There are a number of ways to make money on social media: You can promote your own products or services, you can become an affiliate of other companies or you can set up a YouTube channel that comes with paid advertising. All of these strategies have the potential to become lucrative, but only if you are able to build a substantial following. You won't be able to raise any significant funds from your personal Twitter or YouTube account if you only have 10 followers. So how do you build a large social media following? According to Yahoo, to ensure social media money-making success, do the following:
Whether you are running a small, local operation, or heading a global, enterprise-level effort, the statistics above make it clear: Your customers are online. They are interacting in social channels with their friends, colleagues, and other brands in search of information, recommendations, and entertainment. If your company is not around to answer, a competitor will be. In doing so, your competitor will quite likely take away the customer at hand, along with anyone else listening.
Social media itself is a catch-all term for sites that may provide radically different social actions. For instance, Twitter is a social site designed to let people share short messages or “updates” with others. Facebook, in contrast is a full-blown social networking site that allows for sharing updates, photos, joining events and a variety of other activities.
Social media is not something you can simply "tack on" to the rest of your marketing, branding, PR, and advertising efforts; it needs to be a fully integrated part of the mix. In doing so, you can create a cohesive and scalable experience for your customers. Think of it as a means to an end, and not an end in itself. Also, it's not as hard as it sounds.
Enterprise social networking allows a company to connect individuals who share similar business interests or activities. Internally, social tools can help employees access information and resources they need to work together effectively and solve business problems. Externally, public social media platforms help an organization stay close to their customers and make it easier to conduct research that they can use to improve business processes and operations.
Social media are interactive computer-mediated technologies that facilitate the creation and sharing of information, ideas, career interests and other forms of expression via virtual communities and networks. The variety of stand-alone and built-in social media services currently available introduces challenges of definition; however, there are some common features: