In this article, I’ll show you the 8 easiest ways to make money on Snapchat. The platform is geared towards younger people, but don’t let their youth fool you. They spend money!
In fact, these are some of the same strategies people are using to make $2,000 to $3,000 each month just on Snapchat. Most of these strategies can be done for free with no money invested.
So if you’re a frequent Snapchat user looking to monetize your time, or you’re someone looking to make money online, you’ll love these tips, strategies, and advice.
Let’s get to it!
What Is Snapchat?
Developed by Evan Spiegel and Bob Murthy in 2011, Snapchat is among the fastest growing social networking platforms. While it allows users to share snaps of pictures or videos with all of their followers like every other social media platform, Snapchat is unique because its messages disappear once the intended audience has seen it.
Understanding Snapchat can be a simple and fun experience. With a wide range of amusing filters, emojis and masks to choose from, and a Discover section, with 16 buzzing media outlets publishing what’s new (Buzzfeed, MTV, VOX, etc.), what’s not to like?
Since Snapchat has been around for nearly a decade, it has managed to rally 360 million active user accounts. However, Snapchat had already managed to leave behind Facebook in terms of daily video views and Twitter in terms of daily active users in 2016.
With 218 million daily active users, 3 billion snaps created daily and 14 billion daily video views, Snapchat presents outstanding business potential. Since these statistics are made up of young people who are aged between 16 and 34 years old, this flourishing platform is perfect for any individual or brand that is looking forward to promoting its goods and services.
Here are 8 ways you can make money on Snapchat:
A Snapchat Premium Account can simply be described as a private account that asks for a subscription fee in order to gain access to its content. While both the standard and premium accounts are made in the same application, a premium account will have a ‘subscribe’ button in place of the ‘add’ button.
Premium accounts are set up the same way you would a standard account. To start making money on Snapchat Premium, you will have to change the privacy settings. Go to ‘Settings’ and toggle the ‘View my story’ to ‘My friends’. As a result, only your subscribers will get to see your pictures and videos.
For subscription payment, you and your subscribers will have to settle transactions without Snapchat’s involvement. Most people use cash transfer apps like Cash App, Venmo, or Google Wallet. Since Snapchat enables its ‘private account’ holders to post explicit and audacious images without the risk of getting banned, they usually have no trouble drawing in subscribers.
How to Get Subscribers on Snapchat
As a Premium user, you can either promote yourself on another website/platform where you have an existing user-base. Or you can use a standard account to market and sell your subscriptions. Of course, in order to do so, your image or video content should be engaging enough to motivate your viewers to follow your Snapchat handle.
Additionally, while advertising your Snapchat handle, you should also think about the nature of subscriptions. Consider whether your subscription should be one-time, monthly, or yearly based on the nature of your content and volatility of subscribers.
If you are not sure what type of content to produce in your premium account, we have some suggestions in the following sections.
2. Start a Snapchat Show
The biggest difference between Instagram and Snapchat is that the latter lets you create unique and candid forms of pictures and videos. Where Instagram can be described as an attractive book cover, Snapchat is the seductive story behind the cover – which is why you regularly post snaps in the form of a Snapchat show.
Starting a Snapchat show can be as simple as coming up with engaging and quality content to capture the interest of like-minded followers. Keep in mind that the average attention span of humans has dropped from 12 seconds to 8 seconds, and that’s how long you have to build a relationship with followers.
You will have the option to customize content with a generous amount of Snapchat tools to make it more attention-grabbing and eye-catchy. For example, you can use doodles, stickers, emojis, captions, and other creative options based on the preferences of your target audience.
While you have a variety of options to make your content engaging, how much money you make should depend on how much you charge for subscriptions. The amount you charge should, in turn, depend on how much subscribers are willing to pay. However, it is recommended to start somewhere between $10 and $30.
Some Snapchat users shows have become so popular that Snapchat offered them their own original show by Snapchat. But getting picked up for an original Snapchat show is like getting selected for the NBA draft… few people get the opportunity.
And having subscribers is great for passive income. But if you are looking to make big money on Snapchat, then becoming an influencer should be your goal.
