Part 1 - How to build a $100 million company using social media

Tim,

Social media has changed and there's a lot to cover. I'm splitting this into 2 parts.

So, what are the dos and don'ts of making money with social media?

Looking at the social media landscape from 5 years ago is like looking at how the Romans lived over 2,000 years ago.

I'm embellishing a little bit to prove a point, but that's how much things have changed in social media.

If you don't adapt, you will be left behind. As Charles Darwin said "it is not the strongest of the species that survives, nor the most intelligent that survives. It is the one that is the most adaptable to change."

On this podcast, I spoke with my friend Dan Fleyshman, about what it takes to build a $100 million company using social media.

If you don't know, Dan spends $60 million per year on influencer marketing. He's worked with The Kardashians, Floyd Mayweather, just to name a couple of the heavy hitters. He's also an angel investor in 37 companies, not including the companies he advises and owns equity in.

The main thing that's changed

In 2 words, the algorithm. We used to have a chronological feed. So, you would see posts by the people you follow in the order in which they posted, in real time.

So if I was going to a restaurant and Dan saw that I posted about it, he could interact with me in real time. Maybe he would go to the same restaurant as well.

Now, we just have media. The social aspect I just described is pretty much gone. If I were to post that I'm going to a restaurant, Dan might not see that post for days, if ever.

What's happening is that social media platforms "think" that he would rather see the post later, because he might've not engaged with my last 2 posts.

This is why you can have 100,000 followers, and yet only 3 of your followers actually see your post.

Influencer competition increased drastically

Back in 2017, there were a few hundred influencers that were massive, versus the thousands of influencers that were out there.

Now there are hundreds of thousands of big influencers, tens of thousands of people with 500k and over followers, and thousands who have over 1 million followers. Not including the mega influencers with over 100 million followers.

So, if you want to make real money as an influencer, you're going to need a solid strategy.

Posting pictures of your lifestyle doesn't cut it anymore.

Not only that, but now there are key words and phrases that social media companies target to suppress your content.

I'll start off the next part of this series talking about what phrases are forbidden. Is shadow banning real or not? And I'll cover a lot more of what Dan shared with me.

If you can't wait, go watch the full episode here.

Stay strong,
Tai

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