How to get rich using social media

Most people earn money through a conventional job or career, but now anyone with a social media account can cash in on their growing popularity, and even grow a career out of it.

The social media world has exploded over the past decade, and has only shown signs of further growth, so the opportunity to get rich is much closer than you think.

On average, users with hundreds of thousands of followers can make anywhere from $500 to $5,000 on each post.

Also read: How social media was key to Islamic State's attacks on Paris

And those which have upwards of 6 million followers and charge fees anywhere up to $100,000 for each post.

Here’s how your social media account can make you rich.

Get sponsored

Sponsorships – when brands pay to be associated with you – are responsible for most the income earned through social media, especially when starting out.

Sponsors will pay to be featured in anything from an Instagram post to a podcast and will pay up to $15,000 per piece for the right content.

Also read: Workforce transformation: How to future-proof your job

 

Do affiliate marketing

Affiliate marketing allows you to work with companies to help them sell and promote their product, of which you can then earn a commission on.

For example, most social media channels allow the user to place an affiliate link to encourage followers to click through to company site, which they wouldn’t normally visit.

Or some even post specific product-inspired posts in order to boost brand awareness and drive sales.

Get advertisements

Not only does social media allow you to earn money by marketing and sell your own products, it also lends itself to companies which will pay for advertising space.

Many Instagrammers and YouTubers use adverts as their main means of income on their social media accounts.

Also read: Five bizarre ways millionaires got rich

This is more common for particularly large or influential social media and gives the user the opportunity to earn thousands of dollars at its peak.

Sell products

In addition to helping other companies sell their products, you can monetise social media with a product-based business by creating an eCommerice store.

Social media is a popular way for new companies to advertise and build up a following for their own products.

Users can market services through Instagram with infographics and exclusive offers.

Also read: Six bizarre things billionaires have done with their money

Sell your account

Social media marketplaces, such as Fame Swap, allow the opportunity to buy and sell established social media accounts.

The price varies depending on the amount of engagement and likes, but some can fetch thousands – it’s not going to make you rich alone but is a decent exit payment.