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12 Ways To Make Money On Social Media in 2023

Gravatar for Enoch Omololu
Written by Enoch Omololu
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Social media is constantly growing. According to recent statistics from Sprout Social, there are 3.96 billion users across all platforms, and adults worldwide spend over an hour and a half on social media every day.

As a result of the increased number of users and usage on social media, these platforms have become a major source of income for many people. 

Whether you’re curious about how to make money on Instagram without selling anything or how to make money on Facebook by writing, you’ve come to the right place.

This article will list 12 ways to earn money using different social media platforms. 

How to Make Money with Social Media

One of the most common ways people make money on social media is by being content creators and influencers who feature brands in their posts. One survey revealed Instagram influencers make $2,970 a month after working for less than 30 hours every week.

Thanks to the popularity of online shopping, social commerce has also opened doors for individuals who want to earn using Instagram, Facebook, and other social media platforms. You can use these platforms to sell products and services directly to your target audience. 

You can also use different social media platforms to make money indirectly by promoting your products and services and driving web traffic to your own eCommerce site. 

As you can see, you have countless opportunities to earn on social media, and different strategies have their own earning potential. 

Partner With Brands

Partnering with brands to create and post social media content is an excellent way to earn, as it gives you flexibility. Additionally, this option enables you to boost your influencer marketing business and improve your branding in the eyes of other brands and audiences. 

When working with brands, make sure to position yourself in a way that meets their target audience and unique needs. This survey shows that brands look into an influencer’s personal experience with their products, quality of content, number of followers, and audience demographics. 

Affiliate Links

If you want to earn passive income through social media, become an affiliate. This business model works this way: businesses pay you a commission every time a customer buys from your affiliate link.

One of the best things about being an affiliate is you can earn without money and physical product on hand. 

However, keep in mind that not all affiliate programs are the same. Each has its own payout structure and fees and follows different rules and regulations.

Choose an affiliate program that offers healthy commission rates and instant payouts.

Here’s a comprehensive guide on how to make money on Affiliate Marketing.

Livestreams

Livestreams are highly versatile, meaning you can use them in different ways to make money on social media. However, earning through this avenue requires a lot of work.

For example, on Twitch, the top 1,000 channels get 53% of all viewing time, meaning only a very small minority gets rich by streaming. 

You can earn money from live streaming by making live shopping videos. This content combines the best of live videos, eCommerce, and social media.

They’re just like regular livestreams, but with added features that enable viewers to shop the products and services they see on the video.

You can also use livestreams to earn from brand deals and sponsorships. If you have a large following on streaming platforms — say at least 1,000 — brands will reach out to you and provide offers.

But if you’re still starting and don’t have that many followers, you need to reach out to brands. 

Once they agree, you can earn from sponsorships, banners, and other types of ads displayed during your livestreams, and sponsored content, like when brands pay you to try and give reviews about their products. 

Create and Sell Merch

Do you have a loyal and strong following? If you do, consider using this opportunity to sell branded merchandise.

Social media is a cost-effective avenue to sell products, regardless if you want your audience to shop at your eCommerce store or sell directly through various social tools, such as Linkpop

Creating and selling merchandise on social media doesn’t require experience. You can outsource everything and let other parties do the hard work on your behalf.

Basically, all you have to do is market on social media and redirect your audience to a website where they can place their orders.

Start a Membership Program

Virtual events and communities have become a norm after the pandemic. More and more people have become familiar with virtual programs and are willing to enroll in them.

Offering membership programs also guarantee recurring revenue, making it easier for you to forecast your earnings. 

Model turned fitness coach, Alexis Ren offers membership for her mental and fitness community. The program aims to equip women worldwide with healthy relationships with their minds and bodies.

The program includes virtual journal classes, dance classes, yoga sessions, and many others. She also schedules regular meet and greets with members near her location.

The success of your membership program depends on your commitment. If you see yourself overwhelmed with the idea, take your time and start small.

Consider offering a one-month membership program to your audience instead of an annual membership to test the waters. 

Join an Influencer Marketing Platform

Joining an influencer marketing program is an excellent way of making money on social media. This strategy requires as much or as little time, depending on how much you want to put into it. 

An influencer marketing program works this way: you sign up and make an account on platforms that connect brands with influencers.

This approach enables both parties to find each other and work together fast. These programs can be a godsend for small brands and influencers who are still starting in the industry. 

One of the most popular influencer marketing platforms used today is ShopYourLikes. Once your profile is approved, you’ll have access to your performance dashboard and see all the brands for you to promote. 

Through the app’s link generator, you can create a link for any of the brand’s pages and share it on your Instagram, Facebook, or other social media platform. You’ll get paid every time someone clicks your links. 

Create Sponsored Posts

Content is king, which is why businesses use social proof to promote their products and services. You can help them achieve this goal while earning on the side by producing sponsored content.

