Budding social media influencers have been offered five ways to help monetise their social media platforms.

Penny-pinching gurus from NetVoucherCodes.co.uk have revealed five tips that could help Brits top up their bank balance using social media.

Nowadays, brands are dedicating a sizeable portion of their marketing budgets to influencers – people with a strong relationship to an audience who can heavily sway decisions like purchasing habits.

And once you’ve been recognised by suitable brands and companies, there are opportunities to earn hundreds and even thousands of pounds.

But as social media algorithms have changed, it’s now vital to have loyal followers with a high engagement, instead of lots of followers who never like or comment on any posts.

However, in order to earn really big bucks such as the likes of Molly-Mae and Stacey Solomon, both boxes will have to be ticked as a large, loyal following is needed.

A spokesperson for NetVoucherCodes.co.uk said: “Whether it be Instagram, Facebook or Twitter, the opportunity to earn money online tends to come as your follower numbers and reach increases.

“You just need to take a bit of time to try different platforms to figure out which one is best for what you want to do and where your audience are.”

These are NetVoucherCodes.co.uk’s tips to make money from social media:

1. Selling

There are loads of ways to sell unwanted items on social media. Whether it be clothes which you no longer want, or knick-knacks which have been lying around the house for too long. Facebook has its own marketplace specifically for selling items and it’s easy to find local buy and sell groups on there too. Setting up an Instagram page specifically for selling items can also work.

2. Sponsored posts

The more followers you have, the more money big brands will be willing to pay you to post about their products. Social media influencers can charge thousands of pounds for one post on Instagram sharing products. In order to earn the big bucks, you need to have a well-curated feed, loyal followers and a high engagement rate.

3. Photographing

If you have a keen eye for a picture, and your images on Instagram are always receiving lots of likes, you may be able to sell your skills. Get in contact with brands and influencers who you’d love to work with, and who you think their feeds suit your style of photography. You have your portfolio sorted – just show them your carefully curated social media pages.

4. Side hustle

If you are wanting to set up a side hustle and sell handmade items, social media is a great way to get your name out there. Ask friends and family to follow and share your page to start with, then consider running a competition once you hit a certain number of followers – for example 250. For users to enter the competition they must share your page and tag a friend – increasing your engagement and sharing your name far and wide.

5. Commissioned links and affiliate marketing

Although these are mainly associated with big influencers, many small brands are beginning to use these commissioned links with micro-influencers. These tend to work by individuals sharing a link to a specific product. They will then earn commission based on the number of people who click through the link, or the amount of people who then buy a product. This is also known as affiliate marketing.