15 Social Media Monetization Options for 2022 (Ranked) |
You've seen ads. You've seen the videos that show you how to earn six figures a month with your social media following.
If you've ever tried it, you've realized that 1. Everyone is doing the similar thing. The people making the highest amount of money appear to be those who tell the people how to earn cash. Our research has realized that a lot of creators are STRUGGLING in the traditional ways of monetization.
However, making money from a social media following is still feasible. And you don't have to be famous to be successful.
There's good news there's an increasing number of methods to convert your followers into a source of income. In addition, there are more SAAS platforms available to assist you in this.
If you're tweeting to thousands, TikTok-ing to millions, or you've got 40 members in your Facebook group, let's chat about ways to make money from your social media followers.
All that is required is you to to think imaginatively, and to embrace some innovative trends being developed today. Below are the top 15 options for monetizing social media. In order to be certain, they are classified from the top choices to the least effective which means the ones that will pay you most to the ones that pay the least.
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This piece...
15 possibilities for social media monetization
11. Posts sponsored by sponsors
13. Premium content subscriptions
Direct Monetization vs. Third-Party
2 questions every creator should ask
15 possibilities for social media monetization
1. Online Community
We may be a little perhaps bias here, but online communities are a dang great option to earn money from your social media followers.
And since we ARE the community-based platform Let's take a look at the objective evidence for the reasons why communities are an excellent method of monetizing.
Paying for a community helps you monetize what you're already working on (creating content) It gives people the things they're naturally inclined to seek (human feeling of belonging and connection) It also transforms it into the most profitable business model (recurring income).
There is no need to be Warren Freaking Buffet to realize this is an equation that makes sense. The equation can be turned into a straightforward mathematical formula:
The creation of content that you're already engaged in + The human connection we crave + The ultimate business model = $$ cha-ching $$
This means that instead of slaving through someone else's platform by feeding their algorithm and lining their pockets by supplying them with content creation - you basically bring your energy and flair to creating your own social network of sorts.
Many communities charge the basis of a monthly fee for membership However, there's numerous ways to make money from them. These include offering courses, charging sub-groups, or upselling into an offering like coaching.
You'll have to find the best solution for your needs.
How to make money from the community
There's a need for a fantastic community platform - and no, a Facebook group doesn't make the cut. A real community platform allows users charge members (or different things such as classes), and allows you to make extraordinary experiences.
This is why that we offer developers a stunning base to work on. It features beautiful discussions boards, groups, user profiles with live events integrated into the app including live stream, polls and queries, native analytics, and more... The entire suite is accessible on a beautiful application.
It is also possible to choose Mighty Pro, which lets create completely branded applications that are tailored to your preferences. It's the route Adriene Mishler used to create an individual community of her more than 10 million YouTube viewers on her channel, Yoga by Adriene.
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2. Selling services
If community gives you regular revenue as well as paid membership at scale, social media monetization through selling services lets you develop high-end products that are sold to only a handful of people.
This is a GREAT way to monetize your social media accounts.
Forget trying to build an income from all of your followers. Forget selling the products of others for a small profit per sale. You can use your own follower base to promote services. You can make a profit on your services. This also allows you to distinguish yourself from the rest of your competition while also giving you the fun of both growing your following while earning a great living.
It's probably time to point out something obvious in this list. Just because you sell services doesn't mean you can't be able to mix it along with the other elements that are listed here.
A career coach might offer a mix of courses, training along with membership in the community. Some coaches earn up to $500,000 a year with exactly this model.
Here are a few examples of services that could be sold to a monetary value from a media presence and then sold to consumers:
- Coaching
- Consulting
- Digital Marketing Strategy
- Facebook Ad Creation
- Content Writing
- Search Engine Optimization Consulting
- Graphic Design
- Lettering
- Design for Web Design
- App Development
- Financial Advising
There is no limit here. If you have a service-based business and you build the following for the business, you could build a following that can earn you a great living.
How to monetize with services
There will be a need to promote your services to existing clients, as well as an online point of sale. It could be such as Stripe combined with Calendly for an online sales procedure for perhaps a product for coaching. Perhaps, you're trying to catch bigger fish by being a consultant, or invoicing business customers in the thousands.
It is the way to building a real online business around your Facebook presence, and it's effective!
3. Courses
If you've lived in obscurity for the past 10 years, it's clear that one method to make money from your social media followers is with courses. It's true!
