Tuesday, October 5, 2010

5 Ways to Make Money from Your Twitter Account

Many people are unaware that Twitter can be a powerful source of extra income each month. Here, I tell you the top 5 ways to make money from your Twitter account, including sponsoring tweets, selling your account, and more.

Foreword: The first thing that I'd like to point out is that all of the methods I'm going to mention here work much better if you have two things: a) A large number of followers and b) Followers who are highly interactive with your tweets. Depending on how interactive and focused your followers are, the level where your following is "large" can vary from person to person. However, as a general rule of thumb, I would highly recommend that you have a minimum of 2000 followers before you try to make money from your Twitter account. Generally, I personally don't worry about making money from my Twitter accounts until I have at least 5000 followers on the account if the account is targeted to a specific group or demographic and 10000 followers if it's not targeted. Here is an article where you can read more about easy ways to gain more followers on Twitter. 

Here are 5 ways to make money from your Twitter account:

1. MyLikes:MyLikes is a site that allows advertisers to use your Twitter account to send out tweets advertising a product. Basically, once you registers an account with MyLikes, you have the opportunity to approve tweets from different advertisers that will be sent out on your Twitter account. Once you approve a tweet, the tweet will be sent out (at a time approved beforehand by you) and the you are paid for every click on the ad by one of your followers. I only recently discovered the MyLikes website a couple of weeks ago, and I am pleased with the success I've had so far. The interface for their website is clean and easy to use, and payments are made weekly to your PayPal account, as long as you have at least two dollars or more in your account. Also, the payout rate can be up to $0.42 per click -- which is very generous in the world of advertising. Finally, MyLikes even has the option to double post your approved advertisements to a Facebook account or personal blog -- meaning that you have even more ways to earn money. All in all, MyLikes is like the Rolls Royce of methods to monetize your Twitter account. Click here to set up an account at MyLikes

2. Sponsored Tweets:Sponsored Tweets is another site that allows you to send out advertisements on your Twitter account and is very similar to MyLikes. The main differences are that you can't chose among a group of advertisers (as you can with MyLikes) and instead you have "offers" sent to your account and you can decide to approve or reject these offers. If you approve the advertiser offer, an advertisement is Tweeted out on your account and you are again payed for every click that your receive on your account. I am also very happy with Sponsored Tweets; although, I still like MyLikes a little better. The main difference for me is the fact that you can send out an advertisement on MyLikes whenever you want (instead of having to wait for ads to be offered to you by a sponsor). Even so, the opportunities to send out a sponsored tweet are very frequent (probably an average of 2-4 per day on my two Twitter accounts) and the money piles up quickly enough to keep me from complaining. Click here to read more or to set up a Sponsored Tweets account. 

3. Ad.ly: Ad.ly is yet another service, similar to MyLikes and Sponsored Tweets, that allows you to send out advertisements on your Twitter account. The main difference between Ad.ly and the previous two services that I've mentioned is that they don't have a pay-per-click program in place. Instead, after you've registered, your account will be placed in a database where advertisers can see your account name and a small profile of interests that you fill out when registering. Then, if an advertiser selects your profile, you will have the opportunity to start a "campaign" for that advertiser where you send out a specified number of tweets at regular intervals and the advertiser pays you a lump sum in return. I haven't personally tried Ad.ly, but I have friends who swear that it's the best way to make money online with your Twitter account.

4. Sell your tweets on Ebay / Craigslist: If you're still looking to make more money beyond what the other three services can offer you, you can always put an ad on Ebay or Craiglist where you sell some tweets to advertisers privately. I have had some limited success employing this method. My major complaint here, however, is that it's a lot of hassle; especially since I can make more money per time invested with MyLikes or Sponsored Tweets and have them do all the grunt work. Still, if you want to squeeze that last penny from your Twitter account, this might be a good second option for you.

5. Sell your Twitter account: If you're tired of using Twitter and don't want your account anymore, you could always consider selling your account to someone else. I've seen a large Twitter account (10000+ followers) on Ebay or Craigslist sell for as much as $500. Even a smaller account can sell for $20 to 50$, depending on how targeted the account followers are.
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