15 Options for Monetization of Social Media in 2022 (Ranked) |
You've seen ads. You've watched the vids telling you how to earn six figures per month from your social media following.
If you've ever tried it, you've discovered that 1. everyone is doing the exact same stuff, and 2. The people making the most money seem to be the ones telling the people how to earn cash. Through our studies, we've discovered that many creators are STRUGGLING with traditional monetization methods.
Yet, the possibility of monetizing your social media presence is possibility. It doesn't require you to be famous to do it.
There's good news there's an increasing number of ways to turn your following into an additional income stream. There are increasingly more SAAS platforms available to assist you in this.
If you're tweeting to thousands, TikTok-ing to millions of people, or have 40 members in your Facebook group, let's discuss about ways to earn money from the social media fans you have.
It's all it takes for you to to think a bit more imaginatively, and to embrace some new trends that are taking shape in the present. Below are the top 15 options for monetizing social media. In order to be clear, these are roughly classified from the top choices to the least effective - meaning the ones with the highest payout in comparison to those that pay the least.
If you want more support in building your online community, come join OUR Mighty Community for free as well as meet fellow new and established community owners! We'd love to have you join us. Sign up for free!
This post...
15 possible options to monetize social media
13. Premium content subscriptions
Direct Monetization vs. Third-Party
2 questions every artist should inquire about
15 possibilities to monetize social media
1. Online Community
We may be and biased here However, online communities are an excellent method to make money from your social media followers.
And since we ARE a community platform Let's take a look at the real-world evidence to show the reasons why communities are an excellent method of monetizing.
The paid community can monetize the what you're already working on (creating content) and gives users what they're innately inclined to desire (human feeling of belonging and connection) It also transforms it into the ideal business model (recurring revenues).
It doesn't take Warren Freaking Buffet to realize this is an equation that makes sense. The equation can be turned into a straightforward mathematical formula:
Content creation is already happening and the connection that people desire + The most successful business model = $$ $$
So instead of grinding around on a platform that someone else has, feeding their algorithm, and filling their pockets with your content production - you simply bring your passion and enthusiasm to create your own personal social network.
Many communities work on the basis of a monthly fee for membership However, there's many different options to earn money, such as the sale of courses, charging sub-groupsor an offering for example coaching.
It's up to you to discover the best solution for your needs.
How to monetize with community
There's a need for a fantastic community platform - and no Facebook groups won't cut it. A REAL community platform lets you charge for memberships (or other items like courses), and lets you make amazing experiences.
This is why that we offer creators a beautiful platform that includes elegant forums and users' profiles, group messaging and live events that are integrated including live streaming, surveys and queries as well as native analytics and much more... All available in a stunning app.
There's also Mighty Pro and let developers create fully branded applications according to your personal style. It's the route Adriene Mishler took to build an entirely custom community for her more than 10 million YouTube subscribers to her channel, Yoga by Adriene.
Start your free Trial There is no credit card required.
2. Selling and selling services
If community gives you recurring revenue and paid membership at size, social media's selling and monetization lets you develop high-end products that are sold to just a few users.
This is the best way to make money your social media accounts.
Do not try to make an income through all your followers. You should also stop selling products of other people and earning a few bucks each. You can use your own follower base to promote products and services. This lets you offer a higher price for the work you do. This also allows you to stand out from your competitors as well as providing the fun of both growing your following while earning a great living.
We should probably point out something obvious on this list. Just because you sell services does not mean you cannot combine this with the other items on this list.
For example, a career coach could market a combination of courses, training, and membership in a community. Some coaches earn up to $500k a year using exactly this model.
Here are some instances of services that may be sold to a monetary value from a media following and sold to people:
- 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
The sky is the limit. If you own a service-based business and you build a following around it, you can build a following that can earn you an income of a lifetime.
How to monetize with services
There will be a need to promote your services to existing clients in addition to an online point of sale. It could be similar to Stripe mixed with Calendly to create a sales process for - perhaps a product for coaching. Perhaps, you're chasing bigger fish, working as a consultant or invoicing business customers in the thousands.
It is the path to build a successful company around your social media presence, and it's effective!
3. Courses
Unless you've been living under a rock more than 10 years, you're aware that one way to earn money from social media followers is with classes. This is the truth!
