It’s not just about the number of followers you have. What’s more important is how engaged they are, and how many of them are part of an identifiable community. Who are you targeting with this account? How many of them trust you enough to buy something from you?
There are some common ways to monetise your account, but having an engaged community goes a long way to doing this successfully.
Here are 7 of the most common ways at a high level:
1. Paid promotion of a brand’s products and services.
2. UGC creation (not publishing on your account though).
3. Affiliate marketing, which involves sharing a link that results in a small commission when someone buys something.
4. Selling a digital asset you have created (e.g., ebook or course).
5. Selling physical products (e.g., printed merch, drop shipping, or your own goods).
6. Funnel your followers to a service you provide.
7. Use your account to promote a website blog, podcast, or newsletter that is running ads and/or affiliate sales.