Can you make money on social media without selling a product?
Lets find out…
Chances are you’re already actively using at least one social media platform.
Do you have a healthy following? I’d you do, use your social influence to make money without selling anything.
Social media sites like Twitter, Facebook, Instagram, and Pinterest offer amazing avenues to make money.
It doesn’t matter which platform you’re on, social media is the perfect place to make some extra (or a lot extra) cash!
You may be thinking… “don’t I need to have a product or service before I can make money on social media?”
The answer is no, you don’t!
While social media marketing is great to sell products and services, it’s not the only way to use social for commercial purposes.
Here’s how Ryan Lilly put it…
Social media is not just a spoke on the wheel of marketing. Rather, social media is becoming the way entire bicycles are built.
– Ryan Lilly
Is he right about that? Certainly!
So then, how can you use social media to build your online empire?
Below are 7 tips that will make social media work for you and your bank account.
1• Partner with a product needing an audience
If you know of a great product, and know that the company doesn’t have much of a social following, reach out to them and offer a mutually beneficial partnership.
You promote their product to your broad audience and in return, you receive a portion of the business as compensation for your effort.
Influencer marketing changed marketing strategies by using people with a strong personal brand.
For example, businesses are using Nick Offerman and Nick Jonas to push product sales.
Offerman promotes Whisky, and Jonas is promoting a cologne.
While their names are all over these products, they are not necessarily the product creators.
It’s the name that sells.
Do you have a strong enough social presence? If you do, partner with an established business and become a part of their social media marketing strategy.
2• Promote someone else’s product
If you don’t have a product of your own, promote another brand’s product and receive payment per sale made.
With a targeted following in your industry, act as an influencer for tools or services in your industry.
Partner with a company and act as a third-party marketer for them.
Big companies such as Amazon and Best Buy have pre-established affiliate programs you can take advantage of.
Apply to one (or many!) of these programs, push their products on your social accounts and get a share of the profit for each sale made.
According to research by Google, “70% of teenage YouTube subscribers say they relate to YouTube creators more than traditional celebrities.”
You don’t have to be a high-end celebrity to impact your viewers and subscribers.
You can promote products and a micro influence make good money.
3• Influencer Marketing
Be the ad! Similar to, but not the same as the earlier mentioned influencers marketing, this method uses your social media account to push the products of others.
The major difference, however, is the partnership does not result in money per sale, but is essentially a short-term contract made with a company to act as a social media marketer for their product or brand.
You post several times throughout the contract promoting the company and their products.
Payment is made based on the agreed amount in the deal, and not per sale.
According to a survey by Tomoson, business owners are making $6.50 for every $1 spent on influencer marketing.
This means that a business owner will be willing to spend money hiring you for the same purpose.
4• Place ads in video content
This tip is not as lucrative a suggestion as the other tips, but this method can increase monthly revenue by $2,000 ~ $3,000 per month.
If your goal isn’t getting rich, but gaining financial freedom, then, adding advertising (ads) to your content is a great way to supplement your entire source of income and allowing for more time and money to live life freely.
The process is easy, simply give video hosting sites, such as Vimeo or YouTube the ability to place ads within your content.
You receive a portion of the profits those ads generate. However, this is strategy will take time and effort.
5• White label reselling
White label reselling is taking someone else’s product, marketing and selling it as your own for a profit.
For each product sold, you pay the leading company a fee and keep the difference.
For example, let’s say you are reselling white label umbrellas.
The manufacturer price is $15, and you sell for $25. In this case you’ll give or pay the manufacturer $15 pricing and keep the balance $10.
Thus, you make $10 profit on each umbrella you resell. It’s another slow and steady income method, but it is profitable.
6• Offer premium content
Create in-depth, exclusive, content for paying subscribers.
Post short-form content to your entire following, teasing your long-form informative content for paying members only.
For example, make a post offering one tip about video editing, and then offer your subscribers with a full video editing tutorial.
When you create high-quality content and your following is large enough, people will pay for your highly revered expertise.
7• Offer Value to your audience
This tip is a more reflective way to approach the other tips.
Brand collaboration is the primary path to make money in these tips, and it may feel discouraging if you don’t have hundreds of thousands of followers.
However, you don’t have to have an enormous following to provide marketing value to a brand.
Simply approach each new partnership with a plan.
Have a marketing or media kit ready to show your partnering companies how you will benefit them as a business even if you don’t have a huge social following.
Bundle services such as promoting products on Instagram and doing a blog reviews on your blog.
Quality over quantity is what matters, show prospects how you can provide them quality, and you’ll be able to partner with companies even with a smaller following.
Here are a few of the ways to turn your social media presence into churning revenue.
Remember to focus on providing value and quality to develop lasting and mutually beneficial partnerships.
Test each method, see what works best for you and fits your lifestyle and financial needs.
Then, through engaging with your followers on social media, sit back and watch your bank account grow.
If you want to take necessary steps to improve your blogging and freelance writing career, I urge you to subscribe to the Moss Media blog to get updates direct to your inbox!
About the author
Emin is an experienced social media marketing specialist at Mellbe, a Los Angeles-based social media marketing and management agency. On his free time, he enjoys blogging about social media, SEO and blogging.