Entrepreneur, here’s a stream of revenue you haven’t considered...
So, we’re getting to the point where we’ve stopped valuing social media “building” so much. I’ve seen a plethora of posts on how some entrepreneurs in my circle are stepping back from social, and revving up the income game. Pushing services, working on sales copy and improving processes. Cool. Makes sense.
But, let’s not act too fast. This audience you’ve built should not go to waste. Instead, let’s do what we love best - monetize it. Use the “likes” and “comments” in a way that actually adds to your new revenue goals. In my world, and now yours, it’s called influencer marketing.
So what’s influencer marketing? Essentially, it’s the act of working with a brand/service who wants more exposure of their offerings. Like, your favorite planner you already use, your favorite app, or your favorite snack. Either way, these companies are hip to the fact that marketing doesn’t working the way it used to. Now these savvy companies, are teaming up with everyday people like you and me to do the work - and it comes with a paycheck.
It’s such a growing community, I now help people figure out just how to do it.
Anyway, I am sure you’re waiting for me to get to the sauce, right? How do influencers make money?
Great, glad you asked. Here they are:
Sponsored Posts: A brand can pay a flat fee to have you post about their product or service - I’ve seen anywhere from "exchange for free product" up to $10,000 for an Instagram, post. The average post is $300. Yes, just one. The way you charge is based on what a calculator like this says based on your numbers and engagement. The key to winning these deals, is to pitch that way you'd position the brand to not be so “salesy”. How they would resonate with your community or followers and so on.
Blog and Website Ads: You can add banners, and digital ads to your business site and website (of course only if it makes sense for your business). You can charge a flat rate, or charge per click. If you choose the latter, use a short link generator like bit.ly so you can track and charge appropriately.
Affiliate Marketing: Affiliate marketing is when you’re compensated for a conversion. Either a sale or a signup of service. Normally, the brand has you signed up as an affiliate and provide you with a link to use on your site, social, etc. You utilize this information in a way that would create maximum returns and voila, ballin’!
Pay per Click: Pay per click is similar to affiliate marketing but in this case you are compensated for clicks instead of sales.
Speaking and Appearances: From local events, to national one’s, anyone who is having an event wants two things - people to show up and people to pay for it. If you have an audience that overlaps with their attendee market, then you’re onto something here. Perhaps pitch them as a speaker/presenter with a price tag, OR, ask for a profit share.
Collabs and Co-branding: Finally, one of my favorites is collaboration and co-branding. One example of how I’ve seen this done well is with one of my favorite brands, Henri Bendel. They just released a killer line that was a mash up with influencers. Why does this work? It’s a win-win for both parties involved. The brand gets more exposure and revenue and the influcenr gets yet another paycheck. Think about a mashup that make sense for your brand. If you’re in finance, how about a wallet company, if you’re in planning, how about a company with fabulous planners?
Whatever you decide to do, I hope that it brings you yet another stream of passive income so you can live a life that you love. Remember, that this only works with an actively engaged community of followers and people who are actually participating and following through on your recommendations. Paid/purchased followers don't work in this arena. If you’re curious about how effective this would be, give it a test with a free product and use the results to pitch the brands!
Let me know how it goes!
-Taylar