Be it a larger brand or a one-woman army, we all need a committed audience to survive in this digital-first world. Which means that for brands and influencers alike, a loyal community is everything. When it comes to forming close-knit communities, influencers have an upper hand as they have a direct connection with the audience, which can be hard for a faceless brand to match. However, knowing how to create an online community is only the first step in the process. While communities are necessary for you to increase your reach and drive engagement as an influencer, it is the step that comes after it that is more crucial - learning how to monetise your community.
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Once you’ve figured out how to build an online community, you can get started with these 4 ways to monetise your community like a pro.
- Paid subscription tiers
You must have noticed that most brands have a paid subscription model, such as Prime membership for Amazon, or H&M’s loyalty program. These memberships give you certain perks, be it free home deliveries or early access to sales and special discounts.
Well, we’re here to tell you that paid subscriptions aren’t just for brands, they can be leveraged by influencers as well. As a content creator, you can build a subscription tier of exclusive content for your subscribers. This works especially well if your niche falls in a creative field, for example, as an artist you can have exclusive stickers and prints sent to subscribed members on a monthly basis. There are many apps that can help you set up such a subscription tier, such as Patreon or Ko-fi. However, while these platforms are quite popular in the western world, they are yet to gain popularity in India.
2. Paid partnerships
It’s no secret that brand collaborations are an influencer’s bread and butter, but what role does your community play in this? Simple, it’s all about the promo codes.
When you partner with a retail brand, you will likely receive a discount code to promote alongside the brand’s products. Through this promo code, your audience will be able to avail of exclusive discounts. This means that in addition to your collaboration fee, each time a member of your community makes a purchase by entering your promo code, your bank balance will go cha-ching! It’s a win-win scenario for all, isn’t it?
3. Streams and live events
Live Streams are one of the most authentic ways of connecting with your community. They tend to generate high viewer counts since the audience enjoys the prospect of seeing their favourite content creators in real-time. But here’s the exciting part, most streaming services, such as YouTube, Twitch or Clubhouse, have in-built donation systems, where your viewers can pitch in with a certain amount to show their appreciation for your content. While the number of views you get on your streams is already a way of generating income, these donations add an extra touch that can go a long way. These donations often have small message requests attached to them which get highlighted in the chat when they pop up, so remember to acknowledge the donations as they pour in and show your audience some love!
Being consistent with your content as an influencer isn’t easy, most audiences will appreciate the effort it takes for you to churn out free content for them. If you have a loyal community established, you can utilise crowdfunding apps, like Buy Me a Coffee, as a way for your community to show their appreciation for your content. You can also create a GoFundMe page or utilise similar platforms for your crowdfunding initiative. This works especially well if you have a particular goal or campaign that you need to raise funds for. In cases like these, a loyal community can go a long way.
So there you have it, adapting these ideas to your profile in a way that appeals to your audience can go a long way in turning your online community into a reliable source of income. Interested in learning more about the intriguing world of community marketing? Then sign up for our course, How to build and monetise your online community. We’ll take you through everything, from learning how to build an online community, to the best resources and community-building websites to take your influencer game to the next level. With Kool Kanya on your side, you’re sure to be a hit in the influencer world in no time.