10 ways to earn more money as an influencer - part 2
Updated: Sep 25, 2018
Part 2 of 2
We explore another 5 ways influencers can leverage their audience to create another income for themselves.
If you are interested in: creating an online program, online coaching, being a brand ambassador or sponsored social media posts, please refer to Part 1 in this series.
Method 6: Online Courses & Webinars
Method 7: Affiliate Marketing
Method 8: Podcasting
Method 9: Monetizing your Owned Channels
Method 10: Freelancing
METHOD #6: ONLINE COURSES & WEBINARS
EDUCATION IS KEY TO PROVIDING VALUE TO YOUR COMMUNITY
Use your expertise to educate others! The golden snippets that you share across your social media channels can be collated and packaged as an online course that can be sold to your audience. Earn an additional income from repurposing your content and developing a new eProduct.
Online Courses can be in the form of a structured lesson-style program, designed to educate and inform. A written, video, or audio course or a combination of all three is usually used to deliver the content. You may also elect to create a seminar based lecture-style course in the form of a Live Webinar. Why not try both together?
Make once, sell forever. Courses can be pre-recorded (video) or written and be delivered multiple times without needing to constantly recreate the product.
Adds credibility to your brand (Positions you further as an expert).
Enables you to share your knowledgeable in an area that you’re passionate about.
Cost-effective to produce.
Great passive income stream.
Similarly to an online training program or online coaching, the creation of a new eProduct requires Research, Planning, Design, Development, Distribution and Delivery to be considered.
Take your time with each of the steps below and create a new online course that can offer you a new passive income stream to add to your suite of eProducts.
Start with your target audience in mind (a segment of your followers) and identify a problem they may be experiencing that your expertise could help solve.
Develop a topic for your online course. What does your audience seek to learn from completing your course.
Dissect what other courses exist in the market. Take a look at the lessons offered in each, the overall structure and length of the course and the price to help determine your positioning.
Determine the format in which you would like to deliver your content: Will it be:
Combination of the above
Start by writing out top-line ideas of the subject matter you could like to cover – these will be the backbones of your lessons. Consider who will be developing the content; yourself or a third-party production company.
Develop a budget and stick to it. Researching your options will enable you to determine how best to get your product to market.
Set the price of your new online course.
Decide how you would like to distribute the eCourse and where it will be housed. This could be through your own channels or leveraging a third-party to help you deliver the content.
Create an online course that’s structured as such:
Design each lesson by focusing on a key idea or subject that you would like to teach your students above.
Depending on your delivery method, create a script or supporting written course documentation to deliver the lessons to your students.
Film, photograph, write or record the audio for your new online course.
Edit the media assets above to create a professional looking course that’s easy to follow.
Tweak and finalise your course until it’s ready to launch!
5. DISTRIBUTION & DELIVERY
Make your course available for purchase based on the delivery channel or channels you’ve selected. You can use multiple delivery methods however we recommend only promoting one to your audience to minimise confusion.
Market your new online course to your audience. Use the channels you have built a following on and spread the word.
Loop App Top Tips
Combining a Live Webinar with an Online Course
You can use one of the lessons in your online course and expand upon it in a free one-hour seminar as a means of selling your online course in its entirety. This can also work the other way around!
This acts as a stepping stone or lead magnet to purchase what is often the higher-priced item. Minimising the risk to the consumer with this method leads to a higher conversion rate when purchasing an eProduct. They’ll also be less likely to have a bad experience with your brand if they can anticipate what’s coming. It’s win-win!
METHOD #7: AFFILIATE MARKETING
THE POWER OF THE NETWORK IS GREATER THAN THE INDIVIDUAL
Affiliate Marketing works hand-in-hand with social media platforms and Influencers. You’ve spent your time creating amazing content that’s garnered an audience of engaged followers that love what you do, trust what you say and are willing to take that next step and purchase what you’re offering.
If you’re not familiar with Affiliate Marketing, let’s break it down. Affiliate Marketing is simply where you promote, share and recommend another company’s products and get paid a commission when a customer uses your unique link or code to purchase that item.
This enables you to set up a new revenue stream where you can continue creating content, sharing information and providing value to your audience by recommending products that you believe they would want to buy.