Building an online course is the perfect way to be the money you need to share your experience with others. And, just in case you're concerned that there's not enough room for your skills... don't be worried. The market for e-learning is expected to continue growing and hit 1 trillion dollars in value before 2030.
One thing has changed about online courses though: delivery options. A decade ago, folks were adding an asynchronous course to the WordPress website , then throwing it up and forgetting the course, hoping to "earn cash in bed."
While there's NOTHING wrong with passive income however, the landscape of online classes is changing. There are more cohort and live courses, as well as courses built within vibrant communities which offer participants a huge hug of support for their journey.
We've mentioned it before Courses are excellent together with additional options listed that are listed (especially the community) to round out your business plan.
How to monetize with courses
Select a great learning platform (like ) that offers classes and a community and trust us when we say there's a powerful business here. Choose your ideal member and the Big Goal, identify the transformation that you wish to guide students through, and start developing and selling!
Get With a Free Trial There is no credit card needed.
4. Mastermind Groups
Mastermind groups can be a great method to make money from your social media following. As opposed to coaching in the traditional sense, mastermind groups are a gathering of like-minded minds to support each other, learn, and get accountability.
Top mastermind groups charge a lot for a cultivated community of people who are like-minded who are awed by business owners. to them.
How to make money with a mastermind group
If you want to go through our article on how to start mastermind groups for greater details, in essence, you need a group of Ideal members, perhaps an online platform that they can come together, and then charge membership fees, and you're ready to rock!
Get Your Free Trial Credit card not needed.
5. Get work
Here's some unconventional guidance. Use your social media followers to get an employment. If you're known as an expert in something and are well-known you're likely to find that developing your brand has made you more attractive to a future employer. How can you leverage this into a paycheck!
It's the same if you are looking to build a following through something you are able to do for other people. You could consider getting paid to create videos and then apply your skills in social media to use. Our team hires people to accomplish this! (Check here for a complete list of our vacant positions.)
6. Physical products
Depending on what you do and what you're following around, there may be an opportunity to sell physical items. Imagine you're a painter or photographer with a following on Instagram. It stands to reason that you can create items out of your art and then sell the work!
Some people are probably already inquiring "Where do I find prints?"
Although there are some costs for getting a physical company off the ground, for instance, printing prints and purchasing shipping materials, there's no reason the cost has to be prohibitive. Because you won't have to purchase a storefront and any earnings you earn following the manufacturing process and delivery is likely to be a profits. If you've got a following already and you have a following, it's possible to make a profit on your work!
What is the best way to make money from physical items
It is possible to create your own Shopify store or develop an online store with an e-store plug-in built into. You could also utilize a product marketplace that is already available like Etsy. Find out the best way to get these items, then begin selling!
7. Group coaching
Coaching was mentioned in the past However, another strategy that works great to monetize social media is coaching in groups. Like a mastermind-style group, group coaching brings people together to share their knowledge with... YOU. If you're a social media influencer with an impressive social media presence who would like to learn from you, group coaching can work very well for monetization.
The benefit is working with multiple members at once - that gives the ability to scale. Your coaching clients also get the benefit of working directly with you, often at a lower cost than one-on-one.
Group coaching is an excellent way to have fun and can unlock the many benefits of the community that we discussed above.
How do you make money with coaching groups
It gives you everything you require for a group coaching biz. It allows you to create a group of people and charge for it or for subgroups - that's the group coaching cost. Once your group is set up, you can create activities (coaching sessions) and live stream them, and keep the conversation moving with forums and instant messaging.
Start Your Free Trial Credit card not needed.
8. Sell merch
Merch is technically a kind of product that is physical, however it deserves a mention in this article. It's because it's not so much about building a special product, and more about monetizing your business.
It could be an adorable pair of slippers featuring your logo their soles, or coffee mugs or t-shirt, finding and selling merchandise that matches the brand you're trying to promote is a fantastic option to earn money.
What is the best way to make money with merch
There are a couple of platforms that offer merch included, which is awesome. The most popular is Patreon. Although it has some limitations for monetizing your audience-not least the amount they chargethe merch feature is pretty awesome! YouTube is also worthy of a mention on this page, because they've created the capability to add the merch option to your YouTube channel.
9. Software for building
The process of creating software is not for the faint of heart However, it's an activity that some people on social media are doing. If you have a huge fan base and have been recognized for your the expertise you have in one particular area then you could be an ideal candidate to start a software company around your following.
