Maximizing Monetization: Best Social Media Platforms for Business Growth in 2024
Alex Hormozi
Alex Hormozi is a highly successful entrepreneur and investor, known for his exceptional ability to scale companies and deliver transformative business growth. As a co-owner of Acquisition.com, Alex has made…
Key Take-aways
- Platform Potential: TikTok is great for growth but falls short on high-paying audiences, while platforms like YouTube and LinkedIn have higher conversion potential.
- Audience Demographics: Wealthier audiences tend to be found more on platforms like LinkedIn and YouTube, while TikTok has a lower percentage of high-income users.
- Engagement Depth: YouTube excels in engagement, with average view durations vastly outpacing TikTok, indicating deeper relationships with audiences.
- Conversion Rates: YouTube and LinkedIn have high conversion rates for business owners, making them powerful platforms for monetization.
- Platform Strategy: Reallocate resources from platforms with less conversion potential like TikTok and focus on high-conversion ones like Instagram, YouTube, and LinkedIn.
- Content Strategy: Consistent posting and focusing on the right who (audience) for each platform is key to maximizing reach and revenue.
I’ve grown my brand to over 10 million subscribers across all platforms, and in this video, I’m going to break down by tier which of these platforms has the highest potential for making you money, based on my real up-to-date stats and where I’m investing for the next year. Let’s start with TikTok.
If we’re going to analyze platforms based on money-making potential, here are the important stats. First is who—who’s on the platform? If it’s full of kids vs. people with more money, I’d rather be on the platform with wealthier users. Next is how many of those people are on the platform. Finally, what’s my ability to grow and the depth of engagement with users, which impacts conversions. So, let’s start with TikTok.
TikTok: Stats and Monetization
TikTok has 27% of families making over $100k a year, so almost three out of four families with money are not on TikTok. Market share in the US is 33%, and while growth is high, it’s becoming harder with platform-specific algorithms. For example, a video that works on Facebook might not work on TikTok or YouTube Shorts. TikTok is great for discoverability, especially for new creators, but depth is where TikTok falls short—average view duration is between 5 and 20 seconds. The conversion on TikTok is also low, especially for selling services.
YouTube: A Higher Conversion Platform
YouTube, on the other hand, is a powerhouse. 89% of families making over $100k are on YouTube, and it holds 83% of the market in the US. Growth is strong due to YouTube’s suggested videos. The average view duration on my YouTube channel is over 8.5 minutes, far surpassing TikTok’s seconds. Even YouTube Shorts average 33 seconds, which is better than TikTok. While YouTube lacks some immediate conversion methods like DMs, it still ranks high for converting followers into loyal customers.
LinkedIn: Targeted Engagement
LinkedIn boasts 53% of households with over $100k, and 40% of B2B marketers say it’s their primary channel. While LinkedIn may not offer as much viral growth as TikTok, its conversion power is extremely high because it allows for targeted outreach through tools like Sales Navigator. A small, well-targeted LinkedIn audience can generate significant business revenue.
Instagram: Strong Traffic and Conversions
Instagram has 54% of $100k+ families and 47% of the US population. Its growth remains high thanks to Reels, but unlike TikTok, Instagram penalizes over-posting. Instagram’s strength lies in its convertibility, especially through DMs and Stories. For example, 48% of my site traffic comes from Instagram. While session times are shorter than YouTube, