Around 54% of Gen Z and Millenials say they’d like to be influencers. ‘Influencer’ is now a more popular career aspiration in children than classic options such as ‘teacher’ or ‘veterinarian.’
However, these kids are on to something. A successful influencer can bring in a six-figure salary and make it look effortless. If you’re wondering how to make money from social media, know that it takes a lot of work (although it’s your job to make it look easy).
The thing to realize is that you must use every social media platform to your advantage, and each platform has different pros and cons. Make sure you understand them to their core before starting your influencer journey.
Read on to learn how to use social media to make money.
1. Making Money on Instagram
If you’re planning to make money on social media, Instagram is a great place to start. Chances are you already have a personal account, but you should create a dedicated business account.
Instagram allows lucrative sponsorship deals and has dedicated services for established accounts. It varies depending on the brand but the average payment for paid post on Instagram are:
- 6,000-10,000 followers = $88
- 10,000-50,000 followers = $100
- 50,000-80,000 followers = $200
- 1 million followers = $670
Bear in mind that these are approximate figures. If you create high-quality content with big brands, you’re likely to get much more and vice versa. Unfortunately, if you have less than 6,000 followers, it’s best to focus on growing your audience before monetizing your account.
2. Making Money on YouTube
Unlike Instagram, YouTube will pay you for your content. However, monetizing through YouTube isn’t for the faint-hearted. It takes real commitment.
Once you have over 1,000 subscribers and 4,000 watch hours per year, you can monetize your account.
Through advert revenue, YouTubers can expect to make 18 cents per view of an advert. You’ll get additional money if people click on the ads or make a purchase.
But don’t worry, that’s not the only way to make money on YouTube. Similar to Instagram, you can partner with brands and set your rates. You’re more likely to score lucrative deals if you create high-quality content.
3. Making Money on TikTok
Although millennials ran Instagram and YouTube, TikTok is the home of Gen Z. Gen Z’s get paid for social media marketing before even leaving college, often earning more than their parents.
Branded content deals on TikTok are heavily reliant on the number of likes (engagement) you have rather than the number of followers. A typical TikTok post can expect to earn:
- 10,000 followers, low engagement = $10
- 10,000 followers, high engagement = $100
- 100,000 followers, low engagement = $200
- 100,000 followers, high engagement = $15,000
This shows the importance of curated an engaged, dedicated audience. But ad deals aren’t the only way to make money on TikTok.
The elusive creator fund is the goal of every TikTok’er. If you have more than 10,000 followers and 10,000 views within 30 days, TikTok will pay you 2-3 cents per view.
If you need a headstart, you can get extra TikTok followers to kick off your account and get the money rolling in. That’s how to make money on social media the easy way.
How to Make Money From Social Media: The Basics
There you have tips on how to make money from social media for the three most popular platforms. It takes work, but anyone can make money from social media if they work at it.
An authentic influencer will use all three, but it’s a good idea to choose one platform as your primary focus and signpost your followers to it.
Did you enjoy this article? If so, check out our other posts for more informative articles!