How To Actually Make Money On Social Media (2024 EDITION)

Hi Profit Seekers, 

I know this newsletter is supposed to go out at 9 AM PST but oh well…I’d rather make it quality. You’ll like today’s segment. I promise.

If you read this newsletter chances are you’re a growth oriented individual. Whether you want to expand your bank account or your mind, I’m grateful to have you here.

Today’s issue is short but it will serve an IMPORTANT topic:

How To Actually Make Money On Social Media (2024 EDITION)

Today’s issue is about:

From personal experience, when it comes to monetizing social media or “making money online”— it's not only possible; it's actually life-changing.

In less than 4 short years, I went from a 19 year old kid with no money to generating $7M+ in revenue online for my company. This year, I anticipate we’ll have made over $10 million in total cash collected.

Now, I’m going to share some of the lessons and ways to make money online (from what I see to have worked)

In this email, I'll share 5 proven ways to make money online and the steps necessary to make it happen.

No BS, straight to the point…All actionable insights I’ve learned along the way that could transform your journey to success.

Now, off to the races 🏁

THE PITH
How To Actually Make Money On Social Media (2024 EDITION)

There's a common misconception that you need a tens of thousands of followers to start making money. That couldn’t be further from the truth.

For context, I made $3M/ year with my company generateagentleads.com with a whopping 14 instagram posts and an average like count of 13 likes.

Now let’s discuss 'micro-influencers,' for a minute. A micro-influencer might only have a 1,000 followers but they have one thing that sets them apart:

Influence. No need to fret if you have a modest social media account.

Having 1,000 quality followers > 100,000+ ghost followers

I can attest to this. Last year I spent over $100,000 on instagram shoutouts to grow my audience. I ended up getting about 30,000+ real followers. The issue? Engagement.

I recently started a new page and pull in almost the same amount of organic impressions and I didn’t spend a dime on marketing or shoutouts.

Justin Welsh is a prime example. He began writing as a corporate employee not too long ago and within a short period of time, he built a multi-millon dollar business running 95%+ profit margins.

The 5 ways to make money on social media

There’s a lot more but I’ll just stick with these 8 as it’s what I’ve seen to work.

1. Sell Courses/ E-learning

2. Create Digital Products

3. Be An Influencer

4. Affiliate Marketing

5. Paid Community Or Subscription
   

1. Sell online courses

If you’ve got something of value in the health, wealth or relationships space (the BIG 3 niches), you can serve others with your knowledge via online course.

Gather your unique learnings and experiences and deliver them to people eager to follow in your footsteps.

Take my journey for instance, I sold a $97 course to thousands of people last year and made over $40,000. I literally didn’t do anything other than spend a weekend recording it and hosting it on Kajabi.

This is at 95%+ profit margins. By creating and selling these courses, I'm helping others replicate my path to success while opening a valuable revenue stream for myself.

It's a win-win. I get to share my knowledge, and others get to learn from it.

The best part?

Your course can be about anything as long as you have a passion for it and knowledge others are willing to pay for. Just make sure there’s product-market fit so people want to buy your stuff. You can see this by running some ads or asking your audience. If people are interested, you’ve got a course that will sell.

2. Make digital products

Digital products are another excellent way to monetize your social media. They allow you to package your experience and knowledge into tangible, useful, and practical resources for your audience.

Let's say you're a marketing agency owner and know how tough it is to book appointments. But after years of trial and error, you've developed an effective email template that consistently brings you appointments and positive replies.

Why not turn this template into a digital product for other agency owners and sell it at an affordable price? It's a simple, accessible solution to a common problem.

Generally, individual digital products don't produce as much revenue as courses. But they can become a steady passive income source. I love passive income 🙂 

You make them once (and maybe update them as needed), and they can roll in the dough for years to come. It’s similar to online courses but far less maintenance.

My reccommendation: Inside your online courses, have a link so people can buy your digital products. Furthermore, make the digital product a dynamic monthly offer so people get a new thing every month. For instance, every month you send a new email template. It takes very little of your time and you can even batch it and schedule out months ahead. This now creates recurring revenue.

3. Become An Influencer

Social media influencers have an advantage when it comes to promoting products online. Their loyal audience already has know, like & trust with them.

Most effective influencers aren't salespeople - they're storytellers. They don't push products, they share experiences. They don't brag about themselves, they build relationships. They don't shout, they listen.

The small downside is that it takes time to develop a loyal following, but once you do, your influence is literal GOLD to brands seeking to reach their target market.

Pro Tip: I’d focus on youtube long form over anything. You can also test ideas on twitter and create videos on tweets that do well. Youtube long form will have the highest quality audience and those subscribers will flow very well into your other social profiles. I have almost 40,000 followers on tiktok yet very few of those people follow my IG. Juxtaposingly, if I had 40,000 youtube subs, it would be an entirely different story.

4. Affiliate Marketing

Affiliate marketing is all about sharing and earning. The key is to promote good products…not just be greedy.

Share unique affiliate links to products or services you stand by with your followers allows you to rake in some nice passive income. Each time they make a purchase through your link, you earn a commission.

Some software companies like Gohighlevel actually pay out 40% recurring month over month for their affiliate program.

I’m currently making over $30,000/ month passively with this alone. I’d recommend pairing it with your course so your students can purchase it through the course area.

6. Start a paid community or subscription

A paid community not only generates income but also fosters a deeper connection with your most engaged audience members. It's an awesome way to offer greater value and more personalized interactions.

Speaking of paid communities, Alex Hormozi just became the biggest investor into skool, a platform that allows people to make money with online paid communities.

To launch one, you need to offer something more than the value you already provide in public. This could be premium content, behind-the-scenes access, or unique perks to subscribers on platforms like Circle, Discord, Skool or a membership program on your social media. I prefer skool :)

The way I’d start a paid subscription community would be the following:

1. Start a youtube channel and grow it
2. Continue to provide value until people ask you if you sell something
3. Announce a “beta group” to take on and mentor for a monthly paid private community. Keep it at 10-20 people maximum.
4. Gather feedback and iterate on your community elements.
5. Open it to the public and raise prices.
6. Build a kick ass referral/ affiliate program that allows members to make side income through referring friends or family.

I’m currently launching my own paid subscription community later next month that covers real estate marketing. Excited to see how it goes!

There’s a lot of way to make money with this model and it’s not just subscription revenue. For myself, we’ll be making affiliate income as well which actually is MORE than the monthly subscription.

THE TUBE

We know reading can be boring sometimes so here’s a video for you to literally grow your brain:

Shameless plug but I think you’ll get loads of value :)

• How I Made $7 Million Before 24
  In this video I cover how I went from a broke, college athlete to building my dream business generating millions of dollars online. Hope you get some value!

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That’s it for today 🙂,

The Secrets Of Profit Team