The process of creating an online course can be an a fantastic way to earn the money you need to share your experience with the world. In case you're afraid there's no space for you... never fear. It is predicted that e-learning will continue increasing and reach $1 trillion in value in 2030.
There is one thing that has changed regarding online courses is the ways to deliver them. In the past, students added asynchronous courses to a WordPress website - creating it and then forgetting about it, hoping to "earn money by sleeping."
Although there's absolutely nothing wrong with passive income, the world of online classes is changing. There are more live and cohort-based courses along with courses created within communities with a vibrant community that gives participants a huge hug of love and support throughout their journey.
As we said above Courses are excellent with some of the other options on this list (especially the community) to complete your business plan.
How do you make money with courses
Pick a fantastic online course system (like ) that gives you courses and community together Trust us, you'll find an incredibly successful business there. Choose your ideal member as well as your main goal, identify the transformation that you'd like to see students through and then begin selling and building!
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4. Mastermind Groups
Mastermind groups can be a great option to earn money from your social media following. Unlike traditional coaching mastermind groups, masterminds are a meeting of equal-ish minds for support, to learn and gain accountability.
Mastermind groups that are top of the line charge quite a bit for a well-groomed group of like-minded people and entrepreneurs swear by their services.
How to monetize with the help of a mastermind group
Although you must read our guide to starting mastermind groups to get more details, you basically require a group of Ideal members, perhaps an online platform that they can come together and collect dues for membership, and then you're ready to rock!
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5. Find an employment
Here's some unconventional advice. It is possible to use your social media followers for a chance to land an interview. If you're known as an expert in something and have a following, it's possible that building your reputation has made you more attractive to potential employers. How can you leverage this into an income stream!
The same is true if creating a fan base is something you are able to help others. It is possible to be paid to write content and apply your skills in social media to use. We hire people to accomplish this! (Check this page for a listing of the open jobs.)
6. Physical goods
Based on your work and what you're following about, you might have a market for physical products. Imagine you're a painter or photographer who has a following on Instagram. It stands to reason that you can create items from your work and sell the work!
Heck, people are probably already asking you "Where can I get an image?"
While there's some overhead for getting a physical start-up off the ground - such as printing the product and buying shipping material but there's absolutely no reason that the cost has to be expensive. Because you won't have to purchase a storefront, any income you make following the manufacturing process and delivery could be considered a profits. And if you have a following already and you have a following, it's possible to make a profit on your efforts!
How can you monetize your site using physical products
There is a possibility of building an own Shopify store, or create an online store with an e-store plug-in built into. You could also use a pre-existing product marketplace like Etsy. Figure out how to collect the information from them and sell your products!
7. Group coaching
Coaching was mentioned in the past, but another model that is ideal for monetizing social media sites can be group coaching. UNLIKE a mastermind group, group coaching brings people together to learn from... YOU. If you're a social media influencer with an impressive social media presence who wants to learn from you Group coaching could work really well to monetize.
You get the benefit of having multiple people working at once - that gives the ability to scale. Your coaching clients also get the benefit of having direct contact with you - often for less as compared to 1:1.
Group coaching is an enjoyable experience, and unlocks the benefits of community , which we mentioned earlier.
How can you make money from coaching groups
gives you all you need to start a business that focuses on group coaching. It allows you to gather a crowd and charge for it or for subgroups - that's the group coaching cost. Once you've got your group established, you'll be able to make events (coaching sessions) and live stream them and keep the discussion moving with forums and messages directly to each other.
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8. Sell merchandise
Merch is technically a type of physical product, but it's worth mentioning on this page. It's because it's not just about making a special product, and is more focused on monetizing your business.
So whether it's the cutest pair of slippers with your logo on them or a coffee mug or t-shirt selling merchandise that matches the brand you're trying to promote can be a great way to monetize.
How to monetize with merch
There are several platforms that offer merch built-in, which is cool. One of them is Patreon. Though it isn't without its limitations when it comes to monetizing your viewers- not least the amount they chargethe merch feature is quite cool! YouTube also deserves a mention on this page, because they've created the possibility of adding merch to your YouTube channel.
9. Build software
The process of creating software is not for the faint of heart, but it is something that some celebrities on social media do. If you've got a large following and are known for expertise in a certain area then you could be an ideal candidate to start an enterprise that runs on your following.
