Everyone is familiar with social media and most of us also use social media platforms like Snapchat, Facebook, Instagram and Twitter.
But do you know that you can also make money from social media? Yes, you can make money on social media without a product. You don’t need a product to make money. Today I’m going to share with you 5 ways to monetize your social media audience without a product.
Top 5 Ways to Make Money on Social Media Without a Product #1 Promote someone else’s product
The first tip and strategy, and it’s really simple, is to just go ahead and promote someone else’s product. Whether it’s the affiliate rake or they pay you a certain price per promotion or whatever it may be, why not just promote someone else’s product?
For example, I have a huge following on social media, or at least I think it’s a decent size for anything marketing related.
So if I go out and say hey you should be using ICICI Direct or Zerodha or LIC Policy. I have many blog posts like this. Well, I don’t have a deal with them, and I don’t have affiliate rake or anything with these guys, but I could probably get one if I wanted to.
I can make revenue from it and it’s really easy to convince them, hey, I want a commission.
Most of these people already have affiliate programs at the bottom of their websites. All you have to do is log in and use this link when talking about them on the social web.
You can even go to sites like Amazon and Best Buy. They all have affiliate offers and sites. Almost all major companies do affiliate marketing, so you can effortlessly choose any type of product related to your audience and sell it.
#2 Partners with product companies
The second strategy I have for you is to work with someone who has a product but doesn’t have an audience.
Here’s what I mean by that. Influencer marketing is huge these days. When you put a brand, a personal brand, behind a product, you can destroy it.
If you have a good social media following you can negotiate with other companies and they would say oh wait you have a product, I have a brand, let’s partner up and I’ll be the face of your product, and let’s make this thing big.
So if you find someone with an amazing product but no personal brand behind it, that personal brand could be you. Think how cool that is. You can encourage it, do real good for them, and get yourself out of business. Not just a cut of the sales you make, you can get a fraction of that business. Could be 2%, 3%, 5% or 10%, whatever it is.
#3 Place ads in your videos
The third strategy I have for you is to simply place ads in your videos. If you are into social media, create videos and post them on sites like YouTube.
They automatically show you ads if you want to make money from them. Yes, you will not be the richest person, but you can easily make money every month.
That might not seem like much, but it might give you enough flexibility and freedom where you don’t have to work for someone else.
It’s a very good way to make money. Money is not everything in this world. Earn enough to be happy and have that financial freedom. So do not always strive to earn as much money as possible, but also strive for financial freedom.
And just by placing ads in your videos, or if you have a WordPress site, you can allow them to make money, and you can allow them to make money by promoting those items through social media. It is an amazing way to make free or little or easy money from ads.
#4 Influencer Marketing
The fourth strategy I have for you is influencer marketing. You see that all the time on Instagram. People promote other people’s products by taking photos. And they don’t get paid per sale. They don’t usually get paid on an “ad basis,” they get paid to be like an influencer, and they get paid for, say, three months, six months, or a year. You have a contract.
And they usually post a picture a month or once a week and receive a monthly salary. This is an amazing, easy and great way to make money if you have a social following.
#5 Premium Content
Premium Content. Here’s what I mean by that. You can create exclusive, more detailed, in-depth articles or exclusive videos from big brands that promote on social media and make money from it.
For this you need to learn how to create exclusive or premium content and you need to have a good fan on social media. You have to start with it and you can make money.
I hope these tips help you monetize your social profile. It is not that hard. You just need to invest time and effort and be patient, keep tweaking. One model may be better for you than the other.
But you won’t know unless you test them all. So just try them out. Think of it as spaghetti, throw it against the wall, see what works and sticks, and then just get on with it.