Being a Social Media Influencer, for most, is a full-time job, so the biggest question is, How to earn money being an influencer?
Influencers are thriving, more than ever before, and hence, Influencer marketing is exploding. Along with creating content, public speaking, and more such gigs, they need to put their influence, skills, and the right influencer marketing tools and strategies to use, to earn money.
Want to know how? Then keep reading.
1. Sponsored Posts
Sponsored posts are the right approach, especially for the beginners, to enter the influencer marketing network. It is the most common way of earning money, and many Instagram influencers use it. Promotional post by influencer assists in launching, promoting, and/or exposing the product to a new market, hence increasing the reach, and simultaneously, assuring the credibility.
2. Brand Ambassador
The influencers are approached by famous Brands, for making them the face of their product, in order to reach a wider consumer base, and this is one of the reasons behind this rapid growth of influencer marketing industry. The ambassadors are chosen according to factors like their alignment with the products, and the goal of the campaign.
This partnership is beneficial since it is a long-term arrangement; however, to make it work, it is upon the influencer to gain expertise, and portray the partnership in a captivating manner.
3. Affiliate Marketing
Affiliate marketing involves promotion of products/services, using an affiliate link, and in return, the influencer gets a percentage of the sales taking place via the link. Although this is not a stable source of income, yet, it provides an opportunity to utilize social influencer agency, connect with various affiliate marketplaces and widen the influencer network.
However, it is important to be convincing by building a connection with the product, to make it successful.
Patreon is a creative influencer marketing tool and is advantageous for both big and micro-influencers, although, it largely depends upon the subscribers. The influencers can create a Patreon account, containing exclusive content, early access, and other elite features, and the subscribers are asked to pay a small amount for this, which they usually agree for, hence making this a success.
For most of the influencers, this is a major, in fact, the primary source of income.
5. Create/Co-Create Products
Once the influencers are popular enough, another way to earn is by entering the influencer marketplace, by creating own products, or collaborating with brands to co-create a product or a service. Building a social influencer campaign for the product/service facilitates huge sales.
Moreover, by co-creating a product/service, they get the chance of being its ambassador and receive a percentage of profit on the sales as well. This arrangement might not be long-term but is promising.
Once there is a rapport with the followers, the possibilities of reaching the apex and earning money are endless for the influencers. Starting the journey of becoming an influencer is an investment, and it does take time, but the returns are absolutely worth the grind.