Can you actually make money from social media?
Yeah, we know that social media is very profitable dollar-wise for social networks that sell ads. The user data collected offers ad targeting that marketers clamour for.
What happens when you don’t own a network?
Can your social media efforts bring in financial profits tangibly? Beyond the likes, retweets and social indicators can social media efforts impact the bottom line?
To put it bluntly, can you, as an everyday business, make money through social networks?
The answer is a resounding Yes!
You can ride the networks and make a killing with social media, if you know how 😉
The free way
A social network is like the town square where people gather. Social connects people. There are groups engrossed in discussion, possibly heated debates, with people participating in conversations or simply listening in. It’s where friendships are forged, relationships built.
It’s the club where people go to find like minded folks. These are places where you can network, connect with prospects, business associates or people who can introduce you to others who need your products or services. Linked in comes to mind.
You can use social media to showcase your skills as you help others. To build your reputation as the go to guy or girl in your industry, which then paves the way for future business. Twitter, Linked In, Google plus and Slideshare are some examples.
Interestingly, social networks like facebook are where people hang out with friends and family, get in touch with old classmates.. so hard selling, or worse still, stalking strangers with the intention to sell them something is more likely to annoy them and give you a bad reputation, instead of making you money.
Treat social networks like you might a private club. Treat the people you meet, fellow members of the club with respect and be as helpful as you can. Build rapport. Grow your reputation, so that when someone needs what you offer, your name pops up and you’ll get the referral.
That’s one way you can ultimately make money from social networks.
Pay to Play
If you have an ad budget, you might want to allocate part of it to social media advertising.
Since people spend more time on social media than watching commercials on TV (seriously, who actually stays in front of the TV to watch commercials anyway? ) it makes more sense to put your money where the eyeballs are.
Carefully crafted facebook ads that are timely and which appeal to a very targeted group of people çan be delivered with precision that traditional media can only dream of.
Engaging promoted post to advertise a seminar you are selling shown only to people who are most likely to attend can fill the room at a much lower cost than blanket advertising.
Promoted pins for gorgeous clothes on sale shown to pinners browsing to create the perfect outfit, accompanied by a Pinterest only coupon code can drive sales.
Considerable skill is needed to make social selling work. I’ll cover the how to details in future posts, so stay tuned.. sign up to my email newsletter so that you won’t miss out.