
Can you believe that some influencers have hundreds of thousands or even millions of followers on social media but haven’t monetized their audience at all?
Seriously, I’ve met a lot of different entrepreneurs that have massive followings with zero monetization strategies. While they might use paid Instagram shoutouts or sponsorships occasionally, that’s not a reliable business model to produce consistent income.
And if you are just starting to grow your social media, good luck even getting a paid shout out until you have 10-20,000 followers.
So what’s the alternative to monetizing your following?
Leveraging your skills and knowledge to create digital products, membership sites, and high-level coaching to start making a consistent income. By packaging up your skills, you can learn from your audience, interact directly with them, build testimonials and so much more.
I talk about monetizing your following in this YouTube video.
How to Monetize Your Social Media Followers
After you put in all that work to put out great content and grow your following, the next phase is monetization. The great thing is that in today’s world, people are used to buying information products online. Especially when it comes to buying from people they already engage with daily.
With engaging social media posts and videos, you’re constantly growing your know-like-trust factor on a daily basis (If you’re keeping an engaged audience on social media).
Then, once you do create a product or coaching service, you already have thousands of warm leads to start prospecting.
Start using these methods to generate consistent income and monetize your followers into an epic online business:
High-Value E-books
If you’re brand new to creating digital products, a high-value, lower-priced e-book might be a great way to get started. And don’t worry, if you’re not a writer, you can get these created relatively cheap using sites like Fiverr or Upwork.
Ebooks are a great way to show your expertise in a subject and deliver a ton of value to your audience. They’re a great first step to have in your value ladder and can also work as a bonus to an online course or add-on to your membership site.
The one problem with ebooks is that they aren’t a high-income-producing activity. You have to sell a lot of ebooks to make a significant stream of income each month. But one thing you can do is add upgrades like an extra video series or 1:1 call with you for a higher ticket product. This adds extra value to your audience and extra income to your business.
Digital Courses
The next step up from ebooks is creating digital courses, also known as e-courses. Courses are one of the best ways to monetize your following online. They let you package up your skills and knowledge into one resource that will help get your audience the desired result.
Courses are a win-win situation for your business and your audience. Not only do they help people succeed faster but they make it easy to scale your business. Once you create the product, all you have to do is get traffic to the sales page or webinar to convert viewers into customers. Unlike coaching, you can scale this exponentially and aren’t trading time for money.
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