Depending on your preferences, you can write product reviews, promote brands on your social media account, or add backlinks to a brand’s website on your content. 

The amount of money you can make from sponsored posts depends on different factors, such as your niche, reach, and whether your post includes audio, images, and videos.

Just make sure to let your audience know that you’re offering paid content to avoid misleading them. 

Sell Rights to Your Photos

Whether you have an eye for capturing breathtaking photos or work as a professional photographer, you can earn money on social media by selling your masterpieces.

Websites like Alamy and Shutterstock are excellent places to show off your work. These sites pay you royalties every time someone downloads a copy of your image.

Looking for a way to monetize your images fast? Create a listing on Foap, a new smartphone app that lets you upload your photos and earn cash.

Once a company, brand, or individual pays for your photo or video through the app, you’ll share a 50/50 profit with the app creator. 

How to Make Money on Social Media Without Selling Anything 

Having a physical product isn’t a requirement before you can earn on social media. To learn how to make money on Instagram by writing or sharing other forms of content on other social media platforms, read the list below. 

Become a Social Media Marketer

With the number of people using social media every day, it’s no surprise why brands turn to these platforms to market their offerings. If you’re equipped with the experience and skills in promoting on social media, use them to earn. 

To earn as a social media marketer, you need to have in-depth experience in social media content creation, community management, influencer marketing, and lead generation. The more skills you have, the better chances you’ll have of earning more. 

You have different options on how you can set a price structure for your services as a social media marketer: you can charge an hourly rate, set a fixed fee, or package your services. 

Write Instagram Posts

Think beyond your account — many businesses rely on clever and creative produce high-quality content for them, especially if they can’t afford to have an in-house content creation staff.

If you’re wondering how to make money on Instagram by writing, the answer is simple: by creating and publishing posts on behalf of a business. 

Since businesses are on the lookout for top-notch writers who know how to develop engaging content, fine-tune your Instagram account to showcase your writing talent.

Ensure that your work demonstrates quality. Additionally, put together your portfolio in advance, as businesses will ask to see one before deciding to hire you.

Offer Social Media Coaching or Courses

You can create and sell different types of educational services on social media. For example, you can make money from selling coaching services and courses in a specific niche. 

Take, for example, Ali Abdaal. He’s a productivity YouTuber with 1.5 million followers. He teaches how to start a YouTube channel as a side project through his Part-Time YouTuber Academy.

His course includes live lectures, online communities, Q and As, and self-paced video content. His business generated $1.3 million in revenue in 2020.

To reach the same level of success as other influencers, build a website to showcase your services and customer testimonials.

This will make your brand more “human” and make it easier for your audience to trust you. 

Promote Your Business

Everyone loves deals and discounts, and social media users aren’t an exemption. They’ll definitely love anything that allows them to avail of products and services at a cheaper price — from discounts, giveaways, sales, and other special offers!

You can offer discounts to limited categories or collections, or for all the products on your website.

Countless brands use social media to promote ongoing promos and sales, and redirect interested buyers to their websites. 

When promoting your business on social media, you can try offering discount codes in exchange for an email signup or exclusive deals to loyal customers.

But avoid going overboard, as running promotions all the time will dissuade customers from buying anything from your business at full price. 

Get Ready To Work

In general, your ability to make money on social media depends on the effort you put into it. Regardless of which strategy you’re planning to use to earn, if you don’t exert time and effort, don’t expect that social media can bring in some extra cash flow

When following the tips presented here, make sure you’re willing to work hard for it. Follow this formula, and it won’t be long before you can use social media as your money-making machine! 

FAQs

What is the easiest social media platform to make money?

According to this research by Time, TikTok is the easiest social media to make money due to its growing audience and revenue. It’s loved by billions worldwide because of its ability to feature a more relatable, authentic side of businesses and brands. 

How many views do you need on social media to get paid?

The answer depends on the social media platform you want to use. For example, on Facebook, your business page should have at least 10,000 fans, while you’ll need to have at least 1,000 subscribers to earn on Instagram and from the YouTube Partner Program.

Who is the highest-paid Instagrammer? 

Aside from being a well-known celebrity, Cristiano Ronaldo is the richest influencer on Instagram. He has 516 million followers as of this writing and earns almost $1.6 million per post. 

How do I become an influencer?

You need to find your niche, choose your social media platform, learn about your audience, engage with your followers, and establish a content strategy. Having skills in content creation and Search Engine Optimization or SEO is also essential. 

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Gravatar for Enoch Omololu

Enoch Omololu

Enoch Omololu is a personal finance expert who has a passion for helping others win with their finances. He has a master’s degree in Finance and Investment Management from the University of Aberdeen Business School and has been writing about money management for over a decade. Enoch has been featured in several leading personal finance publications including MSN Money, The Globe and Mail, Wealthsimple, and the Financial Post.

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