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Monetization is a way to generate income from a product, service, invention, intellectual property, or even your own personal brand. You can make money in any of these ways. For instance, if you were developing an e-book or online classes, you might decide to incorporate social platforms into the purchasing process, levy a fee for file downloads, incorporate some form of instruction, or do all of the above.
Four Actionable Strategies of Monetizing
You can’t get payed for just having followers on social media because followers aren’t money. Instead, you should monetize using the following techniques:
1. One on One Coaching:
This is the most basic method of monetizing.
You share the knowledge and expertise you have with someone who is interested in acquiring it. For example: Let’s assume you are a sales coach, you could help other online coaches who aren’t very good at sales by providing them with one-on-one tutoring in the hopes that it will help them close more clients for their business or offer.
In one on one coaching, the objective is typically to take the client from their current situation to their desired outcome. In this case, the desired outcome is for the client to know how to sell to their audience and make more sales. In our example, this refers to online coaches who are either not very good at sales or don’t know anything about sales.
Your objective with one-on-one coaching should be to deliver the results that you have guaranteed to your clients. In exchange, they will provide you with a recommendation that you can utilize in the methods that follow. I’m going to speak about how to calculate the cost of this.
Make use of this method.
The worth that you provide expressed in dollars, divided by ten
For instance, if you give them a solution that has the potential to earn them $1,000, you might decide to set the price of your tutoring offer at $100.
Use the following tools: Calendly to schedule appointments, Zoom to communicate with customers and clients.
2. Group Coaching:
This is very comparable to coaching someone one on one.
However, rather than instructing a single student at a time, you will be leading a class.
The best aspect is that you can teach the same thing to one hundred different people in the same amount of time as you would spend teaching just one individual.
Having testimonials and successful outcomes from one-on-one mentoring, however, is a prerequisite for beginning this practice.
Make use of that to attract ten to twenty individuals.
You can schedule anywhere from four to five calls in total so that your instruction can be broken up into individual classes.
You can charge anywhere from $100 to $1,000 per client, depending on how significant an effect your coaching will have on them.
Utilize the following tools: Landing page to attract people to your offer (use carrd); Calendly to schedule meetings; Zoom to get on calls; Discord or slack to communicate with the group.
3. Video courses / e-books:
After you have accumulated proven outcomes and testimonials from all of your previous clients in one-on-one and group coaching settings, you can move on to the next step.
It is necessary for you to establish boundaries between your personal life and your professional life.
Using this method, you will be able to make a passive income.
owing to the fact that your course can be purchased whenever it is convenient for the customer, regardless of your physical presence.
It needs to be bundled with modules that will guide your ideal customer from their present situation to the situation they want to be in.
The content that you were teaching your customers in one-on-one coaching and group coaching can be recorded into a course along with helpful slides and your own talking, which is what is meant by the phrase “building it once and selling it twice.”
In the first option, which is the one-on-one coaching and the group coaching, you either educate one individual or a group, and then you start the process all over again.
The second benefit is that you only have to create your course once and then you can sell as many copies as you want without having to build it again.
Tools to use: * Loom, to record explainer videos with a slideshow and your voice and face. * Carrd, to create landing pages for people to see your offer. * Gumroad, for payment processing and storing your course.
4. Community:
Everyone desires to do things online and build a business, but they fail because they do not have a community that supports them and holds them accountable.
You have the potential to establish a community in which others can gain knowledge from you and receive some form of weekly or daily accountability.
In most cases, individuals will either pay on a monthly or annual basis for this.
It is a method of monetization that is dependent on subscriptions.
You could provide your group with weekly calls, weekly accountability, bundles of all of your classes, weekly video updates, or any combination of these things and charge a fee on a regular basis, either monthly or annually depending on what you provide, you could charge anywhere from $10 to $100 per month for this.
If you provide a greater number of weekly conversations, you will be able to charge at a higher end. Additionally, you will be able to reduce the price of the annual subscription offer, which will result in more people selecting that option.
For instance, if the monthly cost were $30 and the annual cost was $249, many people would choose the yearly option because it is less expensive when expressed as a cost per month.
Utilizable Instruments:
- Carrd should be used on the landing page
- Gumroad should be used to collect recurring monthly fees
- Circle should be used to house your community (its a platform where creators and businesses build their paid communities).
These are the four primary methods for making money off of social media, and you can make money off of any platform where you can create an audience to communicate your offer. Some examples include YouTube, Instagram, TikTok, Twitter, and Email and many more.
