Do you have 10,000 followers yet? If you don’t you can go back to my post on getting twitter followers and read about how to increase your twitter following.
If you do have a large following, then you are probably wondering about some ways to leverage your twitter presence into making more money.
Here are some of the ways that I am able to make money on twitter:
Twitter should be a symbiotic union with your blog.
Think of your twitter account as an extension of your blog. The very first thing you should do is make sure your profile gives a description of your blog and links back to your blog. If you are able, you should pick a name that brands your twitter account the same as your blog. As an example, my twitter account is richescorner.
What does this have to do with making money on twitter?
You’re monetizing your blog, aren’t you? So, your next step is to pick up some plugins to publicize your blog posts. I’m actually a fan of twitterfeed, which is a free service that pulls your rss feed and then tweets it out on a schedule. This allows you to automate the posting of your blog posts.
The second plugin that I use is tweet old posts. This plugin picks a random old post and tweets it out on a variable schedule. I’ve set up this plugin to add a hashtag using a keyword so that my old posts reach a broader audience.
Using these couple of methods, I get a steady stream of visitors to my blog through twitter while keeping my twitter account fairly active. While indirect, I think this is the best way to start making money on twitter, since you are creating a link back to your blog as well.
Advertising on twitter
This is a method of making money on twitter is gaining in popularity. There are a few programs out there that will pay you to tweet out their advertisements. You need to be careful in selecting the right program for you.
I’ve found that some programs that I’ve used, such as revtweets doesn’t allow you to have over a certain percentage of tweets coming through an rss service like twitterfeed. So, while it’s a good program for some people, I don’t use revtweets.
I only use two programs, which I think is a good balance to avoid advertising spam.
I like this program as it allows you to set a specific price for advertisers to pay you for tweeting out their ads as well as allowing you to select PPC tweets. It’s a reliable program that gives you a couple of ways to make money on twitter.
You can set up your profile and a set price, if an advertiser wants to contact you directly to request a specific tweet. This allows you to set your own market value, but keep in mind that you want to also price your tweets competitively. The Sponsoredtweets algorithm will also give you a price suggestion so you have some clue as to what your tweets are worth.
The second service that Sponsoredtweets provides to it’s members is a small marketplace of available ads. You can view their list and pick ads to tweet out on a PPC basis. This way you can earn money even if you haven’t been contacted directly by an advertiser.
However, you should note that these opportunities pay fairly small amounts for their clickthroughs, usually ranging from about $0.02-0.08 ore click. Most of the time, I don’t tweet out too much with this program as I don’t really feel as if it’s worth spamming my followers for such a small amount. But if times are a bit slow, I may do one or two.
The third service that is available is to sign up as an advertiser through Sponsoredtweets. You can list an opportunity for others to advertise your website. It works similar to an adwords ad in that you will pay out for the clickthroughs from the tweets. The advantage is that you can set your payouts much lower. This can be an advantage if you have a limited budget, but you have a high competition niche.
MyLikes is the other program that I use to make money on twitter. This is a program that provides a marketplace of advertisers that pay out on a PPC basis. However their ads pay out at a much greater rate than sponsoredtweets. There is some kind of calculation that they use based on your influence on twitter. In my case, my average clickthrough works out to about $0.44 per click.
The theory behind Mylikes, is that you are simply selecting products or programs that you like, and simply suggesting them to your followers. I try to stick to this model and select services that fit my niche. I think this works best to avoid appearing like spam and also results in a higher clickthrough rate.
One huge advantage of Mylikes over some of the other twitter advertisers is that you can link up some of your other social networking accounts. In addition to twitter, you can link up your Facebook, Blogger, Posterous, Youtube, Friendfeed, Tumbler, and WordPress Account.
This way when you pick an ad to send out, it not only goes to twitter, but your other social networks as well. This allows you to extend your reach and get much more clickthroughs. With this program, I am making money on twitter at a much greater rate.
The other way that you can monetize through Mylikes, is by creating youtube videos. So, if you run a video blog and have followers on youtube, Mylikes sets an amount that you will be paid for each video.
One of the things that you can do to earn more passively on twitter is to use advertising methods such as adfly. Adfly is a url shortener that places a short advertisement in the link. That way, you can earn every time somebody clicks on your links. If you have a decent rate of clickthroughs from your twitter posts, this can turn into a good way to earn some residual income through twitter. I’ve also founds some ways to automate this process, which you can read about in my post about earning passive income with Adfly.
I’ve also broken down some of my other adfly methods which I’ve laid out in my blogpost and book about complete adfly methods to making money with your links.
How are You Making Money on Twitter?
These are a few of the methods that I’m using to make money on twitter and my social network. Do you have a method that is working for you? Leave a comment and share how you are making money on twitter or your social network.