How to Make Money On Social Media in 2023

Okoma V.
10 Min Read

A lot of people take social media for fun without knowing that they can earn lots of money from it. The fun could be to make friends, hook up, or just chat. However, there are so many ways by which you can make money on social media sites.

The truth is that; you may not know how you can earn this money. Therefore, this article will educate you on how you can make money while catching fun on social media.

This sounds very interesting, right?

So, let’s begin. If you are a social media freak like me, take your time and read through the questions we answered below;

The first question;

Can I Make Money On Social Media?

Yes, you can make lots of money on social media. I know you may be wondering how this can be possible.

Here is a tip: Social media helps to build connections but you can use that opportunity to turn your connections into earnings.

For example, if you have a business that you run online, the trust which you have built with your followers over the course of time will help you make lots of money.

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With this, you will discover that you will be making thousands on daily basis from social media.

How Much Can I Make On Social Media?

The amount of money you can generate on social media sites does not have any limit. Make sure that you understand your niche and build that trust in your followers.

With these two things, you will sell very almost anything within your niche on social media. Another important factor that determines the amount you can make on social media is the exact social media platform you wish to use.

Depending on the social media platform, people that have hundreds of thousands of followers can make close to $5,000.

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How Many Followers Do I Need Before I Can Start Generating Money From Social Media Platforms?

If your audience on social media is larger, the rate of your conversion will increase and by so doing, you will earn more money.

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Therefore, you will need about 10,000 followers on social media in order to earn a good amount of money depending on whatever service you offer.

Below I would be listing 7 ways you can leverage to make money with your social media account.

7 Ways to Make Money on Social Media

Social media is always an interesting place to be because of the several benefits you stand to gain. Below are some of the ways in which you can generate funds from social media:

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1. Affiliate Marketing

No matter your niche, you can promote the products and services of other brands through your platform. This is called affiliate marketing.

Affiliate marketing helps products to get to more potential customers.

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If someone purchases a product through the affiliate link on your social media handle or website, you will get some commission in return. One of the biggest ways of generating money from social media sites is through affiliate marketing.

2. Create, Promote, And Monetize Your Own Information Products

If you are skilled in a particular field, you can start up a blog where you can write ebooks, create an audio program, or video courses for your audience to buy.

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Social media will provide the perfect avenue for you to promote these products.

You can use platforms such as GumroadSellfy, and Amazon’s KDP program to publish and sell your PDF, MP3, or video files at any given price.

3. Promote Other Brand Products And Services

Another great way of generating money on social media is by sharing sponsored posts of other businesses or running ads. This helps to promote the products and services of a business.

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Read Also: How To Promote Affiliate Products Using Free Traffic

Keep in mind that while doing this, you will need to have a reasonable number of followers.

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Make sure that you do not over-promote products because you just want to make fast money. If you fail to do this, your followers may either not click on the sponsored posts or they will unfollow you.

While sharing sponsored posts or running ads, it is advised that you draft a schedule for your social media postings.

By doing this, you will add value to your followers or customers while promoting the products and services.

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Make sure that you include a call to action in your social media strategy, however, a call to action should not be in every post you make.

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4. Run An Online Shop On Social Media

If you have an offline shop where customers come to buy your products, you can create an online shop where you display your products for your followers to see.

In addition, you should try and build engaging content to support your visual display so that your followers can know more about your products.

Social media platforms including Instagram, Facebook, Pinterest, Twitter, and TikTok are perfect platforms for this.

5. Become a Social Media Manager

Almost every firm needs someone to manage and create a better social media presence for them. This is where the services of a social media manager are needed.

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As a social media manager, you will be tasked with helping the company to gain visibility and maybe create engaging content for the customers.

6. Comedy and Copywriting

Copywriting is a very popular means by which several persons earn money on social media and websites. If you have a website, try to create and post engaging content for your site visitors.

The higher the number of clicks and shares your content generates, the more traffic you will get and you will earn more money.

You can also share the content on your various social media platforms so as to get more engagement.

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On the other hand, most comedians use social media platforms like YouTube to make money by creating and sharing their video clips.

You can also promote your business by creating a YouTube channel or joining the YouTube Partner Program where you can run ads and make money.

7. Provide Online Consulting Services

You can actually earn lots of money from social media through your coaching or consulting services.

For example; during the lockdown that was caused by the COVID-19 pandemic, I created science video tutorials for college students which I shared on my social media handles.

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You might wonder how I made money from it. Well, I shared a demo of the tutorials and created a link that anyone who wishes to get the full lesson will click on and pay.

8. Online Social TV

Back are the days when we post relevant videos on social media just for fun, this days platforms like Facebook and TikTok now pay their users to regularly post engaging videos.

You too can start one and make lots of money, while still promoting affiliate products or sponsored posts.

Which Social Media Platform is the Best for Making Money?

It is not certain about the exact social media platform that can help you to generate more money. You will have to be very proactive and innovative so as to make more money on social media.

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Joining Instagram will allow you to get more followers than any other social media platform. You can also join TikTok, and Facebook using the same name, profile picture, and same banner.

This would also make anyone who follows you on Instagram would also follow you on other social media.

So, each time you advertise your products on Instagram and add engaging content to them, be sure to do the same on your other social media platforms, that way, you will generate more money.

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