6 Ways to Capitalize on Social Media in 2023

In this digital age, stars are self-made and being a creator in 2022 means much more than it used to. Besides being artists who find fulfillment in sharing their art, creators are also entrepreneurs, dealing with everything that having your own business entails. Whether you are a life coach, an entertainer, or trying to sell your handmade pearl hoop earrings, making money takes work regardless of the field you are in. On social media, this means a combination of different revenue streams, like the ones we’ve detailed below.

1. Partner With Brands

If you have already built a substantial following, you can consider partnering up with different brands in order to cash in on your hard work. If your channel is strong with plenty of engaged followers, you can make around $250 for a tailor-made sponsored post, as a micro-influencer (3,000-100,000 followers/subscribers). To stay true to yourself and to your values, only work with brands that suit you and your content. If you decide to work with a fashion brand, you could create a video post showing a few of your best Christmas outfit ideas featuring your favorite clothing pieces from that brand and ask your followers to vote for their favorite. 

2. Allow Adds

After search advertising, social media advertising takes second place in the digital ads market, with over $150 billion in 2021. Google takes the cake with approximately 28.5% of the global digital ad spend, while Meta (Facebook) comes in at a close second with 23.7%. Enabling ads on your videos and allowing commercials to roll through gives you the opportunity to snag yourself a piece of this billion-dollar industry while creating a great passive form of income. If you are interested in your add stats, take a look at the available benchmark data to answer your questions. 

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3. Promote Affiliate Links

Affiliate marketing has been around for a long time and it shows no signs of slowing down any time soon. Companies will pay you a commission of anywhere between 5% and 50%, sometimes even more, for any purchase or subscription someone makes through your referred link. You can also cash in on this method by using it on your social media posts. Give your followers a chance to purchase the same products you are using by placing affiliate links in your posts, and you will get a commission from each purchase. Just make sure you disclose that your post includes affiliate links, as it is not only a good business practice but also the law. 

4. Go Live and Collect Virtual Gifts 

Live gifting is a very useful tool for creators who want to monetize their content on social media. Whether it’s collecting virtual gifts on your live sessions on TikTok or receiving badges from your fans on Instagram, engaging with your followers on livestreams allows you to build a strong relationship with them. Plus, it will give your fans a chance to show their appreciation by sending “gifts” which you can later use to redeem a payment. 

5. Sell Your Own Merch

Sell Your Own Merch

Whether you are a comedian or a dancer, social media is the ideal sales funnel for any business. You can monetize almost any type of content by selling your merch to your fans, just don’t overdo it with promotional material. Your fans will understand that you need the money in order to continue creating amazing content, but if you transform your account into an advertising channel, you will probably lose a lot of followers. Real fans want to feel connected to their favorite creators and owning branded merch gives them a chance to support artists, while facilitating a more personal connection with their work.

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6. Offer Subscriptions via Patreon

If you’re looking for a more regular stream of income, you should consider offering your fans subscription-based content using platforms like Patreon. This platform allows you to offer exclusive content to your most loyal fans, for a low-cost monthly subscription. Keeping your prices low, being transparent about how much you are making and enticing your fans with rewards are guaranteed to help you raise funds with exclusive content.