Some like to consider this a relatively “passive” form of income as most of the work is done when you set up your affiliate account. Once that’s out of the way, your efforts to promote the product via your Instagram posts and stories are really all that’s left to do.
New passive income stream
Unlimited earning potential – you get out what you put in
You can select the products you want to promote!
Little risk to you.
It’s so flexible. You can do it anywhere, anytime.
No start-up fees to be an Affiliate
Decide which product you’d like to promote
Find and join an affiliate/s program
Promote your affiliate product
There are a few variables when it comes to Affiliate Marketing that you should be aware of before joining a network, namely the Commission Type on offer and the Program Type. Let’s break it down:
The percentage of commission varies depending on:
Type of Products: The types of product you’re promoting, for example, digital products like eBooks generally have a higher percentage than physical products like hardcover books
The Company: The company that’s running the affiliate program as each will have their own fee and payment structure,
Negotiations: The rate you negotiate as some companies are more flexible than others when it comes to this.
There are two primary types of affiliate marketing programs; Direct and Network programs.
The main difference between the two is that in any given network program, there is a middleman which means that commissions are cut somewhere down the line. It also means you won’t have any direct relationship with the company or brand that has developed the product and if you’re looking for a longer-term partnership, it’s best to begin forming relationships with the company directly.
METHOD #8: PODCASTING
EXPANDING YOUR CREATOR SKILL SET TO NEW PLATFORMS
As an Influencer, you’ve been building your public profile and fostering a loyal community that would be keen to engage with you and your content through different mediums. Podcasting is a great way to share your thoughts and ideas with your followers on another platform.
As a content creator, this is another skill you can add to your creator suite. A small initial investment in equipment can have you well on your way to producing high-quality audio segments, much like having your own radio show. A cost-effective means of creating a new channel to monetize, influencers can earn revenue from numerous models including listener subscriptions and advertising.
Numerous revenue models available to monetize a podcast, i.e., subscriptions, advertising, sponsorships, etc.
Low-cost from setup to ongoing production.
New skill to add to your content creator suite.
A new way for you to share your content and have your community to connect with you.
Adds credibility to your brand (and further positions you as an expert in your field)
When you’re just starting out, you will only need access to a microphone, computer and some editing software.
Microphones can vary in price however a basic podcasting mic won’t set you back too much. You can even record using your mobile phone.
Start planning your first podcast. Think about the topic you’d like to discuss and the format with which you’d like to run your new show. It could simply be a chat between you and co-host, a monologue, narrative or even guest interviews.
Now start recording! Don’t worry about the first few takes or even episodes, do your best and it will eventually get easier and more fluid. Just hit that record button and start talking!
Depending on your creative approach, you may like to include intro music, sounds effects and other audio cues that are useful in segmenting your content and making it easy for listeners to digest.
6. COVER ART
This will be the icon that visually represents your new podcast. Create a logo and tagline for your show and design a tile that will be easily recognisable on every platform.
We recommend finding a podcasting host service that allows you to upload, store and distribute your podcast to popular listening apps like Apple Podcasts. The host will be the home of your podcast and provide you with listener statistics and the all-important RSS feed.
Keep posting! Now you’ve launched your new podcast, keep creating new content and posting consistently to start building your audience on this new platform.
Let everyone know about your new podcast and encourage them to listen, like, comment, rate, subscribe and share it with their friends.
METHOD #9: MONETIZING YOUR OWNED CHANNELS WITH ADS & SPONSORED CONTENT
LEVERAGE WHAT YOU HAVE TO GET MORE OF WHAT YOU WANT
Whether you have one channel or five, you have the ability to commercialise all of them. Create your own ecosystem of revenue streams that will enable you to live your life as a full-time influencer, or get you closer still.
Consider building and monetizing your email list. A list of your most loyal and engaged followers is very attractive to companies wanting to allocate their advertising dollars. If you communicate with your fans regularly using this channel, why not include an ad within the email content?
The ad can be aligned with the theme of your email or can be as subtle as a short product review as #sponsored content.
You may even offer brands an opportunity to couple it with a value-packed blog post, Instagram post or tweet and charge them for that also.
