Finding ways to make money off your social presence and influence is not always as easy as it seems. Sponsored posts are often considered to be the best form of monetization but only about 20% of influencers receive these opportunities.
Luckily, there are many other ways to monetize your influence outside of sponsored content and most successful influencers admit they need multiple monetization methods to maximize their earnings. Here are four ways you can make money that mix well with sponsored content.
- Affiliate Programs – Earn commissions by promoting products, including ones you already use or have created content around. Affiliate programs are performance-based where you earn income by driving sales. Affiliate programs are especially popular with fashion and style influencers whose content is very product oriented. Check out influencer.co where you can search through 5 million products and 70,000 merchants to drive affiliate traffic to.
- Display Ads – Still the workhorse of content and blog monetization, they can also be placed on your YouTube channel in the form of video ads before your video plays or static ads overlayed on top of your content. Usually, you will get paid for every impression on these ads. Before sponsored content grew to the popular monetization strategy it is today display ads were the main source of income for most bloggers. Check out sovrn who helps pair you with the right advertisers to drive the highest earnings. You also receive access to metrics and analytics that can increase your earnings.
- Charge for Premium or Exclusive Content – Bloggers can charge a monthly or yearly fee for access to premium or early release content. For influencers that don’t have a blog, there are new live streaming platforms like iGo.Live where followers can directly support influencers and ask questions during live video. Check out Copy Blogger for tips on how to make your blog a membership site and run it effectively.
- Educate Fellow Influencers – There are thousands of influencers who are just getting started and willing to pay for education that will help them become successful. Creating eBooks, online course, and webinars are all great ways to teach emerging influencers the tricks of the trade. Check out creating e-books for how get started and see how influencer Melyssa Griffin launched her e-courses and made six figures in two weeks.
Diversifying your income sources as an influencer is a great way to ensure you are making the most of your presence online. Incorporating additional monetization strategies as well as collaborating with brands for sponsored content is a sure way to monetary success.