In this post, I will talk about the 3 fundamental strategies to monetize your social platform.
I work as a business strategist for a sports marketing agency. And one of the perks of working for a company like ours is that we have our own vlog channel – Red Card TV.
Red Card TV – A Sports Vlogging Channel
This gives me a unique opportunity to go behind the scenes to understand what it takes to monetize such a platform.
In an era where social media influencers are getting paid ridiculous sums of money, it’s easy to assume that monetizing your social presence is easy. The truth is, it really isn’t.
I have my own vlog channel that I would like to monetize at some point. And I’m sure there are many of you out there who are looking to do the same.
So let me help you.
Here are 3 fundamental strategies to monetize your social platform
Note: This is only for those who intend to create a business from your social media influence. If you’re just doing it solely as a hobby, then feel free to ignore these tips.
Have a Clear Offering
If you want to monetize, you need to constantly think of your platform as a business. Ask yourself:
- Who is your intended audience?
- What is it you’re offering them?
- Is this something you think someone – either brands or your audience – will pay for?
I say this because that was the challenge Red Card TV faced early one.
Pro Tip: When your Vlog has no specific theme, you’ll have no specific audience.
And when you have no specific audience, it’s hard for brands to want to sponsor your content because you don’t have a specific niche audience.
Brands will turn a blind eye to your non-existent theme if you have at least one million followers.
But if you don’t, make sure you have a niche audience to compensate. This is also helpful if you plan to sell your own products and services.
Engagement > Reach
If you have to choose between engagement and reach, choose engagement. Sure it’s nice to have both. And you should be aiming for both if it’s possible.
But ALWAYS prioritize engagement over reach.
This is something I need to improve as well. Because in a nutshell, here’s why engagement is more important.
Engaged audience = audience retention = audience willingness to purchase your products and services/brands willingness to pay to have their voice on your platform
I’ll be writing another post on the strategies Red Card TV uses to engage its audience. But in the meantime, just remember. Engagement always > reach.
Fill in the Gap
This is the “easiest” way to monetize. If you’ve got a great following and your blog serves a purpose, then monetization is very achievable.
Of course, there are many ways you can monetize your content. For example, there are donation platforms like Patreon, subscriptions models, and merchandise.
But move away from that. Ask yourself, how else can you add value?
Can you teach your audience to:
- Save time?
- Make money?
- Achieve personal growth?
If you can tick any or all of these boxes, then you can monetize. Now!
For instance, Red Card TV launched a “How to be a Sports Vlogger” course. This course ticks all three. It helps people who are interested:
- Save time because we teach them the best practices
- Make money as a sports – or any – vlogger
- Helps them improve their craft
And you can do the same for your platform. If you have a niche and/or skillset, fill the gap. Teach people to get from where they are to where you are. BE OF SERVICE!
I hope this was helpful, friends. Think of these 3 strategies as you grow your platform so you can create a business you’re happy to be a part of. And if you want to start vlogging, here are some things you should know first.
And do like my Facebook page too!