You will need some form of outside business in most cases if you want to monetize your social network. First, you need to build up some form of brand awareness via online media. It is a little like plowing a field ready for the seeds to be planted. Your aim is to get as many people interested in your business as possible. Once they are interested, you can move onto advertising to them a little – you must sow the seeds of interest. Finally, when you want to make a few sales you make your online followers aware of your offer and harvest the sales.
Creating social games:
You can create social games via social media and charge people to use them. Either you need to make the game (the app) so much fun that people will want to pay to use it, or you gain the backing of a famous brand, group or person and use their backing to have fans want to pay to use the social media app that is associated with it.
You can charge people a subscription to certain materials or goods. You can offer free content or free trial runs via social media, and then direct people off of social media when they are willing to purchase the subscription.
You can run competitions via your social media accounts. You could advertise via the competition or you can charge people to participate in the competitions. You could offer them a second prize if they do not win the big prize.
Using a question and answer platform:
You can use your social media site as a question and answer platform. You can charge people for your advice. They contact you via social media with a question. You charge them for the answer and publish your answer on the social media website so that others can see what they are buying when they engage your services.
Use the social media platform to give very specific offers to your followers. You could use things such as promotional codes and promotional e-vouchers that they can use to buy things on your website at a discount.
You may also monetize your social media by gaining a big following and selling links and positive comments to other companies. Approach other companies and tell them how many followers you have, and then charge them for you to add a link from your social media to their site. You could also voice your support for their offers too (for a price).
Make money on social media is easy. Every day appears more and more opportunities to do this. But your followers and friends have always been and will be the main condition of success.
Be open to people sociable and friendly – then you will succeed.