Another owned-channel beyond your social media profile could be your website. If your website gets a lot of visitors, you might want to consider Google Display Ads or a means of posting display ads in general. While this doesn’t have the same reach that it used to, if your website is getting eyeballs, brands will be interested in those numbers so don’t be afraid to share them. They want to share your audience so find ways that you can help them do that and you will be remunerated.
Low cost to produce – you often don’t even need to produce the content.
You begin establishing relationships with the brands.
You own these channels and have complete control over how you use them and what you charge
It complements the content you’re already creating
Adds value to your community by sharing useful information (even in ad or sponsored format)
One of the best ways to communicate with your audience, outside of social media platforms, is still email. Devising methods for capturing email addresses will enable you to continue communicating with your followers directly.
Your personal website is the home of all your content. It’s your brand headquarters and should house all your particulars including links to your social media accounts, a blog, contact details and most importantly, an email capture mechanism of some kind. Ask for an email in exchange for something else like exclusive access to your content, an eNewsletter, the convenience of a blog delivered to their inbox every week. See additional details below.
An eNewsletter is a great way to communicate with your audience. You may like to include details that aren’t shared across your social media accounts thereby offering exclusive access.
You can notify followers of upcoming events, content releases, collaborations, competitions and other insightful information in exchange for subscribing to your eNewsletter.
You can determine the frequency of your communications by offering daily, weekly or monthly updates. It’s all about keeping your fans in the loop.
Subscribing to a blog is always a great way to encourage followers to give you their email addresses. It’s easier to have the blog emailed to them then constantly revisiting your website.
Loop App Top Tips
Package your offering - Packaging or Bundling your offer can also be a good way substantially increase the value of your deal while subsequently enabling you to increase the price too. You may want to consider offering a few items as part of a package and leverage the channels you already have available to you to increase the perceived value of your offer. For example, ad space in your eNewsletter along with a sponsored blog post.
Future Proof your Sales - The popularity of platforms can change so to ensure you survive these shifts, you will want to start devising a way to contact fans and followers, outside of the social media platform that you currently use. Start building an email list as a means of communicating with your following so they can continue to support you (and you them) despite which platform is trending at the time.
METHOD #10: FREELANCE IN STYLE
USE YOUR SKILLS ON PROJECTS FOR OTHERS
You’re a professional content creator. Market and sells these skills to others in need. You may be great at photography, videography, styling, writing, creative direction or brand strategy and these are all sought after skills in today’s economy.
Brands may approach you to work with them on their campaigns or projects or you may even like to offer your services through freelancing websites as a way of utilising the skills you already have, to benefit others.
Your personal brand is a billboard for your unique skillset so put that business-nous to use and start monetizing your skills.
You already have the skills and equipment required.
You can hone your craft and use these opportunities to learn and improve further.
Freelancing helps supplement the financial down-times when you’re not working on your personal brand.
Another means of getting in front of brands and using the opportunity to build relationships.
Portfolio building opportunity and change to showcase your talent for creating content.
There are numerous Freelance marketplaces available that allow skilled individuals, like yourself, to promote themselves in order to attain work.
A quick Google search will demonstrate that with a few clicks of a button, you can launch your online profile and have people approach you requesting that you complete work for them.
These sites generally require you to pitch to the prospective client so keep an updated portfolio available online and your price competitive to stay in the running.
LEVERAGE YOUR NETWORK
You have an extensive network of individuals and companies that you can reach out to and ask for work. It really is that simple.
Firstly, you can reach out to brands that you may have worked with previously in some capacity and offer your skills in photography, videography, writing or editing for their next project.
Secondly, you have a loyal follower base that could you leverage for additional work. Your followers likely have jobs, businesses or know of someone that does and your skills could be useful to them. Simply let them know you’re available and keen to connect on future projects.
EXTEND YOUR REACH
You’re a social media master, so put those skills to go use. Professional networking platforms like LinkedIn are designed to connect skilled individuals like yourself with people looking for just that! Create a profile on a platform like this and start connecting with like-minded individuals and companies to create new working relationships.
Leverage the skills you have to create an eBusiness that will grow with you.
With 10 ways that you can earn money as an Influencer, there’s no reason you can’t start living your dream today!
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This is Part 2 of 2 in the series "10 Ways To Earn More Money As An Influencer." Go back to Part 1 to find out another 5 ways to earn more money as an influencer.