6 Ways to Make Money as an Influencer in 2024
For starters, check out our article on how to become a successful influencer on social media.
Once you have developed an influencer following, defined your niche and created top-quality posts, you should start thinking about how you would like to monetize your account.
Let’s take a look at 6 ways you can start making money as an influencer in 2024.
1. Sponsored Posts
A sponsored post is an advertisement for a particular company in order to draw a large amount of popularity through user promotion to the most active or most viewed page on their website.
Instagram Sponsored Posts, is a form of promoting a brand or product through popular celebrities or influential people. Particularly in Instagram, accounts with a lot of followers accept payments to have other people's contents featured on their page for the sake of promotion to a larger audience.
The post can either be entirely about the product or it could feature several products at a time. You could create review posts, informational posts, or simply feature and tag the products.
2. Join an Influencer Network
An influencer marketplace is a place to list your promotional packages for social media. Brands will browse through influencer profiles on the platform and if they think you're a good fit for them, they can make an order with you directly.
Collabstr is a great influencer marketing platform for TikTok, Instagram and Youtube influencers to join. Collabstr streamlines the process for both parties involved so, brands can guarantee high quality, professional content and influencers can guarantee they will be paid on time!
3. Become a Brand Ambassador
What is a brand ambassador?
A brand ambassador is a person who is employed by an organization or company to represent a brand in a positive light, and by doing so, helps to increase brand awareness and sales.
The brand ambassador is meant to embody the corporate identity in appearance, values and ethics. The key element of brand ambassadors is their ability to use promotional strategies that will strengthen the customer-product-service relationship and influence a large audience to buy and consume more.
With the rise of social media, the brand ambassador marketing tactic has become much more common. Brands use social media influencers as brand ambassadors for their company in order to promote products. Brands will search for influencers with a large following and high engagement rates.
4. Affiliate Marketing
Affiliate marketing is the process by which an affiliate earns a commission for marketing another person’s or company’s products. The affiliate simply searches for a product they enjoy, then promotes that product and earns a piece of the profit from each sale they make. The sales are tracked via affiliate links from one website to another.
Here are some statistics on affiliate marketing:
- 81% of brands and 84% of publishers leverage the power of affiliate marketing, a statistic that will continue to increase as affiliate marketing spending increases every year in the United States.
- There is a 10.1% increase in affiliate marketing spending in the United States each year, meaning that by 2020, that number will reach $6.8 billion.
- In 2018, content marketing costs were gauged to be 62% of traditional marketing schemes while simultaneously generating three times the leads of traditional methods. In fact, 16% of all orders made online can be attributed to the impact of affiliate marketing.
- In March of 2017, Amazon’s affiliate structure changed, offering rates of 1-10% of product revenue for creators, providing the opportunity for affiliates to dramatically increase their passive income based on the vertical they’re selling on.
- The affiliate marketing of Jason Stone, otherwise known as Millionaire Mentor, was responsible for as much as $7 million in retailer sales just in the months of June and July in 2017.
If you already have an audience, you can leverage programs such as the Amazon influencer program, where you can create a storefront for your audience and earn a commission on every purchase. This will make the transition into affiliate marketing much easier since Amazon provides a good selection of affiliate products right off the bat.
The success of your affiliate marketing efforts also depends a lot on the platform you choose to do the affiliate marketing on. Heading into 2023, affiliate marketing on TikTok is one of the more preferred platforms, due to the organic exposure that the TikTok provides users.
5. Co-create Product Lines
Co-creation is the process where brands and influencers work together to create better ideas, products and services. Brands still steer product innovation, but influencers have the opportunity to contribute to new designs. Co-creation opens up a world of possibilities for organizations and is a great way for brands to advertise their products!
The following are 6 options for co-creation and brand collaboration:
- Product innovation
- Product improvement
- Process improvements
- Marketing content
- Launch strategy
- Brand management
6. Promote your own brand
If you want your company to stand out in the business world, distinguish itself from its competitors and carve out a niche in the industry, you need to have a cohesive plan for branding. Branding is a difficult endeavour. Attention to detail is critical if you wish to promote your own brand.
Here are a few suggestions on how to promote your own brand:
- Have a powerful brand presence
- Make it stand out/appealing to customers
- Promote your brand on social media
- Don't over-promote
- Think about your long-term objectives and never give up!
As you can see, there are a variety of ways to make money as an influencer in 2023. If you have a large following and create amazing content then it’s time to design a business out of your own social media!
Sponsored posts, joining an influencer network, becoming a brand ambassador, affiliate marketing, co-creating product lines, or promoting your own brand are all great ways to monetize your social media accounts.
