In a world where businesses are shutting down left and right, people are looking for new ways to earn income. Perhaps you were among those who lost their jobs due to unjust government mandates last year. If anything good came out of it all, it’s that many people tapped into their creative thinking skills to find new ways to make money. Did you read the title of this post and wonder what a “social media influencer” is? If so, you’re definitely not alone, as it’s a relatively new term. A social media influencer is basically someone who has built a reputation on social media for being knowledgeable or having expertise in a specific topic.
An influencer might also be someone whose social media platform or posts have gone viral, simply because people find them entertaining. However, the fact that tens of thousands or millions of people share something on social media doesn’t, in itself, constitute a way to earn money. So, what are they doing? Why has becoming a social media influencer become a trending entrepreneurial career?
A social media influencer might use sponsored posts on a platform
Sponsoring posts is a form of marketing (for the sponsors) and a way to earn money as a social media influencer. If you have a popular platform, brands or marketers might pay you to feature their products or services. They might ask you to simply tag one of their products. If you’re sponsoring a post, you might write an informational post about a specific product or provide a product review. Some marketers may want you casually work a link or tag to their product or service page into a post of your own. Others might want you to do a full-feature post about their company or something they’re selling.
In any or all of these scenarios, as a social media influencer, you’d be making money because people would be paying you to advertise for them in your posts. If you have several thousand followers on your account, you might be able to rake in as much as $130 or more per sponsored post. However, if you happen to be a major influencer with tens of thousands or millions of followers, brands and marketers might pay you upward of $1500 or more per sponsored post! Do the math. If you’re publishing several sponsored posts per week, then you can be bringing in some serious cash.
Being a brand ambassador earns money as a social media influencer
If you become a brand ambassador, you can sometimes earn cash but can also get free products. Do some research to find out which brands offer ambassadorship programs. As ambassador, you are paid to represent a brand using your social media platform. In some cases, you might get free products or services. Other times, you might also be able to charge a fee for your ambassadorship or earn a percentage of compensation for every conversion you create for the brand you’re representing on your platform.
Becoming a brand ambassador might be a one-time gig. Or, you can sign a contract with a specific brand, agreeing to represent them for several months, years, etc. Just make sure the terms of agreement are clear and thoroughly understood by both sides before signing anything.
Affiliate links can rake in the dough over time
If you’re thinking about launching a new business as a social media influencer, you might consider using affiliate links as a way to generate income. An affiliate link is a unique url that’s connected to you and provided by a company whose products or services you’re promoting. You would hyperlink your affiliate url and invite your followers to click it to purchase “whatever.” With every click, you earn a commission. Again, you can also arrange a contract where you receive a set fee for placing an affiliate link on your page, as well.
So, let’s say a company is paying you a 10% commission for every click-through that results in a purchase on its website. Imagine that, in one week’s time, you drive 20 conversions to the site, with a total purchase amount of $750. That’s $75 in your pocket that week. But, wait! What if you have five different affiliate links in your posts? One company might pay you %5 while another pays 20%. You can see how this can become a viable means for earning income.
Charging membership or subscription fees
If you’ve established yourself as a popular social media influencer, you can earn money charging various fees directly to your followers. For instance, you might provide a certain amount of information or videos on your main page. You can then charge a fee to a higher-tiered membership that gives people access to special videos or more in-depth information. You can also charge a fee for “exclusive” experiences, such as an online party or a webinar, etc.
These are just a sampling of ways to earn money as a social media influencer. Stay tuned for Part 2 in this series, which discusses how to establish yourself as an influencer. After all, you can implement all the money-making ideas you can think of, and you won’t earn a penny if no one is visiting your platform. Our next post will feature the key components of building a strong influencer presence online.