10 Practical Ideas on How to Make Money on Social Media

Do you want to know how to make money on social media in 2024? Well, you’re in luck!

This comprehensive guide will help you navigate social media and monetize your online presence. Whether you’re a brand looking to boost your sales or a creative soul wanting to monetize your passion, I’ve got you covered.

Let’s explore how to make money on social media in 2024! But first, let’s answer the question: What is social media monetization?

Key Points

Social media monetization refers to the methods creators and brands use to generate income from their presence on social platforms.
Micro-influencers with as few as 1,000 followers can monetize their social media accounts effectively through their strong influence and loyal audience.
While Facebook and Instagram have the highest revenues, TikTok is emerging as a significant income source for creators, particularly those earning less than $10,000 annually.
If you want to effectively monetize your social media account, avoid these errors: an all-inclusive approach, neglecting your target audience, overposting, and not using ethical advertising practices.

What Is Social Media Monetization?

I know you are one of those people who ask, “How do I make money on social media in 2024?” lol. The answer is social media monetization. Social media monetization refers to the methods creators and brands use to generate income from their presence on social platforms.

This growing trend enables creators to establish sustainable income streams through various means, such as brand collaborations, sponsored content, and advertising. These strategies can transform a creator’s online influence into tangible earnings when executed properly.

Some people have asked me how many followers they need to get their social media accounts monetized… keep reading!

How Many Followers Do I Need to Monetize My Social Media?

There’s a common misconception that you need a six or 7-figure follower count to make money online. This isn’t true. You can make a killing with a much smaller but more engaged audience.

Take ‘micro-influencers,’ for example.

These creators may only have 1,000 followers or so, but they possess something powerful:

Influence — they have a loyal audience that listens to and acts upon their recommendations.

Micro-influencers build an authentic connection with their followers, creating a solid community. This connection is precisely why nearly 80% of marketers favour working with them over celebrities.

So don’t fret if you have a modest social media account.

1,000 followers invested in what you do > 100,000+ ghost followers

If your followers are active and love what you share with them, you have what it takes to monetize social media.

10 Practical Ideas on How to Make Money on Social Media in 2024

Now, to the main point of this post! I know you are eager to reach out. Below are the top 10 tried-and-true ideas on how to make money in 2024.

But Before we dive into the specific monetization ideas, it’s essential to have a structured plan for your social media content. A well-organized content calendar can help you stay consistent, track your progress, and optimize your posts for maximum engagement.

Download our Social Media Content Calendar Template to start planning your content effectively!

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#1. Earn Commissions Through Sponsored Posts

One way your small business can earn money from social media in 2024 is by promoting the products or services of other businesses. This is known as “sponsored posting” and is a direct way to make money on social media. A brand will sponsor posts to show up on relevant pages, and when a user clicks on that ad, you get paid. This is an excellent way to leverage a large following on social media.

Most social media platforms have a sponsored post setup. Twitter even has a direct link to sign up for their sponsored posts. Visit Sponsored Tweets to match your company with relevant topics and start earning money with each relevant tweet.

Amazon’s Associate program makes it simple to promote affiliate products. Each time a sale is made from your share link, Amazon pays you a small percentage. For more information on starting the Amazon Affiliate program, visit their webpage.

#2. Join an Affiliate Program

Affiliate marketers share links to products or services and earn commissions when someone buys through that link (or via a unique coupon code).

There are three ways to start affiliate marketing:

Join an affiliate network: There are many options, such as Impact and ShareASale, where you can join multiple affiliate programs in one network.
Join a specific company’s affiliate program: Many brands run their affiliate programs, often paying better than joining through more extensive networks.
Pitch a custom affiliate relationship: Established creators often negotiate custom rates and contracts with brands for long-term partnerships.

Affiliate marketing has a snowball effect. At first, if you don’t have a large audience, you probably won’t make much. (This is not always true, though!) Sharing affiliate content over time will pay off if you focus on serving your audience first.

#3. Become an influencer

As a social media influencer, your job is to bridge the gap between brands and potential customers, offering your unique perspective and authentic voice.

If your followers trust and respect your opinions, becoming an influencer could be a rewarding way to make money on social media in 2024.

Suppose a software company develops a new invoicing tool designed to simplify getting freelancers paid. They approach you, recognizing that your specific audience could benefit from this tool.

You’d use and evaluate the product in this partnership, sharing an authentic review with your followers. Your endorsement would give the product exposure, credibility, and direct access to a relevant customer base.

In return, the software company pays you for the promotion, acknowledging the value you bring through your influence.

#4. Sell Your Products

You can also make money by selling products directly on social media and using it as a sales platform, even without your e-commerce site. Social commerce has opened the doors to direct sales via platforms including Instagram and TikTok, making it possible to sell directly to customers from the social media platform they’re already on.

To get up and running quickly, you can develop private label products, create print-on-demand designs, or partner with a drop shipper.

Also, using a platform like Shopify, you can even launch your online store and integrate it with your chosen social commerce channels to manage a complete, multichannel business. Shopify has many integrations, allowing you to turn it into a complete command centre where you can manage every aspect of your business.

#5. Run Ads on Social Media

One effective strategy for monetizing your social media presence as a creator is running ads on various platforms. As a creator, you’ve built a loyal following that trusts and values your content. So why not leverage that trust to make some money?

Running ads allows you to partner with brands and showcase their products or services to your audience. You can choose to display ads in your posts, stories, or even in your videos. The best part? You get paid for every click or view generated from your audience. It’s a win-win situation – you provide valuable content and earn money in return.