Looking for inspiration? Look at Neil Patel, who turned his SEO experience and knowledge into partnership and investing in businesses such as Kissmetrics as well as Crazy Egg.
It's not an easy task making software, but it could be a lucrative option to make money from the social media presence of your followers.
10. Patronage
At the end of this list, we'll be hitting items that are widely known, but potentially not as lucrative. It's the same for patronage models that is best known via the tiny website called Patreon.
In essence, Patreon gives people who are convinced of your work the opportunity to support you, although the model has evolved to also include "perks" that you can offer to your audience... (When the business is selling perks and merch, Patreon looks a bit more like a product or service company. But we digress. )
The top Patreon contributors earn a lot of money. For example, the podcast True Crime Express notoriously makes about $240k per month. But the bottom earners make only pennies or even nothing every month thanks to their hard work. There are lots of artist who are struggling to make ends meet who signed up on Patreon yet are struggling.
This means that your chances of earning a living through the help of a Patreon account aren't huge which pushes it lower on this list.
What is the best way to make money with patronage
This is a comprehensive guide to How to Be Successful on Patreon that you are able to read. There are other Patreon alternatives to Patreon that share the same targets. However, to start it's easy to pick the platform you want to use, set up your account up and running Set your support levels, and tell all your followers about it! You're off to the races.
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11. Posts that are sponsored
Sponsored content is one of the ways you can monetize your social media following likely to require a substantial following - although even micro-influencers may earn money and free samples off of the posts.
It's as simple as that, a sponsored post is when someone pays you to post. It can feel quite satisfying if you've done your best to establish a loyal following and you've got an item you like and wish to promote. If, on the other hand, you're trying push a product you don't know or even like to the people you're trying to sell it to in a desperate bid to make a few bucks this will make you feel gross.
sponsored posts could earn the user anything from a few dollars to $1 million - when you've got a Kardashian following.
How to get started by promoting post
There are a few different methods to get sponsored posts. You can reach out directly to marketing teams at the companies you enjoy, while certain companies even have teams who are dedicated to influencer marketing.
The larger your audience grows, the greater chance such people start to hit you up offering sponsored posts (but beware, there's a lot of spammers and fraudsters who can contact you even if there is a huge fan base also).
The number of increasing platforms to help companies and influencers connect, and G2 has an extensive list of social media platforms for influencers .
12. Affiliate Marketing
Affiliate marketing is another way of monetizing content, but unlike sponsored posts , you're never paid to post - you earn money when the person purchases an item. Usually, affiliate agreements will determine the amount you make per transaction.
It will provide the tracking URL that informs the company who referred the sale, and you are paid!
Cha-ching!
The has a few negatives when it comes to making money with affiliate marketing.
- You need a niche that makes sense. Sharing links for "low-interest credit cards" to your audience who follows you to get advice on pet care will surely cause you to lose your followers.
- The payoff usually correlates with the value of the product. It's quite a difference someone buying a book with a 10% payout or a higher-priced $3500 course that has 10 percent payout. You need to figure out the best products to invest your time.
But if you have an audience that matches the product you are selling and items that are well-paying and you are confident in advertising, why wouldn't you? ?
How can I start using affiliate marketing
Select a brand you enjoy and then search "THAT brand affiliate program." You'll see the affiliate program they offer.
You usually need to sign up for an affiliate program and get approved, probably adding some personal information and tax details to the payment.
The past was when a lot of affiliate programs were managed exclusively by brands. However, increasingly, they are operated by centralized platforms, such as impact.io. You are able to sign up for several affiliate programs from one location as well as handle payouts too.
If you like the content and would like to make it available to others We have an affiliate program too! You can find it here. *
13. Premium content subscriptions
One method to earn money by providing your social media followers with content is through the use of exclusive or gated content. In the past, many of bloggers would create "members only" areas that gave people access to premium blogs.
This is an idea that has being adopted by a few leading social media platforms. Basically, you create content that is for subscribers only or for those paying a subscription. It's great because it could be a source of recurring income should you be able to get it working for your business.
How do I get started using content subscriptions
There are two choices. First, if you're on an app that offers subscriptions included the platform, activate it and then go. As an example, Twitter recently launched its "Super Follow" button, which allows creators with more than 10,000 subscribers market premium subscriptions.
