How to Monetize Your Social Media

Creating content on social media can be a great way to build a following for your business, and it doesn’t hurt to bring in extra income with it, too. In this post, we look into how to monetize your social media.?

By Brandi Fowler?

Almost everyone is trying to become an influencer to boost their brands - and for good reason.?

Micro- and macro-influencers are turning content creation into a side hustle or full-time job, raking in income by monetizing what they post.?

A few TikTok stars have earned more than some of America's top chief executives.?

“Charli D’Amelio, the highest-paid TikTok influencer, made $17.5 million last year, according to Forbes, compared to a median pay of $13.4 million for S&P 500 CEOs in 2020,” LinkedIn News reported. “Recent figures show D’Amelio made more than the CEOs of Exxon Mobil, Starbucks, Delta Air Lines and McDonald's, with one expert noting some TikTok stars are ‘really building business empires.’”?

Monetizing social media can be broken down in three ways: brand sponsorships, affiliate marketing, and creator funds, like revenue-sharing platforms on YouTube, Instagram, and TikTok.?

“I think with monetization, it all comes down to your content,” said social media strategy director Jazmin Griffith, who focuses on healing, self-love, and self-care (@iamthesocialista on Instagram and TikTok). “Honestly, the number one question I say to myself is: ‘As an influencer, as a content creator would you pay for your own content?’ It starts from there.?

“If your content is not good, it is going to be kind of hard to be able to sell yourself to brands. Your content has to make sense, and you have to have a niche. Everybody is a content creator and everybody is on social [media] doing many things, but it is all about what is special about you.”

I chatted with Griffith and digital strategist and consultant Ken Gibbs to find the best ways to monetize your social media.

Focus on the Quality of Your Content and Engagement to Monetize Your Social Media

Although building your following is important, gone are the days when you had to hit 100,000 followers before being able to attract brand deals.?

“The really interesting and cool thing about social now is that it is the era of micro-influencers, meaning you don't have to have a lot of followers to monetize,” Griffith said. “I know numerous people that maybe have 5,000 followers, but are working with brands like Express, Valentino, YSL and it is not due to the following. It is more so the engagement.

“So, even though you might have 5,000 followers if you have a really engaged 5,000 followers, it makes all the difference. [Because] anytime you put a link to your Amazon storefront or give a recommendation for a product, nine times out of 10, they are like, ‘Oh, I'm going to try that.’? Because they are very tuned into what you are saying versus someone that might have a hundred thousand followers. Only 10% might be engaged.”

Griffith suggested responding to all comments your followers leave you, plus responding to DMs to help increase engagement.?

“I'm really big and really big keen on responding back,” Griffith said. “Obviously it is hard to respond back to everything, but brands come to your feed and they see ‘she has like a hundred comments, but she hasn't said anything.’ That means you are not very engaged with your audience. So that is where the following piece comes in.”

Leverage Your Social Media Presence with Affiliate Marketing to Monetize Your Social Media

Using affiliate links in your content can be a great way to monetize. You receive a commission from any sales made by followers who click the affiliate links in your content when you post certain products.?

You apply to be in affiliate programs like Skimlinks, Rakuten, Share-a-Sale, and Amazon’s influencer program for link access.?

Social media platforms like TikTok, Instagram, YouTube, Snapchat, and Facebook offer a new version of affiliate plans.

“Once influencers hit a certain threshold on a platform they usually qualify to be included in programs that match the influencer with a brand looking to advertise on the platform,” Gibbs said.?

Instagram, for example, incentivizes certain users for posting reels, offering them an amount per view. The platform also offers ways to be paid when you go Live, helps users partner with brands on its creator marketplace, and more.?

“Affiliate programs really work [especially] for these micro-influencers who are very engaged [with their audience],” Griffith said. “It’s like, ‘Hey, I'm Nike. I'm going to send you a product. Here’s your discount code.’ Any time anyone makes a purchase they get 20% off, but you give 15%. A lot of influencers have Amazon storefronts and it isn't a whole bunch of income, but it's really great passive income.

“If you are making an additional 500 to a thousand dollars a month, that is pretty amazing.”

How to Land Brand Deals to Monetize Your Social Media

Don’t be afraid to start with posts in exchange for free products from a brand. It can help you attract paid brand deals, Griffith said.?

“Gifting from a brand where a brand gives you something for free in exchange for content is another way [to help monetize your content],” Griffith said. “What happens from there is a brand, a competitor, might see you did the same thing and reach out to you for a paid collaboration.

