It’s no news that social media has become the go-to channel for making money. People have made millions off their Twitter or Instagram accounts, and it’s easy to see why. In the past decade, people have become increasingly dependent on their phones and other devices to stay connected with friends and family. For example, Facebook alone boasts over 2.96 billion monthly active users worldwide, per reports released in the first quarter of 2022! This trend is set to continue for years, making it a lucrative opportunity for entrepreneurs looking for new ways of earning money.
The question for most aspiring entrepreneurs is which platforms can make them the most money. Should they focus more on creating content for their Instagram or TikTok platforms? Is YouTube better than Facebook, and why? Mitchell Moore, a social media marketing expert and agency owner, specializes in helping new entrepreneurs looking to monetize their platforms. According to Mitchell, all social media platforms can help you earn money, but the effort involved in each case is different. However, there are similarities across the platforms.
First, you must consider your target audience. Consider each network’s demographics before publishing content to ensure you reach the right audience with your posts. Research your ideal follower’s age group, gender, and interests if that’s relevant to your end goal. For example, you’re likely to reach a younger and more hip crowd on Instagram compared to Facebook.
Second, learn which content is better for engagement and traffic on your chosen platform. Identify the types of posts that resonate best with your audience on that particular platform and make sure you tailor your posts for them. From video to written content, ensure you spend time researching and creating helpful content that meets your audience’s needs. There are ways to know that, including researching what brands similar to yours are doing. Study their strategies, but avoid mindless duplication.
The third tip is establishing yourself as a thought leader in the industry you’re looking to target. Mitchell points out that to stand out, you must give your audience a reason to stick around. In short, you need to identify what differentiates you from other accounts in your niche. While adopting your competition’s strategies may give you an audience, growing it requires innovation and agility. Identify how to become the go-to person for a particular topic in your industry by posting content regularly and encouraging user interaction through comments, likes, shares, etc.
At this point, consider diversifying your online portfolio and repurposing content for multiple platforms. Decide what type of ads you want to promote and step them up on your pages. Use YouTube’s partner program to earn revenue from ads that play before videos. Promote posts with sponsored content and sell products through affiliate links or website stores; Endorsement from a trusted source will typically result in increased trust from followers and a boost in engagement rates, a win-win for you and the companies you promote.
“Social media can help you fully support yourself without an outside job or source of income,” Mitchell explains. “Hence, the reason for the rush, however, only the strongest survive in this space.” Mitchell’s mission is to help as many people as possible find what works and build sustainable businesses through social media.