Before listing three unique ways to turn social media into a business, let’s throw some statistics as to why it is a worthwhile space to launch your next venture. Currently, there are 3.5 billion people using at least one social media platform worldwide; that’s almost half of the total human population. On average, that 3.5 billion pairs of eyeballs are using social media for an average of 3 hours per day, whether it’s to view or share content. From an entrepreneurial standpoint, there is a huge opportunity to build a brand and make money off of social media sites. Without further ado, here’s three of them:
Use a Fan Subscription Platform
If you’re charismatic, have a knack for entertaining people, and are highly knowledgeable of a specific topic, a clear path to turning social media into a business is through a fans subscription site. Start building followers and then turning those followers into loyal fans. Your efforts should be directed towards cultivating relationships with your fans. Only then can you start to leverage your fan base into a thriving business.
A fans subscription model involves giving your subscribers access to exclusive content apart from the content that you post in public. Aside from creating original and exclusive content, you can also connect with your most loyal fans via SMS, video chat, and live streams.
It also helps to be more interactive with your fans rather than just keep spamming them with content. Asking them for feedback can help you adjust your material and position your marketing style to align with the interests and needs of your target audience.
Position Yourself as an Industry Influencer
This social media business model is becoming less rare, yet it remains a viable option for entrepreneurs who want to turn social media into a business. Social media influencers are paid whenever one of their followers buys or signs up for a product/service of a company that the influencer is affiliated with.
To get other businesses to partner with you as an influencer, you’ll have to establish a brand presence on one or multiple social media platforms. It makes sense to have an account on at least three of the main social media platforms, including Facebook, Instagram, and Twitter. Nowadays, however, people are also targeting LinkedIn, Reddit, Twitch, and other less prominent sites. The gist of the business is – the more followers you have, the more businesses will want to work with you, which ultimately means more profits.
To be a successful influencer, limit your niche to one or two product/service categories. You don’t want to be promoting every product out there as it diminishes your credibility as a reliable and unbiased source of information. In addition, it’ll be harder to analyze later on which product/service category you are most successful with.
Craft Clever and Visually Appealing Content
Entrepreneurs who have a knack for graphic design or illustration can turn it into a business through social media. People are easily drawn to visually appealing and creative content, but not everyone has the eye for design or the tools to craft a unique article or video campaign.
You can gradually build a client base by posting your work for the public to see. Tailor your content to whatever product/service niche you are interested in. For instance, you can post illustrations of fictional characters and/or comic strips if you want to attract businesses in the video game industry. Craft two-minute commercials of a sample food product if you want to attract food businesses.
You can also use social media to endorse your coaching or consulting services. Generate leads by joining groups and creating events. For instance, on Facebook, you can create an event that focuses on whatever service you are trying to promote, be it a photography meetup for amateurs or an online class for web developers.
There are more ways than these three to turn social media into a viable business. The key is to be creative with your pitch. People on social media want to either be entertained or informed. Give them content that satisfies these two things. Strategize on where, when, and what you post on your social media pages.