Are you looking for more ideas? Check out Neil Patel, who turned his SEO expertise and following into investing and partnering in businesses such as Kissmetrics as well as Crazy Egg.
It's not simple making software, but it could be a lucrative option to make money from the social media presence of your followers.
10. Patronage
As we get to the very bottom of the list, we'll be hitting items that are well known - but not as lucrative. This is the case with the patronage model that is best known via the tiny website called Patreon.
Basically, Patreon gives people who believe in you the chance to back you. However, the model has evolved to incorporate "perks" you can provide to your followers... (When the business is selling perks and merch, Patreon looks a bit more like a typical product or service business. But we digress. )
The highest Patreon earners make bank. For example, the podcast True Crime Express notoriously makes about $240k per month. However, the lowest-earning artists earn only pennies or even nothing every month from their efforts. There are lots of struggling artists who have joined Patreon, and are still starving.
That means your chances of earning a living through a Patreon account aren't huge which pushes it lower on this list.
How can you monetize your site using patronage
This is a comprehensive guide to how to be Successful on Patreon that you are able to read. Additionally, there are Patreon alternatives with similar objectives. To get started it's easy to pick your platform, get your account up and running, set your support levels and then inform your followers about it! It's time to race.
Get Your Free Trial Credit card not is required.
11. Posts sponsored by sponsors
Sponsored content is one of those ways to monetize your social media followers likely to require a substantial number of followers. However, even micro-influencers could earn dollars and get free samples of them.
Like it sounds like it sounds, a sponsored article is where someone is paying you to write. The feeling could be pretty great if you've put in the effort to establish a loyal following and have a product you love and want to recommend. If, on the other hand, you're trying to push a product you don't know or like to your audience as a desperate attempt to make a few bucks, it will feel pretty gross.
Sponsored posts can net the user anything from a few dollars up to $1 million if you have a Kardashian-level following.
How do I get started by promoting posts
There are a few different approaches to approach sponsored content. You can reach out directly to marketing departments at companies you like, certain companies even have teams who are dedicated to influencer marketing.
The bigger your following increases, the more likely such people be contacting you offering sponsored posts (but beware, there's a lot of spammers and scammers who are waiting to contact you when you've got a large following too).
There are increasingly increasing platforms to help companies and influencers connect, and G2 has a list of these social media platforms for influencers .
12. Affiliate Marketing
Affiliate marketing can be a method to make money from content. However, unlike sponsored posts , you're never paid to post - you are paid each time someone buys an item. Most often, agreements with affiliates define the amount you receive per sale.
Then, you'll send a tracking link that tells that the business who made the purchase, and then you get paid!
Cha-ching!
The has a few of downsides to monetizing with affiliate marketing.
- There must be a subject that makes sense. Links that lead to "low-interest credit card" to your audience that follows you on social media to get advice on pet care is a surefire way to lose your followers.
- The amount of money paid out is usually correlated with the value of the product. It's quite a difference someone buying a book with a 10% payout and someone buying a high-ticket, $3,500 course with 10% of the money. The trick is to decide the best products to invest your time.
If you've got an audience that is compatible with the product and you have products that pay well and are something you feel strongly about marketing, then why not! ?
How do I get started by utilizing affiliate marketing
Pick any brand you like and search "THAT Brand Affiliate Program." Find out the affiliate program they offer.
The most common requirement is to join an affiliate programme and be accepted, possibly adding personal and tax info for the payment.
In the past, a lot of affiliate programs were run exclusively by brands. However, more and more are being managed by central platforms such as impact.io. It means that you have the option of signing up for many affiliate programs at the same time, and they handle the payments too.
*By the way, if you love and want to spread the love, we have an affiliate program as well! It's available here. *
13. Premium content subscriptions
One method to earn money by providing your social media followers using content is by the use of premium or gated content. In the past, lots of bloggers would create "members only" sections that provided users with access to premium blogs.
This is an idea that has being adopted by a few prominent social media websites. You create content for subscribers only or for those paying for a subscription. It's great because it could be a source of recurring income if you can get it working for the company.
How do I get started with content subscriptions
There are two choices. In the first case, if you're using an app that offers subscriptions included the platform, switch it on and start. In the case of Twitter, for instance, Twitter recently launched its "Super Follow" button which lets creators with more than 10,000 subscribers sell premium subscriptions.
