Here is another trendy career that allows an opportunity to make money online. To understand how this can be used to your advantage and what kind of possibilities this offers, you will need to understand the basics of influencer marketing.
What is influencer marketing?
Influencer marketing represents a form of marketing that relies on the influence of an individual or a brand for the purpose of influencing the target audience and eventually affecting their buying decision.
So, on the one hand, we have an influencer. That is the person who has formed a particular identity in the online world. Influencers are people who communicate well, and who are inspiring and interesting. They are often knowledgeable about a specific field they specialize in, and they enjoy respect from their community. Influencers usually have a following on social networks where they are most likely to interact with those followers and share their work. Since social networks present a limited outlet for sharing content, most influencers usually have their own website or blog.
On the other side, we have online users who are influenced by these individuals. Online users admire them, learn from them, and respect and trust their opinion. They usually follow them on social media. Another option to follow someone’s work is by subscribing to a newsletter. This is one of the ways influencers can communicate with online users.
Once you have in mind these two sides you can understand the whole process more easily. Influencers frequently share their content and opinions with their followers. Great influence ensures that the content will reach a larger number of followers. This gives the influencers an opportunity to earn from their influence. Particular brands can sponsor the content and opinions they share, and this is the most common way to monetize the influence, but it is certainly not the only one.
What do you need to monetize the influence?
It is commonly believed that having a lot of social media followers means you have a lot of influence. Even though regular online users might believe that statement, brands and companies know better. The number of social media followers alone is not a reliable metric. These followers can be obtained by promoting your social media profiles with paid advertising, but it does not make you an influencer. Unless there is engagement, these followers are passive, and it is debatable how much visibility you obtain among such followers.
To evaluate someone’s influence, one must get access to more data, such as:
- The data about social network activity (engagement, interaction with the followers, etc.)
- The number of email subscribers and the level of the interaction
- Other details about the influencer (important contracts or collaborations in the past, association with a particular company, etc.)
The above and similar details can provide insights into how influential someone is.
Another factor that affects the positioning of the influencers is niche. The situation is quite different from one field to the other, and you cannot compare the influencers working in different niches and having different target groups.
Successful influencers have chosen their niche. They have their target group in mind whenever they create content, whenever they address them publicly in a post. Also, successful influencers know what their audience needs and finds interesting, which directly affects the type of opportunities they can use to monetize this influence.
Therefore, to monetize your influence, you will need to:
- Choose a niche
- Define your target group
- Have your target group in mind when creating content
- Maintain and nurture your relationship with the audience
- Have in mind that monetization relies on your reputation
- Work on projects that you believe in
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The final idea you should have in mind is that influence is usually not something that happens overnight. Every influencer you see now had to start somewhere and gradually build an audience and gain respect. Influencers are aware that their entire career depends on their influence and their reputation, so this is something they need to nurture in order to be able to monetize it.
Opportunities to monetize influence
There are so many opportunities for influencers to make money online, and the number of those keeps growing as businesses are starting to recognize the potential of this form of online advertising.
It is also important to have in mind that these opportunities depend on two things:
- Your influence – Greater influence usually means you will be able to work with bigger companies and brands.
- Your niche – The type of industry you specialize in dictates the opportunities that will be offered to you
Apart from the opportunities which you are likely to get based on your influence and niche, these two factors will also have a strong impact on how much money you can make as an influencer. What is safe to say is that there is no fixed salary for influencers. Earning is based on the project, and it varies a lot, so there are no universal quotes. The only thing certain is that as stronger your influence gets, the better opportunities you will unlock.
Here are some ideas on how you can monetize your influence:
Opportunity to speak at the conferences/workshops/seminars
Depending on your niche, conferences or seminars could be a great way for you to hold a lecture or a speech about a topic of your interest or something that your audience will find relevant.
You will get this opportunity based on your influence and expertise, but you will also get an opportunity to expand your reach and perhaps interact with people who still are not familiar with your work. Also, you can get paid to participate in such events.
Opportunity to work with brands
Working with brands opens up so many exciting opportunities for influencers. Influencers rarely have anything else to monetize apart from their reputation, and one of the most common ways to do so is by working with brands.
Their collaborations can include many different projects depending on the niche and type of the company. Some of those include creating products with the influencer’s name, the opportunity to appear in the commercials, creating content for the brand, etc.
Opportunity to work with other influencers
This opportunity is not precisely a way to monetize your influence, but it certainly is a way to expand your influence and thus indirectly increase the chances you can get from influencer marketing.
Collaboration among influencers is a good way for both parties to help each other with increasing their visibility. They can do so by creating collaborative content, participating in events together, creating an exclusive meetup, etc.
The bottom line is that this way of making money online is not a quick strategy to get rich and famous. Although you might get rich and famous, it will not happen that fast, and it will not happen without hard work. Therefore, think carefully if this is the career you want to choose.
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Try to think about some of these questions:
- Are you willing to invest that much time and persistence in creating a relationship with your online audience?
- Are you truly so dedicated to your goals that you will endure even if you come across a slow start?
- Finally, are you a person who will stand in the spotlight and be prepared for all the
opportunities that come with such a career?
These are some questions you need to answer to figure out if this is what you want to do online, or if you will focus on other strategies for making money online.