#6. Sell Merch

Making decent money from your merchandise requires a dedicated following. You don’t need a million followers but may want more than 100.

There’s also the actual making of the merch. What will you make? How will you make it—yourself or outsource it?

There are many ways to outsource the production of apparel and gifts to sites like Printful and sell them at an Etsy or Shopify store.

The key, besides loyal followers, is merch that makes sense. Tech reviewer Sara Dietschy’s line of tech accessories fits nicely with her brand slogan of “rhymes with peachy” and aligns with her audience’s interest in technology.

#7. Make and Sell Digital Products

Making and selling digital products is another fun avenue to explore on social media. Digital products come in various forms, so it’s a flexible venture. You might even already have digital assets you can turn into sellable products.

Here are some ideas to help you get started:

Digital art and design: digital illustrations, graphic designs, art prints, customizable design templates for social media posts, stories, or banners
Photography: high-quality stock photos, digital wallpapers, or photography/Lightroom presets
Ebooks and guides: in-depth guides or tutorials related to your niche
Printable planners: calendars or organizers for various purposes; cater to specific needs, such as fitness, productivity, or goal-setting
Online courses: courses for platforms like Udemy or Teachable; live webinars; virtual workshops; Q&A sessions
Music and audio: digital music tracks, sound effects, audio samples, or music production templates and presets
Virtual assets: 3D models for use in virtual environments or gaming; virtual assets for content creators, such as virtual backgrounds
Coding resources and templates: code snippets, website templates, or app templates

#8. Organize a Workshop or Event

One easy way to make money from your social media presence in 2024 is to host workshops and events.

If you’re starting from scratch, they take a lot of work to set up and market. But you can record it and use that content for many other things: Chop it up into many social media posts or turn the whole thing into a course and sell it.

Event ideas to create and launch:

An in-person course or workshop.
An online webinar or livestream presentation.
A charity fundraiser and networking event.
A summit or convention, partnering with other creators or brands.

Alternatively, there are ways to reap the benefits of events without having to create it yourself, such as:

Becoming a paid speaker for conferences.
Podcast and media interviews. (It is only sometimes paid, but it can be.)
Sponsoring or advertising at someone else’s event.

#9. Provide Mentorship or Guidance

Selling coaching or consulting services is one way to make money from social media in 2024.

You can use this business idea in various ways. You can specialize in something specific, like assisting companies that sell products with their social media strategy or mentoring photographers to prepare images for social media feeds. In addition to group coaching sessions, membership programs, and paid communities, you can provide individual one-on-one coaching.

Consider bundling your services into packages. This will protect your time and prevent your relationship from becoming akin to an employer-employee relationship. You could offer a certain number of posts for a flat package fee or conduct an audit for a set rate.

#10. Define Your Niche

Lastly, defining a niche is crucial in monetizing social media because it helps create a focused community. By choosing a specific target demographic, you can cultivate a group of followers who are genuinely interested in your content. This approach is more effective than chasing vanity metrics such as follower count. A smaller audience united by a single interest is more valuable than a large, diverse audience with various interests.

Which Social Media Platform Is Best for Making Money?

On paper, the social media platform with the most cash should pay the best, right? Facebook and Instagram are the two most prominent social media platforms in revenue, the former leading the charge between 2010 and 2022. That makes sense, given both have been around since the initial social media boom and are now the two core pillars of Meta’s offering.

YouTube comes in third place, followed by LinkedIn, TikTok, and Snapchat. But just because Facebook and Instagram make the most money doesn’t mean they make you the most.

Just think of all the experiments and investments Facebook and Instagram pull off. That’s not bad — social media platforms need to change to survive! It means creators can nibble on a smaller slice of the pie.

Who Pays More, TikTok or Instagram?

Due to its relatively recent entry into the industry, TikTok is sometimes perceived as a “lesser” option for making money on social media. However, this is not the case in 2024.

My research shows that monetizing creators rely more heavily on TikTok than Instagram. Even content creators making less than $10,000 annually, 28.6% cite TikTok as their primary income source, compared to just 7.3% for Instagram.

What are the Mistakes To Avoid When Monetizing Social Media

Social media monetization requires careful navigation to avoid frequent traps. Recognizing these common mistakes improves the efficacy of your approach and can help you maintain your social media presence in the constantly changing digital space.

All-Inclusive Approach: Different audiences are drawn to different social media platforms. Sharing the same content on all platforms may not lead to successful engagement. To improve brand perception, adapt content to the specific audience of each channel.
Neglecting Your Target Audience: Understanding your audience’s preferences is crucial to creating content that resonates with them. One way to do this is to use social media analytic tools to gain insights into their interests and behaviours.
Over-Posting: Excessive posting can overwhelm your audience. When it comes to posting content, focus on quality over quantity.
Not Using Ethical Advertising Practices: In social media marketing, ethical advertising that prioritizes truthfulness, openness, and regard for customers is essential. Avoiding misleading information and using precise disclosure mechanisms for sponsored content can help retain customer trust.

Bottom Line

While there are many ways to make money on social media in 2024, you’ll probably need to do most—possibly all—of them to make decent money.

The main thing to remember is that hard work and consistency are key. Building a loyal, engaged social media audience takes a lot of time, and you have to offer value if you expect users to give you their money. Start with a solid social media marketing strategy outlining your goals, then build your roadmap.

Dominon Natty

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