Introduction:
Explore the secrets of earning on social media in 2024. Learn proven strategies, tips and trends for financial success influencer marketing, content creation and emerging opportunities.
In 2024, India’s social media landscape is thriving, witnessing unprecedented growth. In general, 67.5% of all internet users in India in January 2023 regardless of any age group used at least one social media networking platform.
The number of social media users globally from 1.72 billion in January 2023 to 5.04 billion in January 2024. This accounts for an 8% growth of +320 million users YOY. There is more growth predicted over the rest of the years in future.
With millions actively engaging daily, platforms like Instagram, Facebook, and Twitter have become integral parts of people's lives.
The surge in smartphone usage, coupled with affordable internet has democratized these platforms, fostering a diverse online community.
From urban millennials to rural netizens, social media is a melting pot of cultures and perspectives. This dynamic environment provides fertile ground for individuals seeking to tap into various opportunities from content creation to business ventures.
The social media wave continues, and its impact on Indian society is profound and promising.
Future of “Social media” in business & Modern society:
The future of social media promises a transformative impact on both business and society. Social media redefining the way individuals interact and organisations operate.
In the business, social media will continue to be a dynamic tool for marketing customer engagement and brand building. Personalized advertising and data-driven insights derived from social platforms will enable businesses to target specific audiences, enhancing the efficiency of their promotional efforts.
The evolution of social commerce will integrate e-commerce seamlessly into social media platforms, creating a more direct path from discovery to purchase.
This shift will redefine the customer journey and elevate the role of social media as a key drive of sales.
In society, the future of social media holds the potential to shape public discourse, activism and cultural trends.
Social media platforms will play a pivotal role in amplifying diverse voices, fostering inclusivity and mobilizing communities for social causes.
The future of social media in business and society is poised to be dynamic and influential, driving innovation, connectivity and societal change.
Significance of social media Marketing as a platform for Income generation in 2024:
In 2024, social media is like a money-making playground. People can turn their time spent online into a source of income. It is a big deal because it opens doors for anyone with a smartphone and some creativity.
Whether you are sharing cool pictures, helpful tips or funny videos, businesses want to be part of the action. They pay you to promote their stuff, turning your social media presence into a job.
It is not just celebrities regular folks are cashing in too. So, in simple terms, social media is not just about likes and shares. It is a way to earn some extra cash in your pocket.
Importance of Social Media Marketing in 2024:
First:-Social media serves as a global connector, fostering interpersonal relationships across borders and cultures.
It has become the primary avenue for staying in touch with friends, family and colleagues, transcending physical distances.
Second media is a potent tool for information dissemination. With the ability to share news and updates in real time, it plays a pivotal role in shaping public opinion and awareness.
The speed and accessibility of information contribute to a well-informed and interconnected global community.
Social media is a powerhouse for business and marketing. Companies leverage these platforms to reach and engage with their target audiences, utilizing sophisticated analytics and advertising tools for precise targeting and brand promotion.
Fourth:-Social media fuels cultural movements and activism. It provides a platform for individuals to unite around shared causes, amplifying voices and driving social change. Activists leverage these platforms to mobilize support, making them integral to the fabric of modern society.
Fifth:-With enhanced features, users have greater control over their online presence, addressing concerns that have arisen in previous years.
Social media influence in 2024 spans not only personal connections but also extends to information dissemination, business strategies, cultural movements, activism and individual empowerment.
Top 10 Popular Social Media Marketing platforms, that you can earn huge money in 2024:
1. Instagram:
As per Meta CEO Mark Zuckerburg,” Our goal is to be the best platform for creators like you to make a living “.
In 2023, Instagram is currently ranked 4th out of all social media networks worldwide, with over 2 billion people using the app each month.
In India, there are 229.55 Million audience on Instagram social media.
In 2021, Instagram was the second most downloaded app in the world. It is the 7th most visited website globally. It is the 4th most used social media platform and has 1.22 billion users every month. There is massive potential for the audience.
With an enormous and diverse pool of people who could potentially be exposed to your content, there are plenty of opportunities to earn money.
Numerous are tricky because the creators or brands are notoriously private. If you sing a song on Reel, the sound goes viral and you get a record deal from that internet fame, then tens of thousands of people buy tickets to your concert.
If you post a food video, then provide a link to your recipe, and blog and host ads on your blog that make you make money.
You can earn money $1.420 money in Instagram Influencers with 1000 to 10000 followers can make per post. With over 1 million subscribers, you can earn up to $15.356
2. Facebook:
Facebook has an incredibly high number of active users more than 3.0 billion compared to Instagram 2.0 billion. In April 2023 the number of Facebook users was 2.989 Billion in the world. The sizeable global advertising audience is 2.249 Billion in the world.
Facebook users also have many options to make money, from affiliate marketing and running ads through Messenger to selling items on Facebook Marketplace.