The alternative method of doing it, especially if you're using a platform that does not include it the first place, is to select an application that can provide you with a premium content subscription. A solution similar to Substack is a good choice for newsletters, giving all the features you require to build a newsletter business.
And of course, is also a method to monetize your best content by offering it to members for payment while mixing in the other methods we talked about earlier!
14. Ads
The way down to the bottom of the page is the method of monetizing social media that was widely believed to be at the top the list: advertisements.
Monetizing with advertising is not always easy, but it's the thing most YouTube creators hope for. However, there are strict rules about who can monetize and you need enormous watch time in order to earn any income from YouTube advertising.
The same thing would be applicable to display ads in the event that you were to direct your customers to a web page that you owned. The low premium on ad time means it's likely that you will not be able to cover your expenses any time soon. If you're eligible for ads already, say on YouTube and making use of the methods for monetization we've talked about above, it sure as heck doesn't hurt to switch on advertisements!
15. Mix and Match
The topic has been touched on all the way through and now let's just be clear. Mix and match a variety of possibilities to build a successful enterprise from what you have!
For example mixing classes and communities are a really great opportunity to gain from each of these strategies!
This creates a system that lets your customers develop relationships and help each other stay true to the new habits they're forming. The connections that they form about the subjects that are the most important to them is what gives them the incentive to return, and to renew their membership every year.
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Direct Monetization. Third-Party
The last question to be answered in the whole thing is whether you should make money directly through a social media platform or move your viewers to another. If you look at successful creators, you'll see that many of them do a mix of both.
The essence is that: if you give your most enthusiastic and enthusiastic followers the chance to learn about a subject all in one place and accomplish results on that topic together, you can monetize your social media.
How does mastering a subject together take? Here's an example:
Imagine that your Instagram account is following your journey on the homestead, or being a farmer, living off the land and growing your own food, taking care of your own livestock, and making your own clothes (remember we've said "imagine" there! ).
It is possible to monetize your Pinterest users by creating a paid annual membership site that allows community members to join and learn about sustainable living through collaborating together in a community.
You can also choose to monetize your Instagram users by providing an exclusive online course, focusing on the best ways to cultivate a healthy edible garden.
You can follow the example of Kathleen Drennan. Kathleen, a florist with an online shop located in rural Australia, monetizes her Instagram followers by using #ForFlorists as an online business school designed for florists. Here she hosts both an active community that requires an annual subscription and an online business class to help aspiring florists become professional, where members can master the art of designing flowers and design, all in one.
In the end, it's not about strategies - it's more about what's going to get your followers the transformation they're looking for and want.
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Two questions that every designer must ask
In order to decide whether you could also profit from your social media following Consider asking the following two easy questions.
#1. Which are my most passionate fans?
The process of monetizing your social media fans doesn't mean you have to be all about your social media users. It's about finding and connecting people who are most motivated today to go deeper with the niche and you.
Are your fans who would want a deeper program you create beyond what you provide on the social media platform for free? In addition, who is your audience most likely to want to meet each other?
Begin by looking at ways to make money from these social media followers initially. They will be the easiest to get to initially and gain the most from paying membership or an online course.
#2. What kind of results and changes could I promise my most passionate followers with an online course, a training program or an annual membership?
What are the most enthusiastic followers wish to see happen within their lives? And how could you help them get there faster with more structure and a an empowering community? Perhaps, for instance, can you assist your followers to grow in their career? Get an inside track on the best beauty practices? Do you want to train for a 5K?
After you've identified what your most passionate fans share, and the kind of outcomes they're most excited to achieve today, you can take the next step toward making money from social media.
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Ready to start earning?
The thing to remember about making money from your social media accounts: users are willing to pay more to see results and change. If you're looking to monetize your social media followers, a Mighty Network will help you to get there.
With the help of Mighty Network, you'll be in a position to provide all these pieces together under your brand's name that is instantly accessible on the web, iOS and Android. Plus, it's easy to charge for different membership tiers and access to online courses and more, or both.
Within your private Mighty Network, you can cost for access to the whole community. Make access to Your Mighty Network free and charge only for online courses or group in the Mighty Network; create bundles of courses online or groups that you can offer annually, monthly or in one time payments or with a one-time payment.
It's a powerful model that is easy for you to handle (especially if you are running your first site for membership or an online course) and for your members to understand your subject all at a single location.
Ready to monetize your followers?