A 2020 documentary film, The Social Media Dilemma highlighted the dark side of social media in all its horrid glory but in a yin-yang world, social media is a double-edged sword.
5 ways to make money using social media
There are 5 billion people in the world using at least one form of social media, and spending at least 2 hours of the day scrolling, why not make money while at it?
The safety or danger depends on which side of the sword you're holding.
In this data age, digital solutions are being innovated every day around the world.
In Kenya, according to 2022 research data, 58.4% of the country’s total population of over 50 million is using social media platforms.
Social media can appear in the form of social networking, video hosting sites, image sharing sites, social review sites, discussion sites, community blogs, and information sharing economic networks, for example, Facebook, YouTube, Instagram, TripAdvisor, Reddit, Tumblr, and Airbnb respectively.
This medium which started out as a social network for connecting family and friends morphed to be business efficient even for start-ups and growing businesses.
With 4.5 billion people in the world using at least one of the aforementioned platforms, and an average of 2 hours 27 minutes spent scrolling, why not also secure the bag while at it?
Influencers build a good rapport with a virtual audience that engages and relates with content by liking, commenting and sharing.
You can be considered a micro-influencer with 10,000-900,000 followers or a macro influencer with over a million followers.
It takes a bit of time to come about this trust with your audience but it is worth it. Brands like to work with influencers, mostly by sponsoring content creation and through paid promotion.
The more your grow your audience reach, the more money you earn. For a novice, you may aim for between Sh25 and Sh50 per like and Sh100 per comment. Influencers can also charge according to the number of subscribers on their platforms.
Brand and Affiliate Marketing
Company brands around the world are using a lump sum of company resources for advertising. Brand ambassadors can earn up to Sh5 million for an year-long contract.
A brand ambassador is more long-term than sponsored ad posts that are common with influencership.
A tip to those starting out: say yes to brands that speak to you. If you are a coffee lover, work with a coffee brand whose core values resonate with yours.
Affiliate marketing is offered by brands that have an affiliate program like online stores that collaborate by giving out promotion codes to influencers or through commissions on sales made.
Sell physical and digital products
If you are a business owner, social media will help you increase brand awareness, influence customer consideration, and make sales.
If you have a salon, sell auto-spares parts, or have digital products like apps, and digital drawings you can sell them online through shops created for business accounts on social media or Non-Fungible Tokens (NFTs) like on the Twitter platform. However, this works efficiently if your business has a website.
Creative video content
YouTube is the second-largest social media platform with 2.3 billion users and counting.
To monetize through this video sharing application, you need at least 1,000 followers, 4,000 watch time hours (cumulative time the video has been watched), and lastly, you have to sign up for a Google Ad account.
According to WebFx, YouTube can pay up to $200 (Sh23,000) per video if you have 10,000 subscribers, $2,000 (Sh230,000) per video for channels with over 100,000 subscribers and $20,000 (Sh2.3 million) per video for channels with over 1 million subscribers.
As a professional, you can use monetize your skills. For example, on social media, freelancers can get copywriting gigs, social media manager work, digital marketing, app creation, photo filters, and even inventing Snapchat or Instagram masks for stories.
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