Making money on Facebook is not without its challenges, average engagement on organic posts is between 1.5% to 2.5% and those that pay to play via ads and sponsored content.
There are six ways to make money extra from the Facebook audience.
1. Create videos with in-stream ads:-
In the stream, ads attract the attention of a captive audience and are ideal for creators and brands with a sizeable audience.
When a user is part-way through watching the Facebook video, they are more likely to watch the entire ad if it means they can continue with the original content
2. Add a paid subscription to your page:-
Generate consistent monthly revenue through fan subscriptions, which encourage your most loyal followers to pay recurring sums to find your page.
This is a great way for brands and creators with large, active audiences to monetise their pages and reward fans with exclusive content and discounts.
3. Collaborate with brands:-
Create content with a relevant, complementary partner to increase your reach and diversify your content output.
There are plenty of brands that want to work with influencers, creators and other companies to reach new audiences and raise brand awareness. This can be a great way to boost your follower count and generate engagement.
4. Earn money directly from your fans:-
Fans who sign up to Facebook Stars can buy Stars to show their appreciation for your content.
When a viewer watches one of your live streams or play your reel, they can tap the Star icon to send stars to your creator page. Facebook will pay $0.01 for every star you receive on your content.
5. Run paid events online:-
Engage your follower through a live event they can enjoy from the comfort of their own home. Facebook paid events features let you schedule, set up, and run events through the page, which is perfect for creators and businesses moving in-person events online.
Enable paid online events on your page and click the Events tab to create an event. Choose the “ paid” option and fill in the required information about your event, the price and co-host if you have one.
Your Facebook account and page must pass Facebook’s monetization eligibility criteria before you can start creating paid events.
6. Drive visitors to your online store:-
Direct shoppers from your Facebook page to your Shopify store through the platform ‘s social commerce features. This is a great way for brands who already have a small business on Facebook to consumers scroll with shoppable ads and powerful calls to action.
You can turn well-performing shoppable posts into paid ads to drive more traffic and define a new target audience you would like to reach from Facebook.
3. Affiliate Marketing:
Affiliate marketing is expected to be worth $12 billion globally. Affiliate marketing is estimated to be worth $12 billion globally. According to studies by 2023, the US is expecting to expand its affiliate marketing to $8.2 Billion and estimated to be worth $12 Billion all over the world.
Affiliate marketing is promoting other people’s products in return for a small commission for each sale. You may have seen headings marked “ affiliate link” or sponsored posts on many of the websites you visit since it is one of the most popular income streams for websites.
Affiliate marketing is one of the oldest marketing practices where publishers promote a business using an affiliate link and gain commission from the sales, leads, clicks or downloads it generates for the business.
Most affiliate programs are free, and when businesses sign up for the program a unique tracking link is created that is used whenever the business is promoted on a social media platform or a website.
Here are some methods affiliate programs follow:-
1. pay per Click(PPC): You can make money online based on the number of visitors redirected by your affiliate site to the advertiser’s website.
2. Pay per Sale(PPS): You make money online when the purchase is completed. The advertisers pay you a percentage of the sale.
3. Pay Per Lead(PPL): You make money online when visitors provide their contact info on the advertiser’s website.
Affiliate marketing is one of the oldest marketing practices which gains affiliates a commission in the case of sale based on the affiliates,s recommendations.
It is one of the cheapest and easiest ways of marketing as you do not need to create and sell a product. Just one thing you need to do is to enable a linked connection between buyer and seller and take your commission when the sale is made.
Different Types of Affiliate Marketing:-
1. Mobile Affiliate Marketing:-Mobile affiliate marketing is done by promoting affiliate links provided by the product owner( advertiser), which you share in your mobile app.
Mobile affiliate marketing means that your mobile advertising inventory must have a user-friendly mobile interface, and have new functions and tools to navigate any mobile device.
2. Multi-Tier Affiliate Marketing:-In this type of affiliate marketing, affiliates earn commissions not only for the sales they directly generate but also for the sales made by the other affiliates that they have recruited into the program.
3. Influencer Marketing:- This type of affiliate marketing involves partnering with social media influencers or bloggers to promote a product or service to their followers.
The influencer is typically paid a commission for each sale or lead that is generated as a result of their promotion.
4. Coupon or Deal Affiliate Marketing:-
With a coupon or deal affiliate marketing, the affiliate promotes a special deal or coupon code for a product or service and is paid a commission for each sale that is made using the coupon code.
5. Content Afiliate Marketing:- In this type of affiliate marketing the affiliate creates content such as blog posts or product reviews that include affiliate links. The affiliate earns a commission for any resulting sales.
4. YouTube Channel:
The number of monthly active users on YouTube reached almost 2.5 billion in 2023. It is the 2nd most popular social network on the internet. The platform's popularity spans all over the world, with India and the US having the largest YouTube Audience.
There are so many formats available to make content on YouTube, such as YouTube Shorts, Live streaming and long-form video, and we want to make sure that creators can get rewarded for making all of them. The YouTube Partner Programme lets qualifying Creators tap into different ways to earn revenue.
