Social media has evolved beyond being just a platform for socializing and entertainment. It has now become a lucrative means of earning a steady income. In recent times, the ways of making money on social media have undergone significant transformations. Many users are now making a good living through the opportunities provided by these platforms. An entrepreneur, who actively uses the blogosphere in his work, Ilya Magnuss, explores the most popular ways of making money on social media in 2023 in this article.
The avenues for earning money on social media are quite diverse and can cater to different types of users. Monetization for views, affiliate marketing, advertising sales, selling goods and services, participating in surveys, crowdfunding, freelancing, organizing online courses and webinars, creating and selling applications, paid subscriptions — all these methods have their unique characteristics and require effort for successful implementation.
Monetization through views is an effective way of earning money, particularly for those who create captivating content on platforms such as YouTube, Instagram, TikTok, and others. Users receive payments for every thousand views on their videos or posts. For instance, the popular YouTuber, PewDiePie, earns over 2 million dollars monthly from monetizing his YouTube videos. The income derived from monetization depends on factors such as the country where the content is viewed, the number of views, the theme, and the niche of the account.
Affiliate marketing is another viable method of earning money, particularly for those with their own audience on social media. Users receive a commission for sales of products or services that they promote on their pages. Major marketplaces such as Amazon, Aliexpress, and special services like ClickBank offer a vast selection of physical and digital products to sell. You can receive anywhere between 5% to 70% of the product's cost for each sale.
The practice of selling advertising is a lucrative means of earning revenue, especially for those who boast a considerable following on social media platforms. Users are remunerated for featuring advertisements on their pages. Take, for instance, the case of renowned Estonian Instagram influencer @estonianna, who can earn as much as 1000 euros for a single post on her page. Meanwhile, even a modest blog with a readership of 10-20 thousand can yield over 200 euros per advertising integration.
Alternatively, selling goods and services is a profitable pursuit suitable for entrepreneurs and skilled artisans who are adept at creating handmade products. By marketing their wares or services on social media platforms, users can reach new customers and increase their income. For instance, a mobile phone repair specialist may promote their services on Instagram or Facebook. Similarly, a psychologist may attract clients for counseling sessions, and a beauty salon can advertise its cosmetic procedures.
Participating in surveys and crowdfunding is a lucrative means of earning money suitable for individuals seeking to make money by taking part in surveys or crowdfunding campaigns. Users can receive rewards for participating in surveys on the Toluna platform, or they may attract investments on the Kickstarter platform.
Freelancing presents an opportunity for those who possess specialized skills in programming, design, translation, and other related fields or those who can acquire the necessary skills quickly. They can remotely execute projects by receiving orders through social media platforms. For instance, a web developer can secure a project through LinkedIn. Upwork and Freelancer are the most renowned platforms for freelancers seeking remote work.
Online course creation and conducting webinars are viable ways of earning a living for individuals with expertise and experience in specific fields. Users can develop online courses and webinars using platforms like Udemy or Coursera, then generate revenue by selling their content. For example, a certified fitness trainer can develop a course on various workouts and market it through social media. These training materials are offered in diverse formats, including textual guides, courses, marathons, webinars, and anyone with knowledge in a particular field can leverage a convenient format and even launch their own training without investing.
Developing and vending applications is a suitable option for individuals with programming skills or those who can leverage artificial intelligence technology. Users can create applications for Android and iOS and market them through social media. As an illustration, WhatsApp was created by two former Yahoo! employees and sold to Facebook for a whopping $19 billion. By designing their applications, they can use social networks to attract users. Over time, the application can become a paid subscription.
Paid subscriptions offer a profitable means of earning money for individuals with a large social media following, who produce exclusive content. Subscribers can access unique content, such as personal videos, lessons, discounts on merchandise, and more by paying a subscription fee. OnlyFans is a popular platform for selling subscription-based content.
There are various ways to earn your first 1000 euros using social media platforms:
- The first method is monetization for views which is ideal for those with a sizable audience on social media. One can leverage platforms such as YouTube Partner Program and Twitch to monetize their videos or broadcasts, respectively. The key is to keep up with trending videos and create content that outperforms them. Keyword analytics tools such as VidIQ can help achieve this goal.
- The second method is affiliate marketing which does not require any business or technical skills. One simply needs to attract an audience to a website containing information about a product. This is a suitable method for anyone, whether or not they already have an audience, and those who are willing to work with email marketing.
- The third method is selling goods and services. With a few high-quality videos on social media platforms such as TikTok, YouTube, and Instagram, one can attract sufficient views and receive their first orders. However, it is essential to focus on addressing potential customers' pain points and highlight one's unique selling proposition (USP).
It is crucial to understand that earning 1000 euros on social media requires effort, and some methods may require additional knowledge and skills. While social media presents significant opportunities, earning money is not easy, and it may take up to six months of building a target audience before earning any income, although some may achieve it sooner.
In conclusion, it is essential to recognize that social media provides significant opportunities for earning money, but it requires dedication, perseverance, and patience. One must invest the necessary time and effort, acquire additional knowledge and skills, and not expect overnight success.