3 Ways to Profit from Social Media
By Leesa Barnes
The biggest question I get asked is how to make money with social media. People want to know the ROI - return on investment - on social media before they spend any more time using tools such as Facebook, Twitter, blogs and LinkedIn.
In my book, Podcasting for Profit, I explored 3 distinct ways businesses can make money with a podcast. I interviewed over 50 podcasters around the world who shared with me how they’re earning five, six, even seven figures from an audio and video podcast.
I’ve found that the 3 methods of making money with podcasting can be used to make money with social media. I’ve listed the 3 methods below and the monetization tools for each one:
Direct Method = Tools you would use to monetize your content. You would get paid for playing an audio advertisement in a podcast episode, for posting an ad on your blog, for selling your premium content through a membership website or by asking your visitors for a donation.
While generating traffic is a key ingredient to how much you can charge, you’re making money from directly selling your content to others or asking others to subsidize the cost of producing your content. Examples of the direct method are:
Advertising
Sponsorship
Tip Jars
Donations
Premium Content
Paid Subscriptions
Licensing
Selling Archived Content
Grants
Indirect Method = Opportunities that help you monetize your social media skills and expertise. You would make money by being hired to speak or teach others about social media. Whether you get a book deal or sign a TV contract, whether you lead a workshop or speak in front of an audience, you are making money indirectly from social media simply because your skills and expertise is in hot demand. Examples of the indirect method are:
Speaking Engagements
Book or Music Deals
Presentations
Consulting
Teaching
Job Opportunities
Movie or TV Contracts
Integrated Method = Techniques to monetize your audience by turning them into customers.You use social media to generate leads and turn your traffic into paying customers. This is especially effective for those who sell products and services and need a way to turn that valuable traffic and leads into clients. Examples of the integrated method are:
Affiliate Marketing
Selling Services
Selling Products
Selling Memberships
List Building
Contests / Surveys
Merchandise
Some social media tools can only be used in one of the methods above. Others can be used in all 3. I’ll share with you some specific case studies in next week’s ezine. If you’re new to social media, get started on your profitable social media journey by registering for the Social Media Start Up live event taking place in a city near you or over the phone. Click here for more info.
Reprinted by Permission from Leesa Barnes
Leesa Barnes is an award winning blogger and critically acclaimed author who helps businesses get active using social media in 3 simple steps. To learn how you can become Marketing Fit, visit http://www.marketingfit.com to get your complimentary to get your complimentary kit called the Marketing Fit Success Kit containing a social media checklist, mindmap, MP3 file and a complimentary subscription to the Marketing Fit ezine.
I met Leesa at a Networking event in Toronto and I am in the process of reading her book on Podcasting Profits. I will write a review here when I complete my read.
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