“With brand partnerships, [brands might reach out and say], ‘Hey, Jasmine, I really love your content. We would love for you to do a sponsor ad for us or ‘We would really love for you to do [an Instagram] story. What are your rates?’”

It is also OK to reach out to brands to attract brand sponsorships when you are starting, Griffith said.?

“In the beginning, I did a lot of the approaching,” Griffith said. “[When you first start being] an influencer you are going to have to do things for free. I think some people go into it with the idea of ‘Oh, I'm doing that for free. It is just the name of the game.’

“Some brands I work with are really big name brands, but I'm like, if I put this content on my page, it is going to do great. And other brands will see that. No one is going to know if something is paid or not. It is how you present it. So if a really cool brand like Fenty, for example, might send you free stuff, you can put it on your platform and other skincare brands, like L'Oreal, might reach out to you for a paid collaboration.”

Octoly and similar platforms are good resources for grabbing free products in exchange for posts, Griffith said.

But also be realistic as you message brands, Gibbs said.?

“The size of the brand will determine whether or not they have the mechanisms in place to have those conversations and receive that outreach,” Gibbs said.?

So, it might be helpful to engage with one of the popular influencer networks, too.

“If the client isn’t as familiar with negotiating with creators, the agency will help take some of that legwork and stress, right away from the creator,and really take care of a lot of intricacies,” Gibbs said. “Also the agencies already have the ear of the proper people internally to make that introduction and have the realistic conversation that will get you from introduction to creation more quickly.?

“That is one of the benefits of creators approaching some of the many different agencies that are popping up today and looking to facilitate conversations between creators and brands.”?

Gibbs pinpointed Whalar, Cashmere, and Epiphany as major influencer agencies in that category.?

“Whalar might be the top influencer agency right now…they do lots with big companies and represent a broad mix of creators,” he said. “More full-service agencies like Cashmere and Epiphany also have influencer relationships and services.? Creators would benefit more from creating relationships with these agencies in some instances than reaching out to a big brand directly.”?

Do your research before signing with any agency, Gibbs said.?

“Who do they represent right now? Are you within a particular genre or a niche that resonates more strongly with them? Are you micro? Are you macro? All of these things should be considered when determining which is best for you, and also there is no need to be locked into only one.”

It is also important to create a media kit before trying to land brand deals. Take a look at media kit templates on Etsy to facilitate the process, Griffith said, adding she found hers there and edited them on Canva.?

Make sure your niche is clear in your media kit, as well as the demographics you reach (gender, location, etc.) and basic stats for your followers, engagement, and impressions for every social media network you are on.

“Also include sample pieces of content you have done with other brands,” Griffith said. “Screenshots showing what that kind of content looks like. And avoid putting your rates on your immediate kit because on the back end it kind of hurts you when it comes to negotiation time. They might have a higher rate than what you proposed.

“[When you land brand deals or posts in exchange for a product], you have content to show to other brands through your media kit, which is key to be an influencer. It shows what brands you have worked with, your engagement, and you can kind of use those free gifting opportunities to put that on your media kit.”

You can reach out to brands from there.?

“A lot of the brands I reach out to are through Instagram,” Griffith said. “It's, ‘Hey, how are you? I love your product. I would love the opportunity to work with you.’ And honestly, nine times out of 10, they respond. And though you might not get a paid collaboration out of it, they are open to putting you on their PR list, which is like the beginning of starting a relationship with some of these companies.”

Sell Your Services to Monetize Your Social Media

Think outside the box in addition to traditional ways to monetize.?

“Sell your services,” Griffith said. “There are a lot of platforms, like Stand Store, where it's like, ‘Hey, book a one-on-one coaching call with me, or sign up for my class.’ Those are really cool ways to monetize on social media as well. I mean, the money is endless on social media right now.’

Gibbs also recommended thinking of other ways to expand your monetization, like creating ticketed events as your following grows.

A variety of options are available to monetize your content. Identify your niche, ramp up your engagement, and incorporate affiliate marketing into your posts. Also, partner with brands for paid partnerships and utilize the incentive programs on social media platforms to earn extra income.?

Top Takeaways

How to Monetize Your Social Media

• Identify your niche, build your content based on that, and your audience will come.?
• The main ways to monetize your social media are brand partnerships, affiliate marketing, and creator funds, but there are other ways to create revenue.?
• Social media platforms are offering paid incentives for creators to post content.?
• Put a media kit together to send to brands for possible partnerships. They often ask for it.