In 2024, businesses of all kinds and types are hiring popular social media influencers to advertise their products and services. According to thesocialshepherd.com, influencer marketing valued at around 21.1 billion U.S. dollars globally in 2023.
Because of these high statistics and increasing popularity, many people want to become influencers and earn money from it. If you are also one of them then welcome to this blog post. Today, we will discuss 20 ways to make money by being an influencer on social media, but first, let us discuss what influencers are and what they do:-
What Is A Social Media Influencer?
A social media influencer is any person with a high following on social media platforms. People are influenced by them and follow them because of their reputation, expertise, and knowledge of a particular niche.
They create content to promote brands, services, or products and alter the customer decision. For this, they either charge a certain amount or earn monetary compensation, free products, or discounts.
In 2024, influencer marketing has risen as a popular marketing module. This is because billions of people use social media such as Instagram, Facebook, X (formerly Twitter), LinkedIn, and more.
These platforms allow them to attract and influence a large audience by creating posts, reels, stories, and more that include detailed product descriptions.
Social Media Influencer vs Regular Consumer
Social Media is an ever-evolving landscape that allows everyone to comment and post. If you scroll through your feed, you may find posts/reels from social media influencers and a large number of comments beneath them. But have you ever wondered ‘how is a post from a social media influencer different than a comment from a regular consumer comment?’
Though they both contribute to the digital dialogue, they are highly distinct from each other in several key aspects.
| Post From Social Media Influencer | Comment From Regular Customer |
| Influencers typically post with a certain purpose in mind. | Personal experience and opinions drive regular comments from consumers. |
| They post to promote products, build a reputation, share their expertise, or market a brand. | Comments are often spontaneous reactions from customers on influencer posts, products, or discussions. |
| Influencers often intend to maximize reach and influence followers while also earning monetary compensation. | Customers may express their experiences, concerns, or complaints based on their genuine interactions with the content. |
How To Become A Social Media Influencer?
Moving forward, let us discuss some ways through which you can become a social media influencer.
Research the market
The first step is to research the market. Here, you have to see the latest trends, popular influencers, and their content. Develop new strategies and embrace some business modules to start influencing.
For example, you may look for popular products, brands, and services that are trending and on which platform.
Select a niche
Your niche should depend on your passion if you want to establish a genuine reputation on social media. The type of content that you will post should be based on the niche as well as the demographics, such as age, location, income, etc. of the target audience.
Select your channels
Select the top social media platforms and channels with a large audience to become a social media influencer. Some of the best options include:-
- Instagram: 2 Billion Monthly Active Users
- Facebook: 3.05 Billion Monthly Active Users
- YouTube: 2.49 Billion Monthly Active Users
- WhatsApp: 2.78 Billion Monthly Active Users
- TikTok: 1.22 Billion Monthly Active Users
- Twitter: 550 Million Monthly Active Users
Get to know your audience
Know the psychographics, such as values, beliefs, interests, and more of your target audience. This will help you create content that aligns with their liking and interests.
You may conduct a little research for this, such as:-
- Type of content your audience engages with
- Customer comments on other influencer’s posts
- Questions, challenges, criticism, and concerns they face
Post unique content regularly
Posting unique, interesting, and entertaining content regularly ensures that you stay active and connected with your followers. It is highly important and drives better customer engagement.
Create your influencer reputation
To create your reputation, use influencer marketing tools, take time to generate new ideas, and explore your business potential. Generate a brand voice based on a specific aesthetic, unique style, tone, language, and more to leave a lasting impression on the audience.
Engage your audience
You may engage with your audience more with live video chats, answering comments, email marketing, reposting content, starting conversations, and sharing stories.
Collaborate with other brands
To extend your reach and optimize your online presence, collaborate with other brands. You may partner via affiliate marketing, sponsored posts, or creating content together. Use sites like Influence.co and Intellifluence to increase visibility and connection with brands.
Optimize your online presence
Optimizing your online presence includes steps and strategies, such as email marketing and SEO, to gain more visibility. For this, you may connect with existing social media influencers.
Refine your influencer skills
Slowly but surely, your list of followers and brand collaborations will grow. From time to time, monitor your strategy, leverage new tools, include unique content, and analyze consumer behavior.
How Much Does A Social Media Influencer Make?
The amount you make as an influencer highly depends on a number of factors, including follower count, the category of content, and their deliverables. Generally, influencers may earn as follows:-
- Macro-influencers
Influencers with 50,000–500,000 followers may charge $170 to $600 per post.
- Micro-influencers
Influencers with 1,000–10,000 followers may earn an average of $1,420 per month.
- Niche influencers
Influencers in a niche category, such as beauty, may charge more because the community is smaller.
On average, a well-established influencer may earn US$2,970 (Rs 2.44 lakhs approx) per month.
How To Make Money As A Social Media Influencer In 2024
If you have started your influencing journey recently, you may wonder “how to make money as a social media influencer.”
Given that, here are a few ways through which you can make money:-
Sponsored Content
Sponsored content is a popular method through which social media influencers earn money. They can do this by collaborating with brands to promote their products in your content, such as posts, stories, or videos.
Furthermore, companies highly prefer authentic feedback from influencers. For this, offer a detailed review of their products and earn compensation in exchange.
Podcast Sponsorships
Podcasts have emerged as a popular method for influencers to earn revenue. Podcasters can monetize their content through sponsorships and pay influencers as their brand expands with each podcast episode.
A report by Descript suggests that podcasters can earn between $18 and $25 per 1000 listeners.
Exclusive Memberships
Some exclusive memberships allow influencers to earn a good profit, such as:-
- Create Premium Content
Platforms such as Patreon or OnlyFans allow creators to monetize their content. Social media influencers can make behind-the-scenes vlogs and earn money.
