By Laia Cardona, on 27 May 2016
Monetizing your online presence is a brilliant way to generate extra revenues, and Twitter is in no way an exception. With a bit of time and consistency, you might even be able to make a full-time living from it (as a freelancer) or a constant source of revenue for your brand.
There are many ways to make money online, each with their own set of advantages and drawbacks. To make the most of them, you don’t need to be a social network guru, all you needs is some creativity and ambition. And to help you get your creative juices flowing, here are 7 creative and effective ways to make money on Twitter, for personal and corporate accounts alike.
1) Crowdsourcing Projects
Crowdsourcing, or mass collaboration, is all about asking a community or large group of people for ideas and contributions. These kinds of initiatives have been around for years, but Twitter is a particularly good place to promote them, and recruit new collaborators.
To make money on Twitter through Crowdsourcing, you need to convince your followers to finance your business or idea. This is normally done by collaborating with micro-patronage or crowdfunding platforms, such as Kickstarter (with time-limited campaigns to finance concrete projects) or Patreon (where patrons offer a monthly amount in exchange for regular content from their favorite artists or creators).
Crowdsourcing enables you to finance your most ambitious and can even provide your with regular income, but it has to been done right in order to work. If you decide to go with this option, be sure to check out success and failure stories of projects similar to yours before beginning to design your promotion plan.
2) Sell products
Selling products on Twitter to make money is not exactly a revolutionary idea, but surprisingly large amounts of people forget to include it in their strategies.
When it comes to selling on Twitter, “old school” marketing can be very effective – check out these examples:
- Calls to action. If you want your followers to buy, don’t beat about the bush!
- Many businesses have experienced amazing results with “Offer of the day” and “Limited stock” type campaigns.
- How about an exclusive discount code for your followers?
In any case, keep in mind that using the more classic marketing techniques is no excuse for turning into a spammer. Publish a variety of different content and don’t overwhelm your followers or you will lose them.
3) Sell services related to Twitter
You use Twitter regularly and know your audience is out there. What do you think they need to improve their experience on this network? Make the most of this knowledge to create products and services related to Twitter.
Over the past years a great number of apps and websites have popped up that make the most Twitter’s API to offer all kinds of services, from analytics about the impact of tweets on users to customized hashtags. You can come up with your own genius idea, or improve a preexisting product by making it easier to use. Twitter Tech Marketing is an example, a technological solution that optimizes advertising on Twitter.
Another alternative to make money on Twitter is to help users develop their presence on this social network in exchange for a fee. Your social network expertise are worth money!
4) Use promoted tweets
You don’t need to be a celebrity to charge companies for your tweets. In places like Sponsored Tweets, you can find sponsors willing to pay you for your posts. The amount varies depending on your number of followers, if you are an influencer in any subject and other factors.
If you opt for this choice, keep these tips in mind:
- Remember that making money on twitter with promoted tweets is allowed, but only if it is made very clear that it is promoted. You can use hashtags like #ad or #promo to follow this rule without wasting half your characters.
- With this option, you are associating a brand with yourself, for better or for worse, so take care with the rest of your posts. Many people have been fired or lost their relationship with a sponsor due to a less fortunate tweet.
5) Generate new leads with the search tool
With 360 million active accounts all over the world, it’s quite likely that at least part of your target audience will be on Twitter. In order to find them, you have an amazing tool at your disposal: the search tool.
Searches on Twitter let you filter users according to their bios and tweets. For example, a company who sells coffee machines can search for potential clients by searching for “coffee lover”, “need a new coffee machine”, “my coffee machine broke”, “opinions on coffee machines”, etc. Use your imagination! Once you have pinned down potentially interested users, you can attract them with promotions and discounts adapted especially to their needs.
6) Host a contest
When it comes down to creating engagement, there is nothing more effective then offering a reward. If what you are aiming for is to monetize a personal account, you can reach out to brands related to your audience and offer to promote their contest in exchange for a commission.
There are many fun and creative ways to get your followers interested in a contest. You can make them judges for a day, hold a crowdsourcing for new ideas or simply ask them to help you out with likes and retweets.
7) Use Youtube
Another way wo profit from your social network knowledge is to create a tutorial channel on YouTube. Investigate your users’ most common questions and struggles and offer them step-by-step solutions. Once your videos have hit a certain number of views, you can make money from them by using AdSense.
As you can see, there are several options for increasing your income thanks to your Twitter account: your imagination is your only limitation! But, no matter what you do, keep in mind that monetizing your social media presence should be seen as a long-term investment. Your followers are your most valuable asset, so make them feel appreciated and consistently give them high-quality content. Only then will you get them to stick with you, and help you make money on Twitter.