Unlocking the Secrets of Social Media Wealth: The 5 Levels of Monetization
Insider Insights into Monetizing Your Social Media Platforms - Including Substack
Making money on social media is a game-changer, and I've been in the field for quite some time now. With nearly a quarter-million followers under my belt, my aim this year is to hit the coveted 1 million mark across all platforms. Over the past decade, I've leveraged social media to rake in millions through different ways which i will share with you today.
Before Facebook, DJs were receiving relatively small fees compared to now, as far as I can recall. Around 2000-2005, DJs like Deep Dish, Tiesto, and Paul Van Dyk were paid between $5,000 to $15,000, depending, of course, on factors such as the city, festival size, sponsorship, and others. When Facebook pages launched a couple of years later, these DJs started to amass millions of followers. This became their strength and bargaining power because prior to this, measuring an artist's or celebrity's popularity was challenging. It was a game-changer; suddenly, Tiesto and Paul Van Dyk were demanding $50,000 to $100,000 (or even $150,000) per gig. Then came Instagram; influencers began to grow their followers and used it as a platform to sell products. Huda Beauty, often referred to as the Kardashian of the Middle East, utilized her Instagram following to launch her beauty brand.
Many folks don't grasp the potential of social media beyond sharing pics with friends and family. But here's the secret: it's a goldmine for making money if you know how to play the game right.Let me walk you through the five levels of monetizing your content, with my personal favorite being Levels 4 and 5, where I've reached automation and can earn while I sleep without lifting a finger.
Growing your social media following will most certainly help you grow your Substack subscribers that can help grow your wealth.
Level 0: Laying the Foundation
At Level 0, you're laying the groundwork for your social media empire. It's about building your brand, gaining traction, and growing your audience. While you may not be raking in cash at this stage, every post lays the foundation for future success. Take advantage of platforms like Instagram, TikTok, and YouTube to showcase your content. Remember, consistency is key. Keep posting, engaging, and refining your content to attract more followers. It only takes one viral hit to skyrocket your visibility and open doors to monetization opportunities.
Tip For Substackers:
As a writer on Substack who is just starting off, I would advise focusing on creating quality content and maintaining consistency. Paid subscriptions may not be a priority at this stage. Instead, I would recommend prioritizing the quality and frequency of your writing. However, I would still activate a paid subscription option and allow readers to donate if they wish to support my work.
Level 1: Ad Revenue and Creator Funds
Moving up to Level 1, you start dipping your toes into ad revenue and creator funds. Platforms like TikTok offer creator programs where you can earn money based on views, engagement, and followers. While it may not be a fortune, it's a significant stepping stone. Imagine earning up to $10,000 a month just from the creator program! YouTube, Facebook, Snapchat, and others also offer avenues for creators to monetize their content through ad revenue. The key here is to focus on producing quality content that resonates with your audience and keeps them coming back for more.
Tip For Substackers:
While most platforms rely on ad revenue or creator funds, platforms like Substack, Patreon, Podia, and Gumroad enable you to have direct paid subscribers. On Substack, for example, you can activate paid subscriptions, allowing your followers to pay you directly for your content. Additionally, you have the option to enable the 'Founding Member' feature, where top supporters can donate a larger one-time amount towards your publication.
Level 2: Affiliate Marketing
Level 2 introduces you to the world of affiliate marketing – a tried and tested method for earning passive income. By promoting products or services in your content and including affiliate links, you earn a commission for every sale made through your link. TikTok shop is a big trend right now but also platforms like Amazon Associates, ShareASale, and Commission Junction offer a wide range of affiliate programs across various niches. Whether you're into fashion, fitness, or finance, there's an affiliate program waiting for you. Get creative with how you integrate affiliate links into your content – whether it's through product reviews, tutorials, or recommendations – and watch the commissions roll in.
