Jasmine Birtles
Your money-making expert. Financial journalist, TV and radio personality.
How to Make Money on Social Media: Your Comprehensive Guide for 2024
Moneymagpie Team
22nd Feb 2024
By January this year, social media networks have already claimed over 5 billion users globally. The 12 months running up to it have seen phenomenal growth in user bases—8.4 new users per second, to be precise. And 2024 is set to continue with this momentum as Americans spend an increasing amount of time on networking platforms for their daily dose of information and human engagement.
This obviously presents incredible opportunities for content creators to generate income on these channels. Remember, the more people social media attracts and retains, the larger the audience you get to interact with.
In this comprehensive guide, we bring you the top ways to make money on networking sites in 2024.
How to Make Money on Social Media in 2024
Consumer behaviors and trends have significantly evolved since the global pandemic and the ensuing socio-economic disruptions.
Today, people are less trusting of organizations and rely instead on peer-based mediums for essential information to make sound decisions. Undoubtedly, this bodes well for social media sites and content creators focused on delivering authenticity and value.
In such a setting, here are the top income-generating options for you to consider in 2024.
Become an Influencer
The influencer marketing industry is attracting more and more influencers of all scales. However, there is still room for new content creators to monetize their efforts as businesses increase their investments in this important marketing tactic to promote their products.
If you don’t have a sizable audience right now, you can attract followers and become an influencer with these simple steps.
- Identify a niche you are passionate about and have considerable knowledge and expertise in.
- Understand the type of audience you can attract based on your niche and select the right social media platform to reach them.
- Develop a content plan that appeals to your audience. Include unique, insightful, and thought-provoking content and engaging mediums, including videos, GIFs, and infographics.
- Interact with your followers—respond to their comments, reshare their posts, and conduct quizzes and competitions.
- Build your online presence by, for instance, setting up a newsletter, creating a website, and expanding your content to a few other relevant networking platforms.
Once you have gathered a reasonable following and created a prominent influencer brand, chances are businesses will start organically reaching out to you.
Alternatively, you can be more proactive and contact brands, too, or even sign up with influencer networks. But determine your terms and rate card first, and be selective when deciding which brands to promote and how you will do that.
For instance, the businesses and products you partner with should align well with your niche, values, and goals and must genuinely add value to your audience.
Sponsored content, such as product reviews, is an excellent way to make money. However, you don’t want to erode your followers’ trust by promoting a brand that could shake their confidence.
Sell Products and Services
Social media users are expected to spend $144.52 billion on purchases on networking platforms by 2027—that is more than double the sales in 2023. Of course, most of it will go toward reputed businesses. But there is no reason why you can’t grab a small portion of it when you have a loyal following.
What exactly can you sell on social channels? Just about any product or service you want, from jewelry, e-books, and subscriptions to consulting services and paid events.
Many platforms now offer online stores to make the purchasing process seamless and hassle free. All you need to do is identify a product or service you can offer, choose a social media site where you can attract the right audience, and start promoting.
Be mindful not to make your content overly salesy. Whatever promotional communications you use should be accompanied by content that proves valuable to your followers.
Once you establish your brand, word-of-mouth will help spread the news. You can also use paid ads to create awareness and boost sales.
In addition, focus on creating a database of potential leads. Competitions and free giveaways are ideal for collecting names and contact information. After gathering the basic details, you can use Nuwber to learn more about the relevant individuals and collect other useful data for targeted outreach.
Promote Affiliate Links
Affiliate marketing lets you generate passive income by promoting links to products owned by other businesses. Each time someone purchases through your link, you earn a commission, which could accumulate into a sizable amount over time.
You can sign up for such programs via relevant company websites and affiliate marketing networks. However, similar to influencer marketing, you must ensure the products you promote don’t conflict with your niche and brand values.
Disclosing that your content is carrying affiliate links is also important to maintain transparency.
Sign Up for Platform-Specific Rewards Programs
Many social media sites have rewards programs to incentivize and encourage content creators.
This is because when you create high-quality material, you are helping the networking platform to attract and retain a larger audience who seek value. So, it is only natural for these sites to share part of their revenue with the top creators who indirectly help them grow their businesses.
YouTube’s Partner Program, for instance, allows you to earn advertising revenue by displaying Shorts Feed and Watch Page ads. You can also generate an income from a variety of other incentives on its platform, including Premium subscriber revenue, channel memberships, and Super Chat & Super Stickers.
To benefit from such incentives, check which rewards programs are available on the social networks you use and whether you meet the criteria for signing up.
Final Thoughts
Social media offers multiple income-generating options in 2024, from influencer and affiliate marketing to product sales and reward programs.
If you are new to these areas, spending enough time to master them is essential before you dive in. Remember, there is a learning curve, whatever you choose to follow. So, be prepared for the ups and downs, remain committed to your goals for the long haul, and don’t hesitate to experiment.
Importantly, be authentic and deliver value to your audience. This is the only way to build trust and gather a loyal following.
Once your income gains momentum, consider delegating routine tasks to others so you can focus on what you do best. Building connections and expanding your network will be equally important for social media success.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.
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