- VIP Access to Events
Giving VIP access to premium subscribers for participation in events such as Q&A sessions, live chats, and exclusive content launches is a good way to earn profit. It is applicable for both virtual and physical events.
Affiliate Marketing
Affiliate marketing can fetch a good profit by:-
- Promote Affiliate Products
Influencers may promote products by integrating affiliate links into their content. However, selecting authentic, trendy, good-quality products that resonate with your niche is important.
- Collaborate with Affiliate Programs
Affiliate programs also offer a good opportunity for influencers to earn directly via brands or affiliate networks. Influencers can explore multiple products and monitor their income flow.
Merchandise and E-commerce
The next option is merchandise and e-commerce for Social media influencers to earn money. They can do this by:-
- Launch Merchandise
Social media influencers, after gaining appropriate reach, can launch and sell their own merchandise. This could include apparel, accessories, skincare, or even digital products.
- Start an E-commerce Store
Starting an e-commerce store is the next leap in influencer marketing. You can promote and vend products that resonate with your niche and customer base.
Brand Ambassadorships
Being a brand ambassador is a reputable and successful way of making money as a social media influencer. After becoming a macro influencer, you can do this:-
- Long-Term Partnerships
Collaborate and establish long-term partnerships with brands. Establish a good online reputation, earn a stable income, get exclusive deals, and more.
- Representing a Brand’s Values
Bridging the gap between companies and consumers by promoting brand values can help you earn a good profit. You may charge a monetary commission for embracing a brand and fetching loyal customers.
Product Launch Collaborations
Introducing new products in the market in partnership with the brand is a powerful strategy that profits both influencers and companies. You may create appealing sneak peek content, unboxing videos, and reviews.
On average, mid-influencers charge about $1.5k to $5k per collaboration.
Influencer Marketing Agencies
Joining influencer marketing agencies is a good way of earning money, even for beginners. They serve as a vital contractor between influencers and brands. Some of the best platforms for this include:-
- Chtrbox
- BuzzFame
- Vavo Digital
- The Media Ant
- Confluencr
- Grynow
- Qoruz
- The Shelf
- Travel Mindset
However, to earn a good profit, you must negotiate fair compensation.
Video Content Monetization
Video content monetization on YouTube can help you earn a good profit from video content. Influencers can enroll in YouTube’s Partner Program and earn revenue through advertisements.
As their channel grows, they can earn a significant and steady income flow.
Facebook Ad Breaks
Facebook ads are short videos that appear before or during long videos. Social media influencers can leverage them on their recorded content or live sessions to earn a share of the income generated from that ad. Generally, you can make between $0.01 and $0.03 per view.
However, creators cannot choose which ad will appear on their videos.
Who Was The First Social Media Influencer?
The history of influencers is long and highly variable. There is no set name for the “first” social media influencer because many rose and fell throughout the years.
It started during the early days of advertising when celebrities and famous people often promoted products. This strategy is known as “celebrity endorsement.”
In the 1700s, Josiah Wedgwood employed Queen Charlotte to advertise his pottery. After massive success, this strategy continued to be followed throughout the 20th century when celebrities such as Marilyn Monroe, Michael Jordan, and Britney Spears endorsed everything from cosmetics to sports shoes.
With the rise of social media, such as Facebook, in the 2000s, social media influencers became the new marketing medium. Existing influencers quickly established their position and fueled “Influencer Marketing.”
People generally consider Justin Kan to be the first popular influencer. He was the co-founder of the live-streaming platform Justin.TV launched in 2007.
Kan used to live-stream his life 24/7 because of this, he quickly gained a large following.
Who Is The Highest Paid Social Media Influencer?
As per a survey conducted by Hopper HQ, Cristiano Ronaldo is the highest-paid social media influencer in 2023. He charges about $3.2 million per post.
The net worth of the international Portuguese footballer is approximately $500. He regularly posts about sports brands on social media and stands as a popular endorsement figure.
Some Best Social Media Influencer Tools
Becoming and being an influencer is not easy and requires following the latest trends, developing fresh content, expanding reach, and more. Several social media influencer tools are available in the market that can help content creators become successful.
Given that, here is a list of the best paid and free tools:-
- Klear
- Upfluence
- Traackr
- Awario
- CreatorIQ
- GRIN
- Heepsy
- Hypeauditor
- BuzzStream
- NeoReach
- Followerwonk
- Brandwatch
- Influencity
- Mavrck
- Open Influence
Takeaway
Social media influencers are a good marketing medium for businesses to expand their customer base. This is because influencers play a significant role in shaping consumer behavior and trends.
Brands from various industries, whether fashion, health, skincare, or even automobiles, hire influencers for marketing purposes. Sponsoring content, promoting products, affiliate marketing, video monetization, and more are some ways through which influencers can earn a good profit.
FAQs
- What Is A Social Media Influencer?
A social media influencer is someone with credibility in any specific industry. They have a high following on social media platforms and a well-established online reputation. People are influenced by them and follow them because of their content, expertise, and knowledge of a particular niche.
- Top Social Media Influencer?
Here are some popular and top social media influencers:-
- Cristiano Ronaldo
- Selena Gomez
- Taylor Swift
- Ariana Grande
- Dwayne Johnson
- Zach King
- Khaby Lame
- Leo Messi
- Addison Rae
- James Charles
- Justin Bieber
- Lele Pons
- Logan Paul
- PewDiePie
- How To Make Money On Social Media Without Being An Influencer?
Here are some ways to become an influencer on social media:-
- Freelancing
- eCommerce store
- Affiliate Marketing
- Online consultation services
- Online surveys
- Marketing
- Dropshipping