3. Become a Snapchat Influencer
A social media influencer is a modern career choice where an individual uses social media platforms to establish credibility in any particular industry. By doing so, they not only gain access to a large number of followers but they also persuade brands to use their authenticity and reach as a marketing strategy.
If you’re a frequent Snapchat user then you probably heard of Cyrene Quiamco, who is better known on Snapchat as Cyrene Q. In 2016, she switched from using Snapchat as a side hobby to making money from it as a full-time career.
Cyrene would regularly take pictures or video snaps of herself and turn them into elaborate art pieces. Once Cyrene gathered enough followers, the brands automatically started rolling in. She now earns $30,000 for just one campaign!
Similarly, Snapchat users can become influencers if they attract enough followers via engaging content. Here’s how you can get started: if you can have a considerable following on Snapchat, Fanbytes can connect you to brands that target a specific age group.
Fanbytes rates Snapchat influencers based on aspects such as views, open rates, completion rates, etc. Once you receive a score, brands are able to decide how much they should pay you for sponsored content. While the average influencer working with Fanbytes earns $2000 per month, users with around 150,000 followers can expect anything upwards of $7000/month.
To be an influencer you need followers and a lot of them. It takes time to build your follower base if you don’t already have one. While you build your followers, a great way to earn on Snap is to do affiliate marketing.
4. Profit Using Affiliate Marketing
Everyone dreams of having a passive income source and for many passive earners, affiliate marketing is how they got the ball rolling. How this works is that you use your website or social media platform to promote other businesses ’ products or services. In return, you earn a commission for every sale that is a result of your marketing.
This revenue-sharing model is possible via Snapchat as well and this could be as simple as mentioning a brand via your content or posts. Naturally, the more followers you have, the more viewership you can achieve, and hence, the more power you have as an affiliate marketer.
For example, if you’re an avid traveler, you could post pictures and video highlights of restaurants you eat in or hotels you stay at. In doing so, your promotions could result in a pre-decided commission for the brand’s boost in marketing or revenue.
To get started, you could try signing up for Clickbank. This platform is the leading global retailer in the affiliate marketplace. Clickbank has empowered entrepreneurs in over 200 countries and has paid out over $4.2 billion in commissions over the past 20 years. You can use it to discover top-performing products or anything that organically fits into your existing Snapchat content.
Additionally, Clickbank is also a great place to learn new affiliate marketing strategies. Their online courses can introduce you to cutting edge marketing tools and innovative performance building tactics.
The best way to supercharge your affiliate marketing strategy is to use Snapchat ads to promote your affiliate program. Affiliate marketing and Snapchat ads are a necessity if you are starting off with little or now followers.
5. Create Snapchat Ads
Did you know that, on any given day, over 500,000 Snapchat users can view one particular advertisement? Now we already know how ads on social media can be annoying, but don’t look at it from a consumer’s perspective. Consumers will always have the option to skip these ads and continue right over to the content.
However, from a business perspective, Snapchat ads are one of the most direct methods of getting a message across to target audiences.
Snap ads can either pop-up in between snaps, appear as lenses overlapping images like a carousel ad, or can be featured in the Discover Feed. While the Discover Feed is usually reserved for larger brands, the other 2 types of ads showcase your products or services with the help of interesting content.
With the help of Snapchat’s ad managed tool, you can structure a campaign to bill you per 1,000 impressions or via goal-based bidding. The latter can allow you to set up maximum prices for each time viewers perform a specific action such as impressions, swipe ups, or app installs.
Typically, a swipe-up bid costs as little as $5 per day. Other than promoting your affiliate products, you can also always use these ads as an effective call-to-action for your Snapchat shows or Premium Snapchat Account.
Before you get started creating Snap accounts, check out this step-by-step guide with results:
But selling someone else’s product or service might not be exciting for some people. If you’re a creative person and are more interested in making and selling your product, then selling Snap Geofilters is probably a better strategy.
6. Sell Snapchat Geofilters
Since Snapchat is popular for its wide variety of masks and filters, it also offers you the option of designing and launching a free Geofilter. Short for ‘geographical filter’, a Geofilter is a custom filter for a specific place, business address, or brand name for a business.
