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Tik Tok is currently the latest and greatest social media app. A few years from now, it will be a different company. However, we shouldn’t forget the first wave of social media platforms. In that wave are Facebook, LinkedIn, and Twitter (Google+ folded a few years ago). Facebook has billions of users, and LinkedIn is fast approaching 700 million users. Twitter’s 300 million users pale by comparison but are still sizeable compared to Snapchat’s roughly 210 million members.
Twitter is still a robust platform to make money on, but let’s first take stock of where it is in 2020.
- CEO: Jack Dorsey
- Offices worldwide: 35+
- Employees: 4,800+
- Monetizable users (users who see ads): 145 million
- 30 million (or 20%) of Twitter’s daily users are American
- 44% of American 18- to 24-year-olds use Twitter
- More stats here
How to Make Money on Twitter
As with any social media platform, you should have a business/marketing plan that outlines your goals and activities. For example, you will use Twitter as a free traffic source for your website. You’ll post twice daily using automatic posting/scheduling software from Agorapulse. At the end of each quarter, you’ll review your activities and results. Without a plan, you could fall prey to the wastefulness that engulfs much of social media usage. For example, bickering with others with no end in sight.
Promote Products & Services
Twitter is a terrific site to promote your products and services, and more so if you’re targeting specific demographics that enjoy and prioritize it. There are thousands of examples of businesses that market their goods on Twitter. You can also promote sales events, discounts, and coupons.
If you run an online store using Shopify, the Twitter Auto Posting app will automatically post product messages on your behalf. Also, there are roughly 200 Twitter-related apps that can help with marketing, sales, and operations.
Promote Affiliate Products & Services
Affiliate marketing is a performance-based advertising model. An affiliate (publisher) promotes a product/service online and receives compensation for achieving a specific objective or action. A merchant (advertiser) specifies the goal, which is usually a valid sale. For example, a merchant will pay an affiliate a 30 percent sales commission. A merchant may use one or multiple performance marketing models, including cost-per-action (CPA), cost per sale (CPS), cost per lead (CPL), and pay per lead (PPL).
Many affiliate marketers use Twitter as a promotional channel. Some affiliates take it a step further to create topical, branded, or anonymous profiles. Suppose a publisher wants to promote web hosting services. She could set up @webhostingdeals and add affiliate links to her bio and URL. Also, she might promote a handful of web hosting companies that offer excellent deals and savings, for example, SiteGround and Bluehost.
Grow Marketing & Sales Funnels
Many business owners and affiliates use Twitter to grow their marketing and sales funnels. A sales funnel seeks to convert a prospect into a buyer through a series of stages. For instance, the first step might be to offer a free online course in exchange for an email address. When the user completes the course, he’ll receive another email about an advanced course that costs $19.
A landing page is a standalone web page that’s typically used to capture contact information, including a person’s name, email address, phone number, company name, and so on. Many marketers use landing pages to get people into their funnels. There are many free and paid landing page software providers, for example, GetResponse and Leadpages. I use a landing page from MailierLite. When a person enters and confirms his email, he’ll receive a sequence of emails over weeks. My emails cover who I am and the tools I use. My goal is to generate affiliate commissions.
As you build your email/subscribe list, you can monetize it using different methods and strategies.
Twitter >> Website/Landing Page >> Marketing & Sales Funnel = Revenue
Reply to Users With Recommendations
People are always complaining on Twitter about the products and services that fail them, from clothing to financial companies. You can approach these users with recommendations and alternatives that comprise of items that you sell or affiliate goods. However, you’ll want to do this in a non-spammy way. Furthermore, the days of using and abusing automation for replies and direct messages are gone. Responses to promote products must be mostly manual and authentic, or Twitter might suspend your account.
Allow Advertisers to Post on Your Feed
Promoted Tweets (also known as Sponsored Tweets) are ordinary Tweets purchased by advertisers who want to reach a wider group of users or spark engagement from their existing followers.
All Promoted tweets are clearly labeled as “Promoted” when an advertiser is paying for their placement on Twitter. Promoted Tweets are just like regular tweets and can be retweeted, replied to, liked, and more.
Making money through Promoted Tweets is possible if you have many followers. Otherwise, you must build a sizeable audience first to attract advertisers.
Pay for Twitter Ads
The flip side of Promoted Tweets is individuals and businesses paying to run ads on Twitter. Although Facebook and Alphabet dominate the global digital ad market, Twitter ad spend is growing. It’s a viable social media channel to attract paid traffic. If your target market is on Twitter, you could experiment with ads to boost your sales.
YouTube is not the only platform that supports video monetization. Available exclusively to publishers in the Amplify Publisher Program (APP), Twitter’s Media Studio makes it easy to publish and measure the performance of content using two different monetization products, i.e., in-stream video ads and in-stream video sponsorships. The eligibility requirements for APP are:
- Be verified
- Publish brand-safe content
- Abide by other content guidelines
- Be an active Twitter video publisher
- Accept the Amplify Publisher Program Terms & Conditions
There are millions of spammers on social media that promote scams and get-rich-schemes to get people to part with their savings. However, a percentage of marketers are legit and have good ideas worth investigating. Get out of the habit of automatically dismissing people and into the habit of reviewing offers and businesses. The next interaction you have could produce an excellent business opportunity or joint venture partner that can lead to increasing your income or sales. You might also come across offers that are worthy of competing against.
Monetize How-to Content
This post is a how-to article about making money on Twitter. I will monetize it through affiliate links. If I wanted to run an ad on Twitter successfully, I would search for a video tutorial on YouTube that explains how. The YouTuber could monetize that video with ads. Although the core features of Twitter remain mostly the same from year to year, changes can be monetized through how-to content via blogs, videos, and online courses. You could, for example, create a Twitter ads masterclass and upload it on Skillshare to generate royalties.
Transparency is critical in online marketing and ecommerce. It helps to create a fair marketplace and educate consumers. The United States Federal Trade Commission (FTC) has guidelines about affiliate marketing, ecommerce, disclosures, hashtags, and social media posts. For example, it recommends adding “#Ad” to posts containing affiliate links.
Be mindful of your activities on Twitter and include relevant details, disclosures, and disclaimers in posts. The more above board you are, the more users will trust you. Moreover, you’ll avoid hassles and legal issues from Twitter and others.