Subscribe to Entrepreneur for $5

4 Steps to Monetize Your Social Media Following

Want to make more money on social media? Here's how.

Opinions expressed by Entrepreneur contributors are their own.

In this interview at ClickFunnels' annual Funnel Hacking Live Conference, Emily Richett gets the inside scoop about leveraging and monetizing from Josue Pena.

Pena started using while seeking a career as a professional player. He knew Instagram was his best chance at getting noticed from the Dominican Republic, and through a lot of trial and error, he figured out how to successfully grow his and monetize them. Now he runs Online CEOs to help other entrepreneurs do the same.

Here are Pena's top four tips to accelerate your :

1. Treat every follower like a real person

People think that they need a big following to grow their Instagram, but that is not true," Pena says. "You can monetize any Instagram account with a hundred followers. It all comes down to building relationships."

He says it's easy to get lost in the numbers in marketing. Instead of focusing solely on conversion rates and percentages, also try to remember every follower is a person and not just a number.

"If you treat every single follower that you get -- even with a small following -- as a real person, you will make more money," Pena says.

2. Discover what your followers are struggling with

One of the most underrated features on Instagram right now is the poll feature in stories.

Pena uses it for any future offer or sale. For example, a selling camping supplies can poll followers to find out what they struggle with most in camping. The answers will carve the path on what type of content to create and offers to promote, like how to easily set up a campsite or links to purchase specific gear, Pena suggests.

He says, "People will literally tell you their pain point ... It's a lot easier when you actually ask people and they just give you the feedback."

Once you have an idea of what people want, or what their struggles are, you can create valuable content and offer valuable products.

3. Start with market research

Pena explains that whichever market you're in, there's likely already a business with a successful Instagram. A great way to start marketing on social media is by modeling your presence after those who are already successful in your market.

"See the top competitors, see the top influencers in the niche and then see what content they're posting … what times they're posting, what calls to action are they doing," Pena says.

He adds, "Then you're able to see not only what content works, how to talk to your audience, what copy to use, but on top of that, you're also literally creating the distribution network that you're later on going to utilize."

4. Leverage your following's value once it grows

Once you've monetized and seen growth on social media, you can leverage it to reach more users. Pena describes an Instagram following as an asset whose value increases as time progresses.

He says if "you have 10,000 followers or 100,000 followers today, you can then use that and get influencers to promote your products and services for free in exchange to get promoted on your page."

For more advice about social media marketing, watch Pena's entire interview in the video above.


The Key to Effectively Communicating Important Messages Is All About Simplicity

In our 'Creative Conversations in Advertising' series, award-winning Group Creative Director Giancarlo Rodas and Entrepreneur magazine Editor in Chief Jason Feifer discuss distilling complex ideas down to a simple message.

How to Deliver a Serious Message Through Humor

In our series 'Anatomy of an Ad,' Creative Director David Stevanov explains how humor can be a storyteller's most effective tool.

This Successful Shark Tank Entrepreneur Shares His Latest Innovation

The Founder of Ooonimals, Club 44, and the OOO Studio Lab talks about his current projects and what you need to know about the risks and rewards that exist in the NFT space.

Brendan Sweeney of Popmenu on How Ego is the Root of All Evil

Interview with Popmenu CEO Brendan Sweeney about building a positive user experience, the state of restaurant technology, and the importance of providing answers.

Recession-Proof Your Mindset with Neuroscience

With top economists fearing a recession, award-winning author Ben Angel teaches how to recession-proof your mindset with neuroscience to manage stress levels.

How to Find Your "Oxygen Points" to Sustain and Grow Your Business, According to an Investment CEO

Entrepreneur Network Partner Ashley Crouch sits down with the CEO of Al Zarooni Emirates Investments, Dr. Adil Alzarooni.

How to Get Investment Funding for Your Business

Entrepreneur magazine's Editor-in-Chief Jason Feifer and Narya Partner Falon Donohue have a lively and informative conversation about securing the funding you need to launch your dream.

Keith Koo Explains How Angel Investors Prioritize Startup Funding Decisions

Entrepreneur Network Partner Ashley Crouch sits down with the Managing Partner of Guardian Insight Group and Angel Investor, Keith Koo.

Why this Popular Web3 Esports Game Was Designed with a Play-to-Earn Model

The Chief Product Officer of MonkeyLeague discusses his company, why monkeys are all the rage for NFTs and gaming, and his advice for developers.

Want to Get Customers' Attention? Tell Them a Great Story.

In our 'Creative Conversations in Advertising' series, award-winning creative director Josh DiMarcantonio and Entrepreneur magazine Editor in Chief discuss the power of storytelling.

How Do You Get People Excited About a Product That Doesn't Exist?

In our series 'Anatomy of an Ad,' producer Liz O'Connor breaks down the components of the award-winning True Name by Mastercard campaign.

After Hearing "No" Dozens of Times This Entrepreneur Became Orlando's First $1 Billion Fintech Unicorn

The co-founder of Stax talks about the finding success, the pride she has as a child of Pakistani immigrants, and her advice for other women.

Noah Glass of Olo on Having a 'Day 1' Mindset

Interview with the CEO and founder of restaurant SaaS company Olo about using data to make every guest feel like a regular, on-demand commerce, and why they 'Embrace The Suck'.

Do Nootropics Make You Smarter? Science Says Yes.

Ben Angel discusses nootropics and how they might help boost your performance.

Discover Entrepreneur Series

Whether you need advice on how to get your business off the ground or you’re just looking for inspiration, our video series have something for everyone. Browse our library below to find a series that speaks to you and your interests.