Can social media make you a millionaire?

Social media entrepreneurship has the potential to create many millionaires. If you want to be among them, you must first master one aspect of social media marketing that aligns with the goals of prominent brands.

entrepreneur.com - 10 Proven Ways to Make Millions on Social Media - Entrepreneur

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Marketers go where the people are, and marketing dollars follow. Last year, for the first time ever, marketers invested more money in digital advertising than television advertising. Today, the people are on social media platforms. Nearly 2.5 billion people use at least one social media platform each month, and companies like Facebook intended to keep expanding their reach until the whole world is on a social network. For entrepreneurs and business leaders, the movement from traditional marketing to digital marketing represents a significant opportunity for anyone interested in created new pockets of revenue. Consider that last year nearly $27 billion was spent on Facebook ads. If you are able to master Facebook marketing for a niche market that spends one ten thousandth of $27 billion, the total addressable market is still worth $2.7 million. This indicates how lucrative it can be to develop a business based on social media.

1. Promote an ecommerce business with look-alike ads.

Look-alike ads are a type of ad vehicle offered by Facebook that uses machine learning to identify your target audience. They enable marketers to effectively communicate with the audience that is statistically most likely to engage with the product. Look-alike ads have become an effective way for ecommerce entrepreneurs to quickly connect with potential customers without needing to develop marketing personas or complex go-to-market strategies. Instead, Facebook can quickly match ecommerce store owners with ideal customers for a relatively low cost per click, while at the same time helping ecommerce entrepreneurs to quickly create sales. In time, ecommerce can create millions simply by relying on a combination of compelling products and look-alike ads to grow customers.

2. Start a social media influencer marketing consultancy.

The vast majority of marketers (94 percent) who rely on influencer marketing believe it is effective. Brands are finding it increasingly difficult to talk to their target audience. Prospects are better at filtering out ads and sponsored content than ever before, primarily because of powerful ad blockers. Influencers provide marketers with an opportunity to begin a meaningful conversation with prospects, just when prospects are most receptive. The problem is, most brands don't know how to identify the right influencers to approach, and once they're working with an influencer, they don't know how to measure success. By starting an influencer marketing consultancy, you can provide marketers with access to an effective marketing channel that has never been more in demand.

Related: 10 Telling Examples of the Power of B2B Influencer Marketing

3. Master Instagram Stories and become a content consultant.

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Instagram is one of the largest social media networks in the world, and Instagram Stories is helping to propel the platform to new heights. Stories is so successful, in fact, that the product is stealing users away from Snapchat. Many brands recognize that Instagram Stories is a great medium to connect with target audience members; however, creating engaging content on a regular basis can be challenging. By mastering Instagram Stories, you can offer brands valuable advice about how to create compelling content that followers will engage with.

4. Gain first-mover advantage by using LinkedIn's new ad tools.

In order to compete with other social media platforms, LinkedIn has released a number of new and powerful ad vehicles that marketers will find valuable. It is inevitable that many organizations will master these new advertising options over time. However, the organization that is able to master these new tools first will have a significant first-mover advantage. Some of the changes to LinkedIn's suite of tools include the ability to display retargeting ads and the ability to collect lead information within the LinkedIn news feed.

Related: How Your Brand Can Capitalize on LinkedIn's New 'Lead Gen' Opportunities

5. Promote gated content through YouTube videos.

YouTube is used by about 2 billion people each month, and because they are a part of Google, they offer a suite of advanced advertising possibilities. Entrepreneurs should consider starting a business that uses compelling YouTube videos to promote gated content hosted on a branded website. Influencers like Neil Patel and Brian Dean have used YouTube videos to spread their thought leadership, which then helps to promote revenue-generating gated content. Related: 7 Ways to Create More Engaging Videos That Rank Higher in YouTube

6. Build a movement with Facebook groups.

People crave community. This is still true even though much of our lives is spent interacting with one another digitally. Multimillion-dollar brands like GORUCK have created thriving Facebook Groups that then help to drive sales while improving brand loyalty. Consider starting a business that is built around a mobilizing idea. For GORUCK, that idea is related to patriotism, togetherness and the desire to improve oneself. As a result, GORUCK has become well known among outdoor enthusiasts and adventure seekers. The company's success really took off when brand enthusiasts came together on Facebook.

7. Create viral growth by constructing the next great social media integration.

Airbnb, Uber and Periscope are all multimillion-dollar organizations that used the viral nature of social media to quickly expand their customer base. While each organization used virality differently, they were able to use some sort of social media integration to increase the speed of product adoption. In the early days of Airbnb, the platform integrated with Craigslist to help users quickly find available apartments. Uber integrated their app with social media platforms to make it easier for users to share discount promo codes with friends. Periscope was designed to post when a person was "live" on Twitter.

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If your organization can find a way to thoughtfully integrate with social platforms, the viral growth can result in millions of dollars in revenue.

Related: Social Media Marketing Strategies With Chatbots

8. Master the one social media platform your competitors don't use well.

Another way to think about using social media to create revenue is by finding a competitive edge. You should presume that your competitors aren't using all of the various social media platforms well, and that a substantial number of potential customers are using that platform. If you are able to create an effective strategy, you'll be able to win over those customers without competing against your rivals.

Related: 10 Fatal Social-Media Mistakes No Marketer Can Afford to Make

9. Be the first to figure out how to use AR or VR on social media. Augmented and virtual reality are poised to impact many different aspects of life. Apple is investing in augmented reality, and Facebook and Google are investing in virtual reality. Those who are able to figure out how to best use these new technologies to connect with potential customers will be able to win valuable consulting contracts with major brands.

10. Help brands gain access to Gen Z audiences on social media.

Members of Generation Z are simply obsessed with social media. One study found that the average college student checks Instagram and Snapchat about 11 times each day. Yet many brands are struggling to form meaningful connections with this new generation of consumers. Those who are able to help brands connect with Generation Z audience members will land lucrative contracts with major organizations. Social media entrepreneurship has the potential to create many millionaires. If you want to be among them, you must first master one aspect of social media marketing that aligns with the goals of prominent brands. From there it will be relatively easy to forge relationships with companies interested in creating a compelling social media presence that connects brands with prospects.

entrepreneur.com - 10 Proven Ways to Make Millions on Social Media - Entrepreneur

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