Consider, for instance, that you are about to organize an event or launch a new product. By creating and posting a Geofilter, you can induce a decent amount of exposure for your business by inspiring your viewers to follow suit. Of course, it doesn’t always have to be about business because Geofilters can be used for personal purposes as well.
Snapchat provides basic templates for Geofilters that can be tweaked and customized using applications like Canva or Adobe Spark. Typically, business Geofilters should contain trademark signs and logos whereas you can go all sorts of crazy on personal ones.
Once you’ve designed your Geofilter, all you need to do is set its time and date, select an appropriate location, and then pay Snapchat to upload the filter. On average, Snapchat charges $8 and $20 per day and this price depends on the size of the intended area duration the filter will stay active.
Ana Casciello created filters and started selling them on Etsy for $49. After a couple of months, she made $4,000 selling Snap filters.
Geofilters are a very creative method of increasing awareness about your venture or brand. These are especially effective if you need to communicate a particular location to your viewers as would be the case for cafes, restaurants, bars, etc. And some people just like cool filters.
Get started creating your own filters and lenses for Snapchat.
7. Grow Your Side Hustle
For some people, Snapchat is not so much a sales channel as it is a platform to add value to your own business. Your Snapchat stories don’t have to be a sales pitch. Instead, give away interesting content for free to generate traffic and interest for your side hustle or business.
Wait until your content starts gaining enough traction and has the ability to create a real conversation with your target consumers. Then you can discreetly slip in your brand. If you’re doing things right, you wouldn’t even have to glorify whatever you’re selling. All you need to do is use the candid theme of your Snapchat stories to creatively endorse your product or service.
If you have a side hustle going, Snapchat has the ability to produce the necessary traction to get things moving along. For example, you could use personal Snapchat stories to record the day-to-day activities of your business or workplace. By doing so, your followers get an exclusive sneak peek inside your business.
Additionally, you can also use Snapchat accounts to host creative showcases of your products or Q&A sessions. Whatever strategy you choose, it’s up to you on what engaging content to upload on a regular basis and build relationships with your consumers. Also, with every story you publish, make your viewers want to come back for more.
8. Buy Stock in Snapchat
Until now, we were teaching you how to make money on Snapchat, but would you rather make money by investing in Snapchat? This strategy is quite plausible as well since SnapChat’s stock increased by nearly 40% in the first quarter of 2020. The increase was because of Snap’s revenue reaching a whopping $462 million, which is a result of a 44% year-over-year increase.
Before you start fussing over the complexities of learning stock market principles, how about we introduce you to a much simpler method? If you sign up on M1 Finance, you will require very little hand-holding and you could get straight to building your investment portfolio.
Even if you don’t have sufficient capital to get started, M1 Finance offers its users a flexible line of credit to choose from once your portfolio has reached $10,000. Once it has, you can use your funds to invest in Snapchat and set a schedule for automatic loan paybacks.
If you’re worried about the COVID-19 pandemic or any other future setbacks nullifying your investment, think again. In March 2020, Facebook dealt with the suppression of ad spending by boosting the rate of engagements on Facebook Live, Whatsapp, Instagram, and Messenger. This means that the social media platform might have reduced ad purchases but its sticky ecosystem should experience very fast recovery as soon as the crisis resolves itself.
Similarly, Snapchat is going to pull through the 2nd quarter of 2020 with the help of its top 10 advertisers, which include Disney, Comcast, Coca-Cola, and Byte-Dance. Even though these companies might buy fewer ads temporarily, their spending is bound to recover in the 2nd half of the year.
There’s no doubt about the fact that Snapchat’s growing user base, expanding digital ecosystem and rising ARPU’s (average revenue per user) is bound to create plenty of room for investors to earn top dollar.
Final Thoughts on How to Make Money on Snapchat
I just showed you 8 best ways to make money on Snapchat. Now, I’d like to hear from you.
Which of the 8 strategies you’ll use to make money on Snapchat? Or, is there a tactic you think should be included on this list?
If so, share this article and tag me on Twitter or Facebook and let me know.