Monetizing Your Social Media Skills: Diversifying Your Income Streams
In recent years, social media freelancing has become quite the desired job title! Can you blame us?!
Social media freelancing has opened up an entirely new space for social media experts to step out of the 9-5 marketer roles, and into that BYOB (be your own boss) energy by offering services to businesses who need strategetic help within certain aspects of social media presence.
Our social media agency, Social Savvy, has been right there with you! We created our sister brand, Hashtag Managed Collective as a support system for our fellow social media managers going through the same journey we are. This is now our sixth year in business, and we couldn't be more grateful for this fun, crazy ride! But, with all the ups, comes the downs, too of course.
Attracting clients and client retention are often topics of discussion we hear side across our desks inside our social media manager mentorship. One piece of advice we always give to those worried about client turnover is to consistently have multiple income streams within your business so you don't have to rely on one client to make up your entire income. In this blog, we will discuss different income streams and how you can offer them in your social media management business!
Management
Pricing Recommendation: Packages or Retainer
This is the most common service, but it doesn't have to be your only one! This can include everything from strategy and engagement to content and scheduling.
Audits
Pricing Recommendation: Flat Rate
This is a great one-off service to add. Offer an extensive audit to help businesses get back on the right track with their socials. This can be awesome for those businesses that might not have a budget yet for full management.
Strategy Session / "Power Hour"
Pricing Recommendation: Flat Rate
Just like audits, sometimes marketing strategies need to be talked out! Strategy sessions can be a time to listen to their current struggles and provide strategy or advice to point them toward those social media goals!
Coaching / Consulting
Pricing Recommendation: Hourly or flat rate per session
Facebook account set-up, ongoing strategy, how to create a content calendar — these can all be topics for coaching or ongoing consulting. Answer questions and teach them how to run their own socials.
Content Filming
Pricing Recommendation: Package
In-person content filming days can be a super fun offer. We recommend offering in packages, typically a 2-hour, 4-hour, or 8-hour session, and providing them with all content filmed during this timeframe, or you can create a package by the number of content pieces if you'd prefer!
Guest Speaking
Pricing Recommendation: Hourly rate or flat rate
Guest speaking can be beneficial for both you and the other party. You share your expertise on a subject matter, and this can lead to connections and even leads!
Courses or Memberships
Pricing Recommendation: Monthly subscription or flat rate
Course or memberships can be a good source of passive income, or can become a mainstream source, too, if you want to add in support or mentoring.
Templates
Pricing Recommendation: Flat rate
Create editable templates or guides for your audience to use.
We hope you loved this guide on income streams! These all can be great options to diversify and strengthen your social media management business. Whether you're just starting out or looking to scale, these ideas are designed to help you attract clients, increase revenue, and/or re-ignite the spark in your business.
Need help strategizing your social media management services? Join our community of social media managers inside our mentorship. Exclusive Slack channel for questions and conversations, monthly coaching calls, and a portal with every resource you need!