There are different ways to Create Revenue from YouTube Channels:-
1. Ad revenue and YouTube Premium:-Earn revenue from display, overlay and video ads that run on your channel. With YouTube Premium you can earn a portion of a subscriber fee when they watch your content.
2. Super Chart and Super Stickers:-Give your fans another way to connect with you during live streams and Premiers. Super charts and Super stickers are fun bright messages and stickers that fans can buy to show their support and help them to stand out.
3. YouTube shopping:-From unboxing videos to product drops, fans turn to creators for great shopping experiences. Whether you are a creator promoting your line or featuring products from other brands in your videos.
YouTube shopping offers easy ways to help fans shop directly from your content. You can earn money this way.
4. Channel Membership:- Channel Memberships are a great way to offer your biggest fans exclusive benefits like custom loyalty badges, emojis and member-only content when they join your channel as a paid monthly member.
5. YouTube Brand Connect:- Connects with brands that want to partner for branded content campaigns. Brand Connect uses Google technology to understand your audience, match you with great brands and help drive results with campaign management.
6. Super Thanks:- Super thanks another source of revenue while giving fans a fun way to express their gratitude for your content. With super thanks, viewers can buy a fun, clapping animation shown only to them on the top of your channel’s video.
Purchasers will also get a distinctive colourful comment in the video’s comment section, so you can easily connect with your biggest supporters.
5. Social Media Consulting:
Social media consulting is a great way to make money online. It involves helping businesses or individuals create, manage and grow their social media presence.
This includes creating content, managing accounts, optimizing profiles and increasing engagement with followers.
To succeed in social media consulting, you need to have a deep understanding of the different social media platforms and the ability to create engaging content and build relationships with followers.
Additionally, it would be best if you had a basic understanding of SEO, digital marketing and analytics to help you effectively track and measure your success.
6. Webinars:
Webinars on social media can be a great way to leverage your knowledge and audience to earn big bucks.
To start, create a webinar that offers valuable content related to your industry.
Promote the webinar on your social media channels and offer incentives to people who register.
Once the webinars have been created, people can charge a fee to access them. You can also offer additional services and products related to the webinar as an upsell. Finally, be sure with attendees after the webinar to build relationships and increase your potential for future sales.
7. Create a Podcast:-
Podcasts can help you widen your reach and make money through social media. Firstly, you will need to decide on topics create content and set up a podcast platform.
You can use a podcast hosting service such as Anchor or SoundCloud to upload and share your audio content.
Once you have your podcast set up, you can start monetizing it by partnering with advertisers or sponsors or offering premium content and services for free.
You can also leverage your podcast to create other revenue streams such as merchandising, affiliate marketing and consulting.
8. Social media Coaching:-
Social media coaching is a great way to make money online by leveraging your expertise and experience in social media.
As a social media coach, you can help businesses, organisations and individuals understand the ins and outs of digital marketing, content creation and many more.
You can also create online courses, provide one-on-one training, offer consulting services and even host webinars. The possibilities are endless for making money through social media coaching.
9. Pinterest:
Pinterest is a hub of people looking for new, innovative and aesthetic ideas in different fields. It includes home décor, clothing, footwear, hairstyle and many more.
India is one of the biggest markets for Pinterest and the social media app gives back to the users by providing different ways to earn from it.
Users have a variety of options they can choose from to start making money. These include Pinterest Marketing, sponsored pins, Pinterest shopping, Ad revenue and many more.
10. Linkedin:
Over 930 Million users in more than 200 countries worldwide as of 2023. In 2022 there is a significant increase from 870 Million LinkedIn users.
LinkedIn is the most extensive professional network in the industry. People use LinkedIn for different purposes, including showcasing their professional achievements looking for jobs, hiring for other positions or simply keeping up with the daily developments of the industry.
People can earn through LinkedIn in several different ways. The best practices include LinkedIn affiliate Marketing, Resume Writing, Freelancing, LinkedIn Consultancy and Content Creation.
Conclusion:
Social Media Marketing has proven to be the greatest asset for small and medium-scale organisations in 2023.
There is no denying that businesses that have leveraged the power of social media marketing have witnessed exponential growth.
Video Content is the future of social media marketing. Studies have shown that 86% of marketing professionals prefer using video as a marketing tool.
Social media platforms such as TikTok, Instagram and Snapchat have made video content more popular than ever.
India is one of the largest advertising markets worldwide regarding spending. The trend suggests digital advertising will take over the combined ad spending of TV and print media by 2024.
Ad revenue from digital advertising is expected to reach INR 540 billion by 2024.
Social Media marketing is ripe with opportunities, from influencer marketing and content creation to e-commerce ventures.
Building a personal brand and engaging authentically with the audience is key. With the right mix of creativity, consistency and adaptability, individuals can tap into the diverse avenues social media offers.
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