How much Money can you make with Social Media?
I have over 250,000 followers across all of my social media platforms. Here’s what I’ve learned so far about what it can translate to, from a monetary standpoint. I’ll also share which are the most popular, and where I see social media going in the near future.
How much money can you make on a post?
It depends. But don’t believe what’s out there in google land. I say this because I’ve talked to a lot of social media influencers and it’s ALL over the place. On the far end of the spectrum, you can make six figures per post. Yes, per post. What does that take? You need followers in the millions. On the lower end, it highly varies but you can make up to a few hundred dollars even if you only have about 10,000 followers, but only if you have high engagement with your followers. And it’s best to have a niche. Like fitness for example.
What’s the most profitable?
It depends here too. But I can tell you what’s NOT profitable. Twitter isn’t. Twitter is dying so if you’re thinking long-term, I would spend the least amount of your time on it. I think Instagram is the most profitable. Engagement on Instagram is the highest by far. Nothing comes close. Maybe Snapchat. I’ve gotten some request for partnerships but I’m very picky because I don’t need the money. I’ll take the money, lol. But I don’t need the money. So it needs to align with what I’d use. I can see myself reaching out to companies to partner with down the line. Brands I’m already using. For example, nutritional supplement companies or financial products.
Which Social Media Platforms should I focus on?
Here’s what I see as the most influential in order of magnitude: Instagram > Snapchat > Youtube > Facebook > Twitter
Snapchat is mostly Gen Z. Instagram is mostly Gen Y and Gen Z. But I’m seeing a larger age range recently. Twitter is mostly Gen X and above. You will see very little Gen Y’s (millenials) on Twitter. Even fewer Gen Z (post-millenials). Facebook and Youtube spans all ages.
So bang for your buck? Instagram and Youtube. Snapchat if you’re going after the youngest cohort. Twitter is pretty good when it comes to certain niche communities that you want to plug into and get to know all of the insiders and influencers within that community. Not necessarily the consumers though, if you’re wanting to monetize.
How do I grow and maintain my audience?
This is the hard part. It’s called work! I know, a cop-out of an answer right? But it is what it is. You can outsource some of this to another business or individual. Or you can also use some free-to-use apps to follow and unfollow people. And you can also use some pay-to-use apps but know that you’ll end up retaining only about 50% of those people, because they aren’t organic follows. You can also pay and/or collaborate with some existing social media influencers for shout-outs. Goes without saying, but established influencers won’t collaborate with you unless they get something out of it. So don’t expect a free shout-out. You can also use Facebook and Instagram’s post boost/promotions function to pay Facebook directly to run ads for you. The price will vary on this method. I’ve found if you focus on countries like Romania or Hungary, it’s WAY cheaper than your local audience here in the US. But even within the US, some states are cheaper than others. Like Wyoming vs. California. Obviously a Californian audience will be more expensive.
I also do $500 cash give-aways about every month or so on my Instagram page. It’s a win-win. I feel good about giving (giving feels better than receiving – this is fact), and people have fun participating, and those who win, win money. The side effect, which is a huge bonus, is that you get a lot of engagement from these, and a lot more followers. It’s a positive feedback loop. I get 400+ comments on these posts.
For the sake of transparency:
I’ve used all of the methods I’ve outlined above. I’ve paid a lot of money for shout-outs. Especially in the early phases (a few thousand dollars on shout-outs and a few thousand on ads). You can burn through your money pretty quickly if you’re going the pay-to-play route. One thing that I’ve learned in life is that LIFE is pay-to-play. Let that sink in. You may not like it, but it’s the truth and it’s how the world works.
So what’s the best bang for your buck if you don’t want to spend a lot of money?
The best bang for your buck is a good follow/unfollow app. It’ll only cost you for the price of the app (to unlock certain functions) and you can unfollow people en mass (i.e. people without profile pictures, inactives, and ghost followers that don’t engage on any of your posts).
Here are the apps that I use to manage Instagram and Twitter:
For the blogging community
Some stats for those in the FIRE (financial independence and retire early) community. I’m not a FIRE purist. But this is just a personal preference because I like to work. I see the value in the FI, but not as much on the RE. FI allows tremendous flexibility and freedom. So no one can argue with that!
Conversion from social media is SUPER low. Especially since the best platforms I’ve mentioned above are mostly dominated by Gen Y and Gen Z. They simply don’t know about FIRE, and blogging as an art-form is old school. People just don’t read like they used to. Podcasts and vlogging is where the growth is at. I started blogging (the worst out of the bunch), because it’s fun, and I enjoy writing. Will I monetize? Sure, why not? No sensible person will object to money, if done right. I’m not desperate for it though. I’ll monetize where I can and with what makes sense. Not just everything under the sun.
My blogging journey
I started blogging like 2 weeks ago. So far, I’m getting about 1000 visits per day; I credit most of this from already having a very established social media presence, but it’s still a super low conversion rate. Again, people just don’t read like they used to. And given that the majority of my followers are Gen Z and Gen Y, it’s not hard to understand why the conversion rate to my blog is so low. Here’s a summary of the past 7 days, by country:
I highly suggest getting into social media. Especially if you’re in business. It’s not for popularity. It might be for the younger generations. But if you want to grow an audience for your blog or business, you are seriously missing out if you’re not on social media. Like anything worthwhile, it requires a lot of time and effort. And most of all: consistency. I would also like to add that even if you never monetize a single social media post, you can still add value for your audience and community. And if you’re a business, just remember that social media is a big, and growing, part of marketing. If you’re not on social media, you are not marketing properly.
The big majority of the money I make from social media is not from monetizing posts. It’s from people buying my services; the solutions that I provide that solves their problems. Whether it’s consulting, mentoring, personal training, etc. But that’s like any other business. If people don’t know that you even exist, how can they buy your products and services? The biggest thing I’ve found about sales is awareness, or the lack thereof. People not being aware of something. So simply by having a presence, and people knowing who you are and what you have to offer, will boost your business (on a side note: if you get good at social media, small businesses are willing to pay $1,000 – $2,000 per month for outsourcing of their social media). Companies, like the company I’m at (my primary job), we have in-house marketing. Which is expensive from a pay-roll standpoint. We also have an in-house graphics designer and an in-house marketing coordinator/director. Most smaller businesses would far likely outsource these functions.
And lastly to end this post, I’ll ask a rhetorical question: if you really believe in what you’re doing, that you’re adding value for people, don’t you have an obligation to spread it to as many people as possible? As many people that can benefit from your message and the value you bring to the table? Absolutely!
Are you on social media? Share your two cents below!