Tip For Substackers:
I've noticed that many Substack writers incorporate affiliate links into their posts, particularly those who share recipes or write about fitness. They often include links to relevant products, such as fitness equipment or cooking utensils, available on Amazon or other platforms. This strategy provides them with an additional source of revenue through affiliate commissions. Try it in your next post.
Level 3: Sponsorships and Brand Collaborations
Level 3 is where the game elevates – sponsorships and brand collaborations. Drawing from my experience in the events business for over two decades, I can attest that sponsorships have played a pivotal role in my wealth accumulation. In the pre-social media era, club events and music festivals served as the equivalent of Instagram or Facebook pages. The size of the crowd determined our ability to attract larger sponsorships. Companies are willing to pay top dollar for influencers to promote their products or services to their engaged audience. There are many success stories on this and for example Lionel Messi with his 500 Million followers ask brands for $4.9 Million per instagram post. But beware, not all sponsorships are created equal. Choose brands that align with your values and resonate with your audience to maintain authenticity and trust. Negotiate contracts carefully to ensure you're fairly compensated for your work. From sponsored posts and videos to brand ambassadorships and event appearances, the possibilities are endless when it comes to monetizing your influence.
Tip For Substackers:
Many newsletters, like those from Sahil Bloom, Anthony Pompliano, James Clear, employ this strategy to secure sponsorships for their content. With substantial followings – some exceeding 100,000 subscribers – they attract brands willing to pay between $3,000 to $10,000 per newsletter. This serves as another avenue to generate revenue on Substack, especially for creators with sizable followings who incorporate sponsors into their newsletters.
Level 4: Selling Services
At Level 4, you take on the role of an entrepreneur, leveraging your expertise to offer services to your audience. For over two decades, this approach has proven successful for me. I've utilized LinkedIn to generate thousands of leads and sold my services to high-paying corporate clients. Your content serves as a lead generation tool, attracting potential clients who are interested in what you have to offer. Whether it's consulting, coaching, or freelance work, there's a myriad of services you can provide based on your skills and experience. Use your platform to showcase your expertise and demonstrate the value you can provide to your clients. From social media management and content creation to graphic design and copywriting, the opportunities are limitless for monetizing your skills and knowledge.
Tip For Substackers:
Substack can offer opportunities more than just revenue from subscriptions. While you may initially see yourself as just a writer, you can actually build a brand around your writing skills. Your content has the potential to open doors to book deals and various opportunities beyond. For instance, you could develop courses on writing skills, leveraging your Substack platform to showcase your expertise. By demonstrating the value you can offer to your readers, you can turn them into customers by creating products and services that cater to their needs.
Level 5: Creating Your Own Products
Finally, Level 5 is the pinnacle of monetization – creating and selling your own products on Social media. Whether it's physical goods, digital products, or online courses, creating your own products allows you to generate passive income while building a loyal customer base. Invest time and effort into developing high-quality products that provide value to your audience. From e-books and online courses to merchandise and subscription services, there's no shortage of possibilities when it comes to creating your own products. Harness the power of your platform to promote and sell your products to your audience, and watch as the revenue streams in.
Tip For Substackers:
Once you've mastered the skills of Level 4, you can take the next step by creating and selling your own products to your readers on Substack. Whether you've developed physical goods, digital products, or online courses, you can feature them in your publications along with links to your website. This strategy allows you to generate passive income while simultaneously building a loyal customer base.
Start creating today and grow your wealth
In the ever-evolving world of social media, the possibilities for monetization are endless. By mastering the five levels of monetization, you can turn your passion into profit and build a sustainable income stream in the creator economy. Whether you're just starting out or looking to take your social media game to the next level, remember that success doesn't happen overnight. Stay consistent, stay authentic, and most importantly, stay focused on providing value to your audience. With determination and perseverance, you too can unlock the secrets of social media wealth and pave the way to financial freedom.
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I appreciate that you included the angle of how Substack content creators can think of growing in stages with layers of monetization added in as their audience increases. Any tips for how to best invite followers and fans from social to come over and join the party on Substack?
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