Engagement builds audience and profit
It’s the quality of followers that counts, not the numbers
If anyone knows about monetizing social media, that would be Joe Human. An entrepreneur, he co-founded the Creative Mind Space ideation agency, and he creates content.
He talked about how to be sociable and profitable at the same time.
Content leads to followers, but one of those elements has been regarded as more important than the other. There have been a few examples of Facebook and Twitter dumping bogus followers. As a result, several notable influencers lost thousands of hollow follower numbers.
In quality versus quantity, quality rules.
“Having a huge number of followers some years ago was a good indication of success,” Human said. “However, right now brands want quality over quantity — and quality equals engagement. Today, businesses care about how many people they can pull back to their brand. That’s real return on investment.”
He added that engagement “can only be created through rich content.”
Know their pain
The most profitable content is that which offers solutions for your audience’s wants, needs and pain points. That makes it essential to know your audience so you can relate your products and services to them.
“Any type of content is profitable if it’s consistent, created at a high quality and speaks to a specific niche,” Human said. “Brands are constantly trying to find better ways to interact with their consumers. With this demand, video content has been a very strong medium to use.”
Create your content so it is as evergreen as possible. Then you can repurpose it on several social media platforms, tweak it to serve many niches and reissue it throughout the year. Throw in lead magnets to entice customers.
“This comes down to research and positioning,” Human said. “What do you want to be known for? Once this is out of the way, you’re able to start creating content that speaks to a specific audience. Engagement will play a major role in commercialization.
“Website hits, comments and views become value to your collaborators, partners or brands that want to speak to the audience you’ve built,” he said.
Where are they?
The best social media platform to make money is where your potential customers are. Create a persona to know who to target. Then aim for the platforms that person uses the most. Otherwise, you scattershot your messages in what’s known as “spray and pray.”
“Individuals might be on all social platforms, but they create, consume and engage with content on the platforms differently,” Human said. “Any platform can be monetized. It boils down to how you use the platform and how your audience interacts with content on these platforms.
“Content created for Instagram won’t work on LinkedIn because the audience there consumes it differently and expects different,” he said. “Knowing your audience is key. Learning your platform and how to use it is essential.”
Know your vision, goals, messages, products and services. Practice active social listening, and be flexible. Then you’ll be ready to jump into conversations where others fail or are slow to respond.
“If you know your target market and learn your competitors, this will help you understand what advantages are granted to you,” Human said. “From this you can create a strong brand promise.
“Market definition also is important,” he said. “How relevant is your brand to your audience?”
That’s an idea
To make money on social media, you could offer a product or service, although Human is more imaginative.
“Ideas have more value and can be scaled far more than products,” he said. “You can’t compare a marketing campaign to a product that has a set price.
“At the end of the day, humans are emotional buyers,” Human said. “Ideas and interactions lead one to purchase a product. Content that creates value, ‘talkability’ and engagement also can be sold.”
To convert followers into buyers and customers, engage and respond to them and their needs. Be the expert everyone depends on and goes to for advice and support.
“Know who your followers are,” Human said. “A lot of people tend to influence or sell products and services that their audience aren’t interested in or can’t afford. Learn your audience through engagement and demographics.
“This will determine where to price what you’re selling and if there is a demand for it in the market or audience,” he said.
Before you can drive revenue on social media, you must engage and develop relationships. This will not be an overnight success because know, like and trust take time and effort — but with potentially great rewards.
“Be consistent and produce quality content,” Human said. “This turns into engagement. Engagement equals value, and anyone pays for value.
“Your content determines your brand positioning,” he said. “Your engagement will become the leverage you use to monetize your platforms.”
About The Author
Jim Katzaman is a manager at Largo Financial Services and worked in public affairs for the Air Force and federal government. You can connect with him on Twitter, Facebook and LinkedIn.
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