A great many people have been lured in by the prospect of making big money on social media, especially since in many cases all that’s necessary is producing a video which attracts a large number of followers. It isn’t easy, but if you happen to strike a chord with your audience, you just might have that viral video which can make you a small fortune.
Enough entrepreneurs have already successfully accomplished this that millions of others have been attracted by the possibility. Some young people have even quit school, convinced that they’re going to hit it big on social media with that ‘can’t miss’ video that soars them into prominence.
In July, about 90,000 fans of social media descended on the city of Anaheim to attend the annual VidCon, a conference which features successful social media entrepreneurs explaining how they achieved significant success – and thousands of fans, who are anxious to learn their secrets, so they too can get a piece of the pie.
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How Much Money Can a Business Make on Social Media?
So how much money can any business or individual actually make on social media? YouTube used to be the clearly dominant player in this game, simply because they paid the most money to creators of popular videos. However, in recent years, Instagram has closed the gap and is now just behind YouTube in terms of rewarding entrepreneurs for their handiwork. That of course, means that some of the best videos are also now being shopped to Instagram, and are appearing with regularity on that platform.
Although a number of current social media influencers seem to have a monopoly on followers, there’s still room for fresh, creative talent to shoehorn their way into the picture. From all over the globe, new talent is emerging to capture the attention of social media fans, and some of them even achieve a level of popularity commensurate with the Big Boys on the platforms.
On YouTube, it is possible to earn anywhere from $.06 to $.12 per view on a popular video. As an example, a social media newcomer named Safiya Nygaard recently produced a video which detailed the workings of Japanese vending machines. Exciting, right? Apparently, much of the world thought so, because it garnered nearly seven million views, and earned over $400,000 for its creator.
Instagram social influencers who have at least one million followers, can expect to be paid $10,000 for every post they develop, and influencers with well over one million followers might earn $100,000 per post. Some of the most popular influencers routinely earn between $250,000 and $500,000, just for featuring a brand in their post, and carrying a link back to the brand itself.
9 Ways for Your Business to Make Money in Social Media
Granted, the whole purpose of social media is to make connections with other individuals, but at some point a business will want to leverage the power of those connections to turn them into a profitable arrangement. That means you’ll need to think of some ways to make money by using your social media connections, and here are some great ways to do that. One very easy way is to promote other companies’ products, either as an associate of the company, or by blogging and describing the virtues of the product.
You can also blog about products which you have personally created, such as an e-book, or about a seminar you’ll be holding. If you have some kind of skill with creating specific crafts, you can use social media to promote these products, for example on Pinterest. You might be adept at creating articles of clothing, and these can be sold on several different platforms.
If you happen to be a consultant, a coach, or a mentor, you can promote these services on social media, and probably build up a following faster than any other approach would allow for. YouTube offers a Partner Program which you could participate in, so you can make money on advertising. It might take a while to build your following, but if you do get established, it could be a lucrative prospect.
People who have skills in the area of copywriting or editing can market these skills to Twitter, Facebook, or other platforms, and get paid for their efforts. If you have some space which you can rent out to others, you could earn money by becoming an AirBnb vendor, and this is something that thousands of people have already been successful with. One more way you can earn money on social media is to sell your original artwork, for instance on Instagram or Tumblr – with a little luck, you’ll develop a following and you’ll be able to sell prints to large numbers of people.
If you have any kind of musical ability, you might want to try marketing some songs you’ve composed or written. One possibility is SoundCloud, which is a platform specializing in music. Maybe you’re good at developing jingles that companies can use for their products, or maybe you can compose music which would be ideal for featuring a new advertisement. At any rate, the opportunity is there if you’re musically inclined, and you’re a little bit hungry to succeed.
Get Your Message out on Social Media Today
There’s no question that opportunities abound for making money on social media. Not everyone is going to hit it big of course, but if you keep trying, chances are you’ll at least achieve some level of success. The beauty of this idea is that there are plenty of social media platforms you can try, so there are literally endless opportunities for you to make money using these platforms. If you’re not savvy in this area, companies like BizIQ can provide you with their social media management rates so you can decide whether or not a managed solution meets your needs.
And you already know that there’s a built-in audience which you can tap into, if you just find something which catches their fancy and makes them want to take action. There is literally a world of opportunity awaiting you on social media, so dream big and pour your enthusiasm into finding something that the whole world will love.
