How to make money on YouTube.
The social media platform is getting bigger each day. On several blogs, you see many people talking about how they made money on different social media platforms including YouTube. Though most people would think that it is impossible, there are ways how to make money from YouTube.
Though many would jump at the prospect of being paid six figures earning each month, it may take a long time with your effort. Making money from YouTube takes time as one may need to do some things to be able to make that money.
1. Join the YouTube Partner Program
The YouTube Partner Program is how regular YouTubers get access to special features on the platform.
You don’t need to be a partner to make money on YouTube (just setting up an AdSense account and getting views is enough to handle that), but being a Partner makes it a lot easier.
YouTube Partners have access to multiple income streams: not just video ads, but YouTube Premium subscription fees, and features that tap your loyal fans’ wallets directly like Super Chat, channel memberships and the merchandise shelf (more on these later.)
Step 1: Start a YouTube channel
Don’t worry, we have a handy guide for this. It’s called ‘How to create a YouTube channel.’
Step 2: Make your channel successful enough that it meets the YouTube Partner Program requirements
To join the program, you need a minimum of 1,000 subscribers and 4,000 watch hours in the previous 12 months.
Here are some ideas for how to get more of those precious YouTube views.
Step 3: Set up an AdSense account
This is simple. Just follow YouTube’s official guide to AdSense accounts.
Step 4: Explore your new monetization features
Each monetization channel has different eligibility requirements. For instance:
· Ad revenue: to earn ad revenue, you must be at least 18 years old, and you must create content that is advertiser-friendly. Basically, the less controversial your videos are, the more YouTube advertisers will be comfortable running ads on them, and the more money you make.
· YouTube Premium revenue: if a YouTube Premium member watches your video, you get a portion of their subscription fee. (This one is automatic, which is nice.)
· Channel memberships: in order to sell channel memberships to your subscribers (i.e., your fans opt-in to pay you an extra amount), you need to be at least 18 and have more than 30,000 subscribers.
· Merchandise shelf: in order to sell merch from YouTube’s merchandise shelf, you must be at least 18 years old, and have at least 10,000 subscribers.
· Super Chat payments: if you want your fans to have the ability to pay to have their messages highlighted in your live chats during your live streams, you must be at least 18 (and live in a country where the feature is offered).
Step 5: Submit to ongoing reviews
As a YouTube Partner, your channel will be held to a higher standard, according to YouTube. You have to follow not just the YouTube Partner Program policies, but the Community Guidelines. Not to mention staying on the right side of copyright law.
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2. Sell your own merch
Maybe you identify as a content creator first, and entrepreneur second. (Just remember that even Drake sells t-shirts.)
Alternately, you’re an entrepreneur first and video creator second, which means you probably already have a product, and you’re designing your YouTube marketingstrategy to sell it.
Either way, merchandise is a viable way to make money on social media — especially on YouTube.
Step 1: Imagine and design your product
Merchandise for your channel is meant to both represent and feed your audience’s connection with you. That means your merch should be unique.
Step 2: Source and/or build your product
In most cases, you’ll need a manufacturer, supplier or wholesaler to make and deliver your product. Some suppliers will deliver it to you, and some will spare you the headaches of inventory, shipping and returns by handling it themselves.
If you’re not sure where to start, check out Shopify’s how-to on the topic of findinga brick-and-mortar company to make your dream a reality.
Step 3: Create your shop and landing page
You’ll need a separate website to handle purchases. If you want to link it directly from your videos (and you do), refer to YouTube’s list of approved merchandise sites.
Step 4: Enable your YouTube Partner merchandise shelf
YouTube Partners can also use the shelf feature to sell their channel’s merchandise. If you’re eligible, follow YouTube’s instructions to enable it.
Step 5: Promote your product in your videos
This is where your charm comes in. Wear or use your merch in your videos. Feature viewers who have bought and are using it. (If we were on another platform, we might call this ‘user-generated content,’ or possibly ‘solid gold’).
And don’t forget to add your store’s link to your video descriptions, and include end screens and cards with compelling calls toaction.
3. Create sponsored content
You don’t have to be on Instagram to be an influencer. The advantage of the #sponcon strategy is that you don’t have to give YouTube a cut of your earnings. You negotiate directly with the brand, and they pay you directly. No wonder it’s a popular way for YouTubers to make money.
If you can offer brands a large and/or engaged audience—and your content is relevant to their target market—they probably want tohear from you.
Step 1: Find a brand to partner with
Quality is important when it comes to the names you work with. You probably already have a wish list of dream brands. Whether you’re aiming for the stars or building yourself up grassroots-style, make sure you perfect your brandpitch before you send it.
Also consider signing up with an influencer marketing platform. These are intermediary websites that help marketing teams find appropriate influencers to work with. FameBit was one of the first to focus on YouTubers, for instance.
Step 2: Make a deal
According to this recent study by influencer marketing platform Klear, YouTube videos are, on average, the most expensive type of sponsored content brands can buy from influencers. Basically, YouTube influencers are able to charge more for their videos than they would for Instagram Stories or Facebook posts, because video is just more expensive to produce.
While your rate will vary on your audience’s size, engagement and relevance to your potential partner, know your worth before you sign a contract.
Step 3: Be transparent about your #sponsored #ad
Sponsored content is advertising. That means you need to make sure you’re in step with Google’s Ad policies. The FTC (U.S.) and ASA (U.K.) both have guidelines of which you should be aware, too, if you’re American or British.
Transparency is good for your legal health, but also for your relationship with your audience. YouTube has a visible disclosure feature to help you make sure your audience is aware that you’re advertising to them.
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4. Become an affiliate partner
If your YouTube audience is loyal and engaged, but not quite there yet headcount-wise, look for companies investing in affiliate marketing.
YouTubers affiliated with businesses encourage their viewers to visit the brand’s online store or specific product pages. They then get a percentage of sales made through their — you guessed it — affiliate links.
In terms of setup and logistics, affiliate partnerships are similar to sponsoredcontent deals, so follow the steps from tip #3 to get started.
5. Get your fans to pay you directly
This strategy for making money on YouTube includes a few different income streams, but they all have one thing in common: you have to make it easy for your fans to show their appreciation with their credit card.
Step 1: Host live chats where people can use Super Chat
In early 2017, YouTube replaced their previous Fan Funding feature with Super Chat. This is a feature that is only available to YouTube Partners while they live stream.
Essentially, your viewers can make their comments more visible—they’re highlighted and pinned for a set amount of time depending on how much they pay—in the live chat stream.
Step 2: Encourage your fans to become channel members
Source: YouTube
YouTube offers the ability to let your viewers pay you to become members of your channel. In exchange, they get custom emoji, badges, and access to members-only exclusives like Live Chats with you.
For instance, Wintergatan is a Swedish band that also makes elaborate marble machines and posts videos about it to their YouTube channel. They regularly thank their channel members in their videos. They also make it clear what the money from memberships supports:
Source: YouTube
You’ll need to build out a promotion strategy to convince people to become members, which may or may not include several tiers of membership. Like Super Chat, this feature is only available to YouTube Partners.
Step 3: Encourage your fans to become YouTube Premium subscribers
This step is the last on our list for this strategy because it benefits your channel only indirectly. That said, when YouTube Premium members watch your channel, you get a cut of their subscription fee. (And so does every other channel they watch.)
