Influencer marketing is a booming business. In fact, according to studies, it’s expanding to be a $16.4 billion industry.
In 2022 and beyond there are so many ways to make money online for people of all walks of life – and with the creation of social media, monetising your influence has become a real thing. You no longer have to be a celebrity or top-tier blogger to make significant money from your online presence – micro-influencers have an incredible opportunity to make money from their following as well.
It’s reported that over 70% of teens trust influencers over their favourite celebrities and that people are increasingly turning to their favourite social media influencers to direct their purchasing decisions.
As an influencer, you have a unique opportunity to monetise your following in a variety of ways. In this article we will explore the most profitable methods for monetising your influence; because let’s face it, not all methods are created equal, so we need to be strategic.
Each of these methods listed offers its own unique advantages and disadvantages, and it is important to understand those before deciding which route to take. However, all of these methods are lucrative and can provide a healthy stream of income for years to come.
Let’s dive in.
Selling digital products
When it comes to monetising your social media influence, selling a digital product is one of the most profitable options. This could be anything from an ebook or a calendar printout, to a membership site, or even a course.
The great thing about selling digital products is that you don’t need to have a lot of start-up capital. In fact, you can often create these products yourself with little more than a solid computer, your phone, and an internet connection. And thanks to platforms like Shopify and Wix, you can even set up your online store without any coding experience.
Another advantage of selling digital products is that they can be sold worldwide, which opens up your potential customer base to millions of people. You also don’t need to worry about shipping or returns, which saves you countless headaches.
So if you’re looking for a profitable way to monetize your social media influence, selling digital products is definitely worth considering.
The best digital product: Courses
Out of all the digital products you can sell, creating and selling a course is one of the most profitable options. If you have an engaged social media following, pick a user-friendly course platform where you can put together a series of lessons teaching a solution to a unique problem your followers have.
People all across the internet are making money selling online courses, and not just with stereotypical courses on coding or sales. There are influencers selling courses by teaching a wide variety of topics:
- Craft brewing
- Saving money
- Chinese language
As you can see, if there is a problem to be solved, there is a course you can create for it.
There are so many ways to make money online these days, and affiliate marketing is one of the most profitable.
With affiliate marketing, you partner with a brand or company and promote its products or services on your social media channels. In exchange, you earn a commission for every sale that you make.
To get started with affiliate marketing, you first need to find a suitable partner. There are countless organisations with affiliate programs (even Crypto companies are offering affiliate and referral programmes to influencers on YouTube and TikTok these days), so you should have no trouble finding one that aligns with your followers’ interests and values.
Next, you need to create high-quality content that promotes the product or service. This content can take many forms, such as blog posts, videos, or even social media posts. Be sure to clearly explain why the product or service is worth buying and use your personal experiences and insights to endorse it.
If done correctly, affiliate marketing can be a very profitable way to monetise your social media influence in a passive way. By creating high-quality content and actively promoting products on social media, you can attract new customers and generate significant profits for yourself and your partner brand.
One of the best and most profitable ways to monetise your social media influence is through brand partnerships. When you have a large and engaged following, brands will want to work with you to promote their products and services. This can be a great way to make money while also promoting something you believe in.
There are a few things to keep in mind when negotiating brand partnerships:
- First, make sure that the brand is a good fit for your audience.
If your followers aren’t interested in the products or services the brand offers, they won’t be likely to buy them.
- Second, make sure that you are getting paid fairly for your efforts.
Don’t sell yourself short – if you’re putting in the work, you should be compensated accordingly.
- Finally, always make sure that you are clear on what the agreement is between you and the brand.
Be sure to spell out things like how many posts you will make, what type of content you will create, and when the partnership will end. This will help ensure that there are no misunderstandings down the road.
Brand partnerships can be a great way to monetise your social media influence. By carefully selecting partners and negotiating fair deals, you can make money while promoting things you believe in.
Monetising your influence can be a very profitable endeavour.
One word of caution: it takes years to build your influence, and only a day to destroy it.
So only endorse products you truly believe in and feel would benefit your followers. Followers want to feel like you’re serving them, not “hard-selling” to them.
You can make money while promoting things you believe in by creating quality digital products, strategically using affiliate marketing, and partnering with the right brands.
If you have a growing social media following, now is the time to make it work for you!