Another way of doing it, especially if you're in a system that doesn't include it you, is to pick a software solution for your paid content. A solution similar to Substack is a good choice for newsletters, giving users the necessary tools to start a business with a newsletter.
and, of course, also gives you a model for monetizing your top content to paying members while mixing in the different methods discussed earlier!
14. Advertisements
Way down here at the bottom is the social media monetization technique that was widely believed to be the best: ads.
Advertising is a not always easy, but it's the thing most YouTube creators hope for. In reality, there are strict rules about the types of ads that can be monetized and the amount of watch time to make any real money off of YouTube advertisements.
The same thing would be applicable to display ads when you directed your followers to a website that you owned. Because of the low price for ads, their time means it's likely that you will not be able to cover your expenses any time soon. However, if you're eligible to receive advertisements already, for instance through YouTube, and you're making use of the methods for monetization mentioned above, it sure as heck doesn't hurt to enable the ads!
15. Mix and match
We've been touching on this every step of the way, but let's be straight. Mix and match lots of these options to create a viable company from the following!
As an example, mixing courses and community are a really great opportunity to gain from each of these strategies!
This combination creates a framework that allows your members to develop relationships and help each other stay true to the new habits they're forming. Connections they build about the subjects that are most important to them are what gives them the incentive to return, and renew their subscription every year.
Get Your Free Trial No credit card required.
Direct Monetization vs. Third-Party
The final question in the entire process is whether to monetize directly on a social media platform or take your audience somewhere else. When you study creatives who are successful, you'll find that most of them are doing both.
It comes down to that: if you give your most enthusiastic and motivated users the chance to master a topic in a group and to accomplish results on that topic by working together, you are able to make money off any social network.
What would putting a mastery of a topic with a partner appear like? Let's look at an example.
Imagine your Instagram account follows your adventures of homesteading or being a farmer, living off the land and growing your own food, taking care of your own animals, and making your own clothes (remember, we said "imagine" in this article! ).
You can make money from your Pinterest users by creating a paid annual membership site which allows members of the community to can join to learn more about sustainable living through collaborating together in a community.
You can also choose to earn money from your Instagram fans by offering them an exclusive online course, that will focus on the most effective ways to create a successful food garden.
Follow Kathleen Drennan's model. Kathleen who is a florist, with her own business in rural Australia, monetizes her Instagram followers by using #ForFlorists as an online business school designed for florists. Here she hosts both a membership community with a monthly subscription, and a paid online business course to help aspiring florists become professional who want to learn the business of floral design and design, all in one.
It's not so much about the strategies - it's more about how you can give your customers the transformation they're looking for and want.
Get your free Trial There is no credit card needed.
2 questions every creator should ask
In order decide if you could also profit from your social media followers, ask yourself these two questions.
#1. Who are my most passionate fans?
Making money from your social media users isn't about all of your followers on social media. It's about finding and connecting people who are most motivated today to go further with you and your industry.
Who are your followers who are likely to want a more comprehensive product you can create than what you can offer on social media for free? Furthermore, 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 first. These are the most easy to reach initially and benefit the most from a paid membership or an online course.
#2. What kind of results and transformation could I offer my most enthusiastic followers via an online course, a training program or an annual membership?
What are the most enthusiastic fans want to achieve in their own lives and how can you assist them to achieve this faster by providing an improved structure and friendly community? Perhaps, for instance, can you assist your followers to grow within their careers? Find out about the best beauty practices? Are you preparing for a 5K race?
When you've determined the things your most enthusiastic users share in common and the kind of outcomes they are the most motivated to see today, you can move on to social media monetization.
Start your free Trial There is no credit card needed.
Are you ready to earn?
Here's the thing about monetizing your social media: people will pay a premium price to see results and change. If you're looking to earn money from your social media followers A Mighty Network will help you get there.
With the help of Mighty Network, you'll be able to offer all of these components with your own branding immediately accessible via the internet, iOS and Android. Plus, it's easy to set up different membership levels, access to exclusive online training, or both.
Within your own Mighty Network, you can charge for access to your whole community. Make access to your Mighty Network free and charge only for an online course or group within Your Mighty Network; create bundles of online courses or groups you could sell annually, monthly or with a one-time payment as well as other.
It's an effective model which makes it simple to run (especially when you're running your first membership website or online course) as well as for your customers to master your topic from one location.
Ready to monetize your audience?