Here’s another question in the DM Questions Series.

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How can I make money from Social Media?

I will tell you how shortly, but before then, let’s take a step back and just address ‘How can I make money’

How do people make money?

Money is made when someone pays for a product or service you are offering.

It’s that simple. It is just an exchange.

My first question to you is, do you have any product or service that someone can pay for?

If the answer is no, then sorry, you won’t be able to make money from Social Media (except you are doing 419. And I know there is no one like that in this community).

If the answer is yes, then you need to look at the possible ways you can use Social Media to leverage the awareness or delivery of your product or service.

How Can I make money on Social Media?

First, as I mentioned in the last DM Question post, you should separate your personal Social Media pages from the business one you intend to use to make money so that your messaging is consistent. (This may not apply if your name is your brand and you are a Social Media Influencer).

Secondly, forget about going Viral – You don’t need to go viral to make money. In fact 99% of Social Media content don’t go viral.

Let’s look at 2 ways you can make money from Social Media

    • Become an authority

– You may know this already, but let me remind you again; People buy from people they like and trust.

Unfortunately, you will not be physically present to make people ‘like and trust’ you on Social Media, but if you are consistent with your message and you share good, relevant and useful information, you will be perceived as an authority in that field and people will trust you.

Interestingly, it is very difficult to like someone you don’t trust. So if they trust you, then it almost means they have ‘liked’ you too.

Are you saying I have to be an expert in something before I can make money on Social Media?

No not at all but you should a.) Have a product or service b.) Know more than the people you are trying to sell to and help them.

  • Monetize the platform –

You’ve got to ask for the money, else you won’t make any. Of course how you ask is important, however if you successfully executed ‘Become an Authority, this part will be easier.

As early as possible, let your followers (or would be followers) understand that you intend to make money from the platform. So share information about your products and services, post pictures, share customer testimonials, ask for people to buy.

These two steps will help you make money on Social Media.

Finally, here are examples of products or services that can make money on Social Media (and whatever you are into, you can sell it on Social Media too)

  • Physical Products – Take pictures, share on Instagram, Facebook, or even Twitter (or Whatsapp and BBM). Ask people to contact you for prices. This can be something as small as ear rings, to baby clothes to cars and real estate. (If you can accept payments using paypal, Inselly is nice platform to sell and get paid on Instagram). Shopify allows you to get your own store on Facebook and I heard recently they are about to have a robust local presence in Nigeria.
  • Information Products – Do you sell books, e-books, songs or even online courses? Share teaser or excerpts on Social Media and direct people to platforms they can make the purchase using your link. In some cases you can share your bank details, and get people to transfer money and you send them the product.
  • Services – Do you sell services like coaching, training or you have expertise in a particular field? You can sell these services on Social Media. You can offer Video Coaching via Skype, or training via Social Media. A simple bank transfer can help you get paid. Services like Paystack and Vogue Pay, also allow you to create a payment page and get people to pay you with their ATM.
  • Become an Influencer – This sounds easy. Get as many followers as you can, then promote products and services from other brands to your followers and get paid. This can be very lucrative. (I heard someone charged N100,000 for 1 tweet). So start building. There is another part to this though which does not require you to have hundreds of thousands of followers. Say you have 10,000 followers on Twitter or Instagram of people who are pet owners in Lagos. A company selling pet food will value you more than a general influencer with 100,000 followers. So you can also build followership within a particular niche.

Let me stop here. I hope this answers your question ‘How can you make money on Social Media’.

I have a simple request. I am doing a poll to find out which Social Media Platform (if any) has made you the most money. (Please participate and make a choice below)

 

 

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ibukun

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