What is social media network?
Social media network is an online platform which allow people to get connected with each other.
Who can start this?
Social media is a place to meet new people. As you are getting new people therefore it is an opportunity to sell your product to them or at least show them something and get some rewards for your efforts.
Ability to socialize online and make people interested in your topics.
Where to begin?
Some social network like Facebook is an open platform where people with any interest can join but they have option to get connected with people of similar interest. While other social media platforms are for people with certain interest like ResearchGate is for researchers. If you want to earn money from social network then most important thing is to get connected to as many people as possible. At the same time, you should be cautious in your effort as if you want to sell toothbrush than there is no logic in putting your efforts in getting people looking for purchasing car. You will find more people in largest social networks but you need to make your own niche and getting connected to right people is the key. However, there are many social networks which are focussed on certain interest groups like music lovers, artists, researchers, etc. Sometimes, it is easier to get your clients and customers in smaller network compared to spending lots of time in shortlisting right people in major social networks.
Advanced strategies and Tips
Following is the list of major social media networks.
If you are using any of these network then you can monetize your social activities.
- Gaia Online
- Experience Project
- The Dots
- We Heart It
Some of the above networks are very popular while other have very targeted audience so all networks have their own benefits and drawbacks.
Social media networks can be very addictive and you may lose track if you are not focused. It is very easy to get distracted. Your social media activities should be well thought.
Ways to monetize?
There are number of ways to monetize your social activities.
If you have huge list of followers on any social media account, group or page then this can be a source of good income. Following are the different ways through which such people can earn extra cash.
- Sponsorship: This is the long term association between the social account holders and brands. The account holders can be treated as brand ambassadors who advertise the brand to its followers through post or podcast.
- Advertisements: Advertisements can be short term and long term. This is a way when brands or advertisers give some money to the such social account holders for displaying their advertisement on their account. Long term display of advertisements can be treated as sponsorship.
- Selling products: If you have the eCommerce store then you can redirect your followers to your store website to buy your products.
- Promoting services: Just like products you can use social media to advertise your services. Those services can be online or offline. Example of services: logo creation, photo editing, SEO services, article writing etc.
- Affiliate links: Almost all social media allows adding post with links. Most of the major eCommerce retailers like Amazon, eBay etc allow affiliates to use product link and display at any place to redirect people to their store to purchase those product. You can redirect your followers to these products. If they purchase those product through your affiliate links then you will earn the fixed commission (4%-10%).
- Advertise yourself: If you are an artist, writer etc you can use social media to enhance your visibility and reach. Most celebrities are also using social accounts like Twitter to connect with their followers.
- Sale your account: If you have huge followers then you can sell your account/group/page to somebody.
- Shopify: You can convert your Facebook page to an online shop to sell products.
- YouTube Partner Program: Good way to monetize your YouTube channel.
These topics are discussed in more details in subsequent articles under social money category.