Whether you started out as a direct seller, a crafter, or some other home-based business, you likely began cultivating a community or a following. And whether it was on a social media platform, your blog, an email list or some other channel, you became a leader. The next step is developing a monetization strategy. While it may sound intimidating, learning how to monetize social media is actually quite simple.
How to Monetize Social Media for Beginners: It all starts with relationship marketing.
Relationship marketing is all about marketing through our relationships and connections. We do this all the time already. We refer friends to great restaurants. We tell friends where we got our cute dress that they complimented us on. We post on our social channels about an amazing new product that we love. We ask our social media friends for their opinions, advice, and recommendations on every subject one can possibly ask about.
Relationship marketing is based on trust.
Relationship marketing is what makes you an influencer. And when you’re an influencer, you are cultivating the trust of your community based on what you recommend to them. When we package our marketing efforts around a community topic, hobby, or subject, we can make referrals based on that topic. So if you have a parenting group, maybe your referrals are around child-friendly products your community loves. If you have a fashion group, perhaps your referrals are to complementary products like jewelry and accessories.
How to Monetize Social Media for Beginners: Affiliate Marketing
This is one of the most popular forms of social monetization, and it’s crazy-easy to do. Once you get the affiliate bug, you’ll be hooked.
Affiliate marketing is a type of performance-based marketing in which a business rewards one the affiliates for each visitor or customer brought by the affiliate’s own marketing efforts. Or in layman’s terms, if you refer someone to a purchase, the company gives you a reward for the referral. The reward might be in the form of monetary compensation or free product or product credit. The more affiliate partners you setup, the more you have to refer. The more you refer, the more you earn.
Ideas of who you could be an affiliate for:
- Training services that you regularly use (including Sassy Suite!)
- Business products, tools, or technologies
- Consumer lifestyle services or products that you personally use
Want to learn more about monetization for beginners? Grab our free e-book, 20 Ways to Monetize Your Social Strategy, here. Have questions about marketing or business and want someone to bounce ideas off? Be sure to come on over and join The Socialite Suite.