It’s almost the end of 2013, and it’s been one heck of a year for social media conversions, especially Twitter. A report from Optify reveals that companies that were actively engaged on social platforms had a higher engagement and conversion rate on a comparative scale. However, the main highlight of the report was that Twitter accounted for 2.17% of conversion rates, while Facebook and LinkedIn were behind with 0.74% and 0.8% respectively.
These statistics show how companies are using the power of the microblogging platform to drive sales and increase revenue.
But how can individual blogger(s)/internet marketer(s) make money off the platform?
We know that celebs are cashing in. Snoop Dogg tweeted an advertisement for Toyota Sienna minivan; Khloe Kardashian promoted Old Navy with a smiley face; and Tori Spelling shared a link pointing towards a rental car domain.
How much do these tweets earn? Khloe Kardashian costs the most; $8,000. Social media marketer Izea says that even some of the less expensive options cost a lot of money, citing Lindsay Lohan’s $3,500 and Ray J’s $2,300.
While you might not be able to earn that much dough in the coming year, there are simple strategies to start earning money from Twitter, and build up from there.
Jumping in on some of the ways to harness the power of Twitter with your wallet:
1. Twitter affiliate marketing
Affiliate marketing is referred to generation of leads for companies or individual merchants, who pay you on a sale made from the referrals sent by your Twitter account; a specific percentage of the sale is paid as a share. Also, there’s no limit or restriction on the niche type.
There are several affiliate programs that can be used in this case, but Tweet Adder Affiliate Program can be a good place to start as it also guides entrepreneurs with strategies and tutorials. The payout is 50% of the product’s original price (direct referral sales).
2. Twitter shares
Twitter recently made changes to its filing, the result of which increased the company’s share price from a low high of $17 – $20 to $23 – $25. And a representative for 29 Prime tweeted: “There’s a lot of skepticism out there about Twitter’s IPO. Sure, it’s modest, but they have real earning potential”.
The tweet can be backed by several reports that show how Twitter shares could be a gold mine in the future. So starting early might be a better option as the share price is likely to shoot up in a couple of years’ time. Even if you can’t afford to buy 1000’s of shares, a few of them can generate you money in few years.
3. Twitter sponsored tweets
Sponsored Tweets are an ideal option to monetize your Twitter account, especially when you have a large following. There are several places where sponsored tweets can be offered to relevant marketers; BuysellAds, Fiverr and even your own blog/website.
An indirect way to improve the earnings from Sponsored Tweets is to have a good score on Klout. This is because it represents your influence on Twitter, and the true reach of your tweets (conversions and followers vs. spam and fake accounts). A good score therefore will let you charge a higher price.
Have any strategy/tip to add? Feel free to do so in the comments section below.