It comes to social media, there are different platforms like YouTube, Facebook, Instagram, Snapchat, Twitter… And there are new platforms coming up every single month, every single day. Looking at social media as a platform is a very limited way of looking at it.
You should simply look at social media as attention, it’s an eyeball. It’s where people nowadays spend the majority of their time hanging out. That’s where the attention goes, that’s where the eyeball is. A long time ago the eyeballs could be on newspapers, it could be on TV. But now it’s all on social media.
1. Selling Your Products And Services
The question is how to convert that attention into money. If you have your own product and service, you can use social media to get eyeballs, attention, and views. And then you will convert that attention into a lead. When you get the lead you may follow-up with them. You may get them on the phone, drive them to your website or webinar. You’re actually selling your products and services, that’s one way to do it.
2. Brand Deal
Brand Deal is another way you could profit from social media if you actually don’t have a product and service, but you have fame, you have a big following. You are doing what we call maybe a brand deal, an endorsement deal, a recommendation.
Brands and companies are will to pay you to access that attention, those eyeballs. So let’s say you have a million subscribers on YouTube. Many companies are willing to pay you a pretty large sum of money to have that attention.
Even on Instagram, they will pay you to do a single post, a collaboration video, or an endorsement video. They’re paying for that shortcut. They’re paying for that attention span. They’re paying for those views.
You can also do some kind of collaboration where you are promoting other people’s products and services. It could be an affiliate marketing deal that you have got the attention, you’re basically promoting other people’s offers. You can make money that way.
When it comes to social media there are many ways to make money. Nowadays the line between social media and marketing is very blurry. It’s not so much of offline marketing, direct mail, TV marketing, or Facebook marketing. With offline channels, attention is more difficult to get from customers. How many hours most people spend on the phone?
People are watching more YouTube videos than watching TV. People are reading more Facebook posts versus reading newspapers. You can’t sell to them if they’re not paying attention to you.
If your costumers don’t even know you exist, they’re not even paying attention to you, it’s very difficult to do anything to make a sale.
Some people think that as long as they get the attention they will make money. Or let them build a following, then they will make money. It is the wrong idea.
Let’s say you’re building your Instagram followers if you’re not making money with 20,000 people, what makes you think you will make money with 40,000 people or 60,000 followers? Because you can not multiply zero. You don’t suddenly get to the point of making money when you have 100,000 people following you.
You Need To Have A Solid Business Model
You need to have a solid business model, an offer that converts. You need to have products and services that people actually want to spend money on before you get that attention. If your stuff sucks, more attention to something lousy will not make you rich. Assuming you’ve got a really good product or service when you get more attention to it, you will get more sales and more buyers.
When you have a good service or product you can scale your business very quickly because, with social media, you can reach billions of people around the world in a short period of time.
Famous Does Not Equal Rich
Some people just want to be famous on social media, especially young people and millennials. On the other hand, they don’t have enough experience. They have no substance. That doesn’t produce anything unless they’re in the entertainment industry, which is a different story. That’s not how you build a long-term business.
They might make a little bit of money short-term, but they are not going to have success long-term. They need to have depth and substance. More eyeballs do not help unless they’re genius. So fame for the sake of fame is stupid. You don’t just want to be famous, you want to be rich and famous. It’s fortune and fame, more fame should bring you more fortune if it’s done properly.
It’s Not An Overnight Success
The downside when it comes to social media is there is a huge sacrifice you have to make. Most people don’t address that issue. When it comes to social media when you’re creating content, it is not easy to be prolific and to create content all the time as an influencer, knowing that you have so many people watching you and consuming your content.
You need to create new content all the time, which is very exhausting. You need to put in time and effort. You may not see results in a while because social is about eyeballs. It’s all about building trust with your target market, with your followers. It’s not an overnight success.
There’s No Going Back
The second thing about social media is once it’s on social media it is on social media. Once you have chosen this path, there’s no turning back. It would affect your privacy. You would get haters and criticisms. You need to sacrifice a lot of different areas of your life if you want to be famous on social media because there’s no going back.
When you have tens of millions of people watching your videos, consuming your content, you can’t go back and disappear. Once you’re that public figure there is no turning back.
You have to ask yourself, is that what you want? Because there are many ways to make money. There are many people who make a lot of money without being a public figure.