How to Make Money with Affiliate Marketing on Social Media
Social Media Strategy

How to Make Money with Affiliate Marketing on Social Media

While everyone strives to be on social media – whether for personal or business reasons – few understand the potential of posting on social media to generate income. Actually, more and more influencers as well as less famous people make money from simply scheduling posts on social media. And one of the best ways to monetize your social media traffic and engagement in 2021 is through affiliate marketing.

Here’s how you can do that in 9 simple steps:

Step #1: Choose the Best Social Media Platform

Not all social media platforms are created equal. Building an audience and scheduling posts on each channel comes with its own set of requirements and peculiarities. For example, LinkedIn marketing assumes a more formal and professional tone and content, while Instagram posts are usually more fun and relaxed.

So, the first step in making money from affiliate marketing on social media is to choose the most appropriate network. The factors that you should take into consideration include your general industry, your specific niche, your target audience, and of course your personality and skills. If you are bad at making videos, you have no place in YouTube marketing. If you don’t have access to captivating photos, you’ll never succeed with Instagram marketing.

If you are not really sure where to start, you might want to create social media accounts on a couple of different sites and see which one picks up the fastest for you. Generally speaking, the most prominent social media networks with the highest potential to monetize traffic consist of Facebook, Twitter, and Instagram.

Step #2: Focus on a Single Niche

If you are thinking about diving deep into affiliate marketing, you probably already know what industry you will be focusing on. This can be either your line of business or your interest or hobby. Or just something that you are good at.

However, that’s not enough to be able to earn income from social media marketing. To maximize your chances for success, you have to choose a specific niche. The narrower your niche, the easier it will be to build a social media audience, engage with them, establish a sense of community, and ultimately gain your followers’ trust. And having social media followers who trust you and trust your choices and recommendations is the key to a successful affiliate marketing strategy on social media.

Step #3: Grow Your Social Media Following

The conversion rate for affiliate marketing varies widely from one industry to another and from one product to another. Nevertheless, what is universal across all industries and across all products is that more traffic means more sales. This means that when you are establishing yourself as an affiliate, you should be putting the bulk of your efforts into attracting social media followers.

When you are just starting out, the best strategy to grow your social media audience is to create and publish genuinely interesting and helpful content. Furthermore, you need to make sure that you take advantage of the most relevant hashtags for your industry and for your target audience in order to be able to guide new followers to your social media account.

Step #4: Boost Social Media Engagement

As soon as you start having a decent number of social media followers, you need to work on retaining their interest. Once again, one of the best ways to do that is to maintain the quality and attraction of your social media posts.

Another way is to actively engage with your followers. Post surveys, ask them questions, follow their social media accounts, like their Facebook or Instagram stories, comment on their posts, etc.

If you want to establish an influence in the world of social media, you need to be proactive. It’s a two-way street.

Step #5: Become a Social Media Influencer

Affiliate Marketing as a Social Media Influencer

While you can probably make a decent amount of money from having a few thousand loyal, engaged followers, your income from affiliate commissions will boom if you grow to the status of a social media influencer.

You know, those social media users with a few million followers who everyone in their industry – and even outside it – knows?

If you think that being an influencer is not within your reach, you are wrong. All powerful social media influencers started right where you stand now. As long as you display devotion, dedication, hard work, and passion for what you are doing, you will soon be on the way to becoming an influencer.

Step 6: Join an Affiliate Network

Once you have established your social media presence, it’s time to start thinking about the businesses which you want to promote on your accounts. A shortcut to growing your affiliate marketing business exponentially is joining an affiliate network. Some of the most prominent names in the field include Awin, LinkConnector, and ShareASale.

What is an affiliate network?

Well, this is simply an online platform which brings together businesses – or advertisers – that have a product to be promoted and sold, on the one hand, and affiliates – or publishers – who want to earn commission from promoting these products. It’s kind of like an online marketplace.

As an affiliate, or a publisher, it’s usually free to join. All you have to do is to enter some basic information about yourself, your area of focus, your marketing platform (in this case your social media accounts), and the size of your audience. Then you can ask advertisers to join their affiliate programs within your field as well as being invited by interested advertisers to join their programs.

The most important advantage of joining an affiliate network is that you get immediate access to hundreds of thousands of products and services that you can promote. The downside is that it’s harder to build a relationship with advertisers through a network like this.

Step #7: Partner with Individual Businesses

Even if you decide to join an affiliate network or two, it’s important to contact major businesses within your industry directly and inquire about their affiliate programs. Brands like to work with individual affiliates and frequently give them preferential treatment such as a special discount for their users or a higher affiliate commission rate.

Moreover, working with businesses directly will give you the key benefit of developing a more personal relationship and building on your cooperation in the long term.

Step #8: Create Engaging Digital Content

After you have completed all the previous steps, you are ready to launch your affiliate marketing strategy on social media and to start making money from it. Now it’s time to create as useful, attractive, and engaging content as you are possibly capable of. Whether you go for photos or videos, you have to make your content stand from the crowd. You want to make sure that your social media followers get hooked right away to watch the entire video or read the whole text and then click on the affiliate link.

In the content that you produce, it’s important to stay truthful to yourself and to your audience. Of course, you need to highlight the benefits of the products that you are promoting to make users want to try them. But at the same time, your reviews and feedback should be honest and believable. To be a successful influencer, you need an audience which is able to trust you and follow your recommendations without reservations.

Furthermore, when you prepare your social media marketing plan, make sure to mix some general, helpful content with your affiliate content. You want to continue generating new followers and retaining the existing ones by providing them with real value within their area of interest.

Step #9: Time Your Social Media Posts Right

Users are most likely to engage with social media posts immediately after they get published. That’s why you have to find out the best time to post on social media for your target audience and build your social media calendar based on that.

Are you starting to worry about capturing the attention of audiences across the ocean? Are you beginning to think about the sleepless nights you’ll have to spend in order to post on social media at the best time for global customers?

No need to worry about that. With the best social media scheduler you can schedule all your social media posts hours or even days or weeks in advance. For example, with Studiorific Social you can schedule social media posts on Facebook, Instagram, Twitter, LinkedIn, YouTube, Tumblr, Reddit, and Google My Business ahead of time. All you have to do is to add your visual content, enter a caption, add hashtags, insert your affiliate link, and choose the time when you want your post to go live. You can schedule limitless posts on all above-listed must-have social media platforms to earn income from affiliate marketing.

Now that you know how to make money with affiliate marketing on social media, all that’s left is to start going through these 9 simple steps. Before you know it, you can be a social media influencer living off affiliate commissions without the need for a boring 9-to-5 job.

Sign up for a 7-day free trial of Studiorific Social now to start scheduling posts with an ease.

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