Now that you’ve build an engaged community of fans and dedicated followers to your brand, how can you start making money from this attention? If that’s your current situation, then this article is directly for you.
If you’re still on the journey of building your audience, keeping these seven ways to monetize in mind will help you properly structure your content marketing strategy moving forward.
So let’s get into the seven methods of monetizing your social media audience.
The following methods can help you to make more money and create new customers for your business.
If you have the knowledge to manufacture a physical or digital product, you can use feedback from your audience to create your own product. Since the audience will have had some input on how to build the product, they will feel much more of an emotional attachment to it.
If you create your own product, you will keep all of the profits created and you can often charge premium prices as well. Just note that if you are manufacturing a physical product, make sure your supplier is reputable as you do not want your supply run out and your supplier cannot create more.
Believe that someone else’s product can be beneficial to your audience? You can contact the company selling the product and cut an affiliate deal for promoting their product.
Sometimes companies will approach you as well to promote their product through you. If this happens, make sure that the product will actually be beneficial to your audience. You do not want to make money and disappoint your audience.
If you have permission to do so from your audience, you can sell data about them to companies. This is how Facebook makes their money. When you sign up on Facebook, their terms and agreements allow them to sell your personal data to companies for advertising purposes.
If you have an audience large enough and can gather a lot of valuable data about them, this is another monetization method you can use. However, just be aware that this may make your audience mad and you may lose them, so be very careful when selling data about them.
If you’re an influencer in the service industry, for example, social media marketing, then you can sell your services to your audience. Neil Patel states that he has gotten a number of clients that were a part of his audience.
Just be careful to not spread yourself too thin that your service quality drops. Make sure that you work with clients that will make your job easier, not harder. So clients that micromanage and want an update every second are a no go. They will only slow you down and make it hard to service other clients as well.
Remember, it’s not enough to just create new customers, you must also be able to keep them or else it will be very hard to sustain a profitable business.
By giving out exclusive magazines and free memberships to other exclusive content as bonuses for being your customer, you can keep more of your customer base and start to reduce churn.
For example, when a user signs up for TD Ameritrade, they are also enrolled into their stock trading newsletter. It’s been proven that readers of their newsletter trade up to five times more which makes TD Ameritrade more money per customer.
Now that you have acquired a customer and can keep them, now it’s time to make each customer more valuable to your business.
You want your customer base to continually use your product so they get more exposure with it, build more intrinsic value, and promote the product for you. By creating valuable content to complement your products, you can encourage usage with your products and services.
By building this respect, trust, and rapport with your customer base, you can start to sell them more of your products and services at higher prices as well, which will allow you to make each customer more valuable to your business.
By creating valuable content that ties into your business’s core product, you can start to sell more of your flagship product.
For example, let’s say that you run a social media marketing software business. You have a customer that has bought a secondary product of yours. You can create content to go with that product that helps them use their product but also promotes your flagship product. If your secondary product does what’s it supposed to do so, that customer will be much more likely to buy your flagship product.
As you build your audience, the methods of monetization will start to increase for you. Always remember to keep the audience’s best interest in mind, however, to recap, here are the seven methods of monetization:
As always, make sure you are continually creating value for your audience. Without them, you would not be able to unlock these monetization strategies.
If you would like to discuss how you can start to monetize your following, feel free to contact me. It’s @sunnychopper on pretty much every social media platform, even Xbox Live.
Don’t worry, there won’t be a sales pitch or anything along those lines, I just genuinely like talking about business.
Hope this helps you monetize your following better!
Written by Sunny on Dec 18 2018