Some people are using the internet to make millions of dollars a year. Some people make peanuts. What’s the difference between the two? The “highest paid social media strategist in North America,” Dr. Matthew Loop, answers that question in Social Media Made Me Rich.
Loop started out as a chiropractor and was one of the early figures to crack social media in the mid-2000s. This was when Facebook was coming online and MySpace was still the rage. Matthew Loop used these things to get more customers and then went into social media management as a full-time business.
And what you understand when you look at Social Media Made Me Rich is that this is indeed a full-time thing if you want to make it work. You have to treat your online business and brand management as a full-time operation. Doing the tasks isn’t hard, but it takes longer than you think.
But how do you do them? Where should you start? That’s where Social Media Made Me Rich is so helpful. Matthew Loop goes over, in precise steps, how to take advantage of each social media platform. There’s a chapter devoted to Facebook and Facebook advertising, video optimization on YouTube, Pinterest (follow me, by the way, I just started one), Twitter, and a lot more.
The book was published in 2016, so some of the information is outdated. For example, Loop’s prediction that Google+ would “go to the graveyard” was right on the mark. Some layouts have also changed compared to the pictures in the book.
But on the whole, it’s still as relevant as ever. Here are a few highlights.
Google is not your friend!
One of the themes that Matthew Loop hits on repeatedly in Social Media Made Me Rich is that if you live by Google, you’ll die by it too. The search engine monopoly changes its rules constantly, arbitrarily, and often without warning. SEO (which I’ve written about before) is an important part of building your presence online, but relying overly on search engine optimization is like investing in only one stock. If it tanks, you’re screwed, and Google can easily tank you. I’ve been scrambling to figure out its “data vocabulary schema deprecated” warning for the last two months (at least they gave me a warning this time!).
There is a chapter about SEO and increasing your reach on Google, but it’s a small part of the book. Matthew Loop spends most of his time talking to you about ways you can optimize your outreach on the various social media platforms.
I stumbled into this advice last year. I stopped focusing so much on Google and started focusing more on increasing my social media presence. The result is that the second half of 2019 was the period of the most rapid growth I’ve seen on the Epic.
Organic (non-paid) search is only one thing. Don’t rely on it to the point of excluding other options. Again, Google is not your friend!
Advertising and emails
One of the most useful things about this book is that Matthew Loop talks in detail about advertising. He shows you how it’s done and how it helps you assess whether or not it’s the right move for you. The thing you find out about it is that it’s ridiculously cheap compared to every other form of advertising. It’s within everyone’s budget – in fact, you choose your own budget!
I never paid much attention to advertising by cost per impression. I was only vaguely familiar with it. Since I never saw the need to do it, I didn’t bother to research it. Perhaps you’re like me. People tend to focus so much on growing organically that they neglect the power of low-cost, targeted advertising, perhaps to their own detriment!
Now I know a lot more about how it works so that if I wanted to, I could advertise without much trouble. If you have a new product you want to promote, Social Media Made Me Rich is worth it for that aspect alone. For example, if I want to advertise The Red War on release, I’m more capable of doing it.
But the real way to take advantage of advertising is by getting people to your email signup form or page. You’ll have a much better success rate with repeat contact. Another virtue of this book is that Matthew Loop goes into fine detail about using and managing an email list. He correctly points out that it’s the most important part of your brand and he details how to optimize it:
- Start with a free offer (you’ve seen that here).
- Advance to a low-price, one time only deal in the next email. That takes advantage of scarcity, one of the universal principles of influence.
- Make your bigger offers after that, progressively going up.
It operates on the same principle you’ll find in Unlimited Selling Power – the “Yes-Set Agreement.” The more you get someone to agree with you, the more likely they’ll keep agreeing. It also helps you keep a list of contacts and customers. It’s much easier to optimize your existing customers than it is to find new ones!
Using this in tandem with targeted advertising is a one-two combination that will help you knock out obstacles and scale fast.
Asking you the tough questions
Matthew Loop doesn’t pull punches in Social Media Made Me Rich. He tells you how much work it takes and what you’ll need to do. He also challenges you to mental exercises at the beginning of the book. What is your product? What is your market? How do you think you’ll sell it? How can you scale it? It’s rather like the worksheet I made for VIPs over at my Patreon page.
These questions come in the earlier chapters of the book. They’ll make you think about yourself and what you’re trying to do with your endeavors in a new way, hopefully stirring creative impulses within you. They’ll also help cut through your own bullshit and ego. You have to get your own delusions out of the way and ask yourself the critical questions to understand whether what you’re doing is working or not. The early chapters of Social Media Made Me Rich will help you to do so.
At the end of the process, you’ll come out with a clearer head about what you need to do. The good news is that Matthew Loop asks you these questions and helps you get through your own ego in a positive way, rather than one that is lecturing and alienating.
When 2020 started, I wanted to find a guide that would help me systematize my online system and grow faster. Social Media Made Me Rich was what I saw recommended, so I picked it up. I wasn’t disappointed. It’s over 500 pages long and breaks down, point by point, chapter by chapter, what you should do on the various platforms and how you should view your brand. The chapter about making money through online webinars and teleseminars was particularly interesting.
If you’re serious about doing any kind of online business, Social Media Made Me Rich is the book you’ll need to pick up. You can do so (and help me out) by getting it here.