How Much Money Do You Make From Social Media?
We get asked this question a lot by our clients: “How much money do you make from social media? The truth is, there are several factors that can go into how to monetize your platforms.
Social media is essential for businesses (just check out our past blogs on social media!). The good news is that in 2022 there are so many ways to make money from social media. Whether you are a business or an individual content creator, this guide will share some tips on how to find the best strategy for success.
Social Media For Business
Whether it is Twitter, Facebook, TikTok or Instagram, social media has taken over the world. For businesses, this has opened up opportunities for business to maximize the income of their business. If you’re still unsure of the power of social media, just take a look at some of the numbers.
- From 2020 to 2025, the number of people worldwide who use social media is expected to grow from 3.6 billion to 4.4 billion.
- Social media advertising has the second biggest market in digital ads. Social media had a revenue of $153 billion in 2021, and that number is expected to grow over $252 billion in 2026.
- Brands are still using Facebook, and Instagram. But marketers are also going to be focusing on trending platforms like TikTok, Pinterest and Snapchat.
How Much Money Do You Make From Social Media?
So, exactly HOW much money can you make from social media for real? The answer: there is no limit. As long as you understand current trends, statistics, and your niche, you are going to be monetizing your value. You don’t even need to have millions of followers if you want to monetize your social media. However, it is still important to have a sizeable amount of followers. The larger the audience, the higher the conversion rate.
The caveat is that the amount of money you make will also vary depending on what platform you are using. That is why it is so important to keep up with which platforms are trending and performing well. For instance, Twitter has lost 50 of its top 100 advertisers since Elon Musk took over. It wouldn’t be a good move to try and monetize on a platform like Twitter amid current changes.
Strategies For Businesses and Creators to Make Money on Social Media
As you know, social media changes constantly. It’s up to you to learn what’s working to drive sales from social media currently. These are a handful of top strategies for success that you can use for your social media campaign.
Partnering With Other Brands or Businesses
When we say “partner” with other brands, we aren’t referring to doing in it a cringeworthy “influencer” way. Rather, you should seek brands and businesses that you align with. Try to seek out businesses that:
- Naturally fit your own company and brand
- Align with your beliefs.
- Offer value to your audience.
A good example of this is one of our clients (a real estate investor) who did a free webinar with another real estate investor. This cross-promotion benefited both parties and it lead to our client picking up new clients.
Join Or Create An Affiliate Program
In affiliate marketing, affiliates share links to buy products or services. In turn, they earn commissions when someone makes a purchase through that link. This could also be done via a coupon code. There are a few ways that businesses can start affiliate marketing:
- Join an affiliate network
- Join an affiliate program through a specific company
- Create your own affiliate network
Remember that client from the previous example? She did two out of three of these options. Our client joined an affiliate program through a specific company and she started her own affiliate program. With these two affiliate programs, she is bringing in multiple streams of income!
Enroll In Platform-Specific Monetization Programs
This one is more for content creators. Another strategy that you can use to make money on social media is joining a platform-specific monetization program. The truth is, social media platforms need creators to keep users engaged.
In turn, this will ensure that brands continue to run ads on the platform. Many social media platforms have launched programs for content creators to earn money on. There are many programs for creators:
- TikTok Creator Fund
- Pinterest Creator Rewards
- YouTube Partner Program
- Instagram Subscriptions
- Instagram and Facebook Reels Bonus Program
Paid Ads vs Organic Effort
One of the most important things that businesses need to figure out is where to put money behind their social media campaigns. Get a rundown on essential social media marketing advertising statistics that every business should know:
- Ads on social media have a worldwide revenue of $153 billion in 2021. This number is expected to grow to $252 billion in 2026
- The total potential reach of Instagram ads in 2022? 1.8 billion people
- TikTok ads have the potential to reach almost 885 million people