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4 strategies social media influencers can use to start making money

Discover the 4 ways social media influencers are making big money today

4 strategies social media influencers can use to start making money

Networks are where it is at. The social media giants understand that and so do the investors who have bought their stocks. Similarly, many companies understand that the social media influencers out there who have built up a large network of people whose opinions they can sway are incredibly useful in getting their message out there.

For that reason, if you’ve spent the last few months or years building up a network of people who listen to what you’ve got to say and follow what you’re throwing out there, then you’re in a phenomenal position.

Before we jump into how you’re going to be able to turn that into a profit, however, let’s quickly discuss the limits of making money from networks. Always remember it’s much easier to lose a network than to build it in the first place. When people no longer respect you, then you’ve lost your influence over them. For that reason, always tread carefully when you start making money from your network. After all, a quick buck today might mean no money tomorrow.

Got that? Okay, so let’s look at the 4 strategies making money for social media influencers all over the world.

Sponsorship

The most obvious way to turn your network into money is to help companies sell products to them. Basically, this amounts to advertising. Chris Flores, head of marketing for TopAustraliaWriters explains: “People believe that you know what you’re on about and therefore if you are seen with a product, it becomes desirable to them as well.”

Interestingly, we’re quite unsophisticated in terms of seeing through this kind of manipulation. We don’t just assume the people we respect know about their field of expertise, but about a great deal more. In psychology, this is referred to as the Halo effect. And it is why football stars can sell dental floss.

It also means that you shouldn’t just look for sponsorship in your area of expertise. You might have better luck further afield.

Social media influencers thrive the most in the world of affiliate marketing

Many companies will give you money if you send customers to their site and they end up buying something. This is known as affiliate marketing. This can be an incredibly effective way to make money without having to put big and ugly ads or sponsorship photos on your website.

“The best kinds of affiliate links are obviously the ones where you stand behind a product that you’re linking to,” shares Reggie Chung, a social media manager for FlyWriting.

If you’ve used it in the past and been happy with it, then what’s the harm in pushing it and making a little bit of money on the side? Do note, some people do not look kindly on affiliate marketing which is not announced. So if you go down this road, make sure that you put a disclosure up somewhere.

Donations

Don’t want to go down this route? Then you can always ask for people to support you. Wikipedia does this, for example. They ask for direct donations to keep their platforms free from advertising. Though only a fraction of people will donate if your network is big enough that can add up to quite a decent amount of money.

There are a lot of tips to help you ask for donations. Here is an important detail, though: Some people think that they should ask for a minimum amount of money, in order to boost the individual size of the donations. This turns out to be counter-productive. Asking people to give whatever they can (or want to) might lower the average donations, but is more than compensated for by the increase in how many people end up donating.

Social media influencers make a lot of money from selling their services

Instead of selling other people’s services, why not sell your own? What I personally like most about this strategy is that these people follow you to hear your opinions and follow your advice. And your services are a natural extension thereof.

So, whether you’re a graphic designer, you’re a star at writing for a writing service like TheEssayTyper or you feel your expertise is helping other people build up their presence online – go ahead and try to sell it to people.

There are a lot of ways that you can use your network to sell your own products. The obvious way is to blast everybody with the news that you’re selling your services. That’s hardly the only way, however. Also, remember to write to specific people in your audience directly. You can ask them if they’d be interested in trying out your wares (perhaps a free trial). Or you can ask them to broadcast what you’re offering through their own networks.

Don’t forget what you did to get here

When you start taking steps to monetise your network, don’t forget how you built that network in the first place. There is nothing wrong with trying to turn your hard work into a bit of money. What doesn’t work, however, is if as a result you no longer give your audience what they started following for you in the first place.

If you do that, then they will very quickly catch on that you’ve sold out. And there is nothing quite as effective at undermining your standing than seeming to have lost your moral compass. These tips will help you take the first few tentative steps in becoming one of those well paid social media influencers in the world.

Guest post by Jessica Fender

how to make money as social media influencers
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