Amongst marketers, entrepreneurs, and influencers, one question is remarkably common: just how can social media traffic be monetized? From technology blogs to company websites, social media platforms have given marketers the power to direct huge amounts of traffic, yet thousands still complain about the lack of any real income from their social media marketing efforts.
It is a problem that is endemic across multiple platforms, services, and online communities. From Twitter to Facebook, Ning to Reddit, display advertising is sold at record low rates due to the limited user involvement available. Many marketers have written the services off as bust inventory – viewer attention that is so valueless it is not even worth pursuing.
But a small number of innovative marketers are singing a very different tune. They have turned monetizing ‘bust’ inventory into a specialty, buying up spaces on social media platforms at pennies on the dollar and creating dynamic income for themselves. How do they do it? These three tactics appear to be remarkably common, forming the backbone of the social media innovator’s income.
Selling is not the priority, gaining information is.
There is value in social media traffic, even traffic that is largely unfiltered. While thousands of internet marketers chase the short-term sale and instant income, a community of forward thinking marketers have spent their time doing the exact opposite: chasing the eventual sale, and using cheap social media inventory to help themselves get there.
So instead of directing users towards a giant ‘buy now!’ button, these marketers have slowly and carefully guided users through information before requesting their name and email address. The process is the opposite of most direct tactics; it spends little time barraging the customer with tactics, and significantly more time building trust for a sale, be it two weeks or two months down the line.
Social media marketers plan to sell, but not a product.
The smartest social media marketers know that they are only one part of the sales chain, the mark designed to gather information. By removing the sale from the equation, many can generate more valuable output than they would with a shiny, specialized, and specific product at the end of the process.
That is why so many social marketers are no longer attempting to sell products, but to sell information. By gaining an understanding of their audience’s interests and desires, they can generated a powerful resource for other marketers, many of whom will pay for the information. Think in terms of leads and you will quickly monetize social media inventory; treat it as a sales game and you will likely end up with nothing to show for your efforts.
Build an audience first, then monetize.
Far too many marketers jump into the world of social media with products to push, affiliate offers to promote, and businesses to advertise. It is a common mistake, and it is one that tends to backfire early, putting marketers off the format entirely and limiting their future social media efforts.
Instead of going gung-ho right from the start, it might be best to spend your formative social media days developing an audience, and then marketing to them once you have gained a major position. Treat your social media efforts like you would a social media business – gain the numbers, the influence, and the passion first, and introduce the products, services, and offers later.
Written by Andrea Kalli
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Andrea Kalli is the owner of Andrea Kalli Virtual Trainer and Assistant, LLC, the Outlook, SharePoint, and Business Technology Podcast, and the Small Business Podcast Directory.
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