can get some extra income and if you stick to it with consistency then you may even make it big enough to exit your day job.
Choosing a social media platform
Before we begin, a few prerequisites to get you started. We all have a social media account but doesn’t ensure monetization does it? To get you started choose one platform out the popular ones like Facebook and Instagram. Twitter, LinkedIn, and Pinterest can be used as secondary tools to market your content but to build a brand you need one of the two image-sharing social media apps.
Once you have decided which platform you prefer, next you need to find your target audience. For eg., If you are a good baker and you wish to monetize your skills by selling home-baked goods then this is the best time to do it. As per experts digitalization of all sorts of media has made it easier to set up shops and start businesses. Imagine making sales without the cuts of electricity bills, office rents, salaries of staff, etc. That’s the benefit of starting a business online nowadays.
Building a brand
The next step would be branding. The aim of branding is to help the audience relate to your content or services. Amidst the hundreds of posts that an individual comes across during their scrolling session, they should stop on yours. On average a user spends not more than 5 secs on a single post before deciding to swipe up or move on to the next post. So you have 5 secs to create an impact on your target audience. Here’s what will help you.
- Make a logo
- Select a color theme for your page
- Create posts that have a similar replicable pattern with subtle differences.
Creating content relevant to your niche.
How many times have you heard “content is king?” the reason people keep repeating this point is that despite having down a perfect braiding if you fail to make good content then you will not be able to reap the benefits of this social media surge.
In the simplest of terms, good content provides some sort of value to the user. You have to give the audience a reason to stop on your posts and that reason is some information, hack, product, or service that they might find useful. Once you have mastered the art of providing value to your user, people will recognize your account as a genuine OEM and that’s when the sales will start happening. Building a trust relationship with your audience is of utmost importance to crack any
3 ways to monetize your social media account.
- Freelancer
- Affiliate marketing
- Provide a service
1. Become a freelancer.
A freelancer works for himself and not for a company or organization. You can take up jobs on a contractual basis but are still considered self-employed. Are you a content writer? Songwriter? Medical coding expert? Photographer? Artist? Website developer? videographer? Many firms are looking for candidates like you. Work is on a project basis and payment on the terms of your experience and expertise.
If you have a skill or talent that can be used to help people or solve some of their problems then freelancing is for you. There are many platforms both Indian and international that hire individuals for smaller projects. It gives you the freedom of work and you are not tied to an institution for a long period of time. Fiverr and Upwork are few platforms where you can create your profile, link your social media and work samples and let firms find you.
2. Affiliate marketing
It involves earning a commission by selling products for other companies. If you have a good following on social media and you have now established your presence as an influencer then this is the best option to monetize your account. You can use these products or simply market them to your audience. Ernest reviews of products that resonate with you and your audience cut rather than simply clicking pictures with a product in your hand.
Different brands and platforms have different commission terms. Some of the common platforms that affiliate marketing campaigns include Oriflame, Flipkart, Amazon, healthkart, and Meesho. It’s a good option for those seeking work from home with minimal effort.
However, it does require a great deal of creativity and interaction with the audience to make sales.
3. Provide a service (become a coach or mentor)
This will help you be a part of a greater league and set you up for life. Not everyone can be a mentor, coach, or teacher. This option requires you to be an expert in your field. Certified with nationally or internationally accredited institutions so that the credibility of your work cannot be questioned.
There are numerous things that people need help with. Are you a science teacher? a singer? a calligraphy artist? a home cook? Then you can use your knowledge and expertise to teach people and acquire a skill.
Develop a course to teach a particular skill or solve a problem. For eg., A course on parenting would be “how to discipline your child without yelling or spanking” this course aims to help parents solve their problem of child discipline. Or a course on “learn the basics of home baking in one week”
Once you have worked upon your course module and format (lectures, assignments, live session of Q n A) then it’s time to publish the course. Many platforms allow you to monetize your course after a small deduction of processing fees. Udemy and Unacademy are a few platforms where you can get courses on any topic including “how to build a course”. Youtube
All these three options require you to build your online presence first. Garner audience/followers on your page or website. Think of your page as your shop. You have to stock it with all the items that you claim to have. Decorate and arrange it, making it aesthetically pleasing so that customers would want to buy more and keep visiting.
A social media account can be just more than a means of enjoyment, it can help you pay bills too. Ready to get started on your journey to setting up a digital presence? Then a social media account is the easiest way to reach your target audience from the comfort of your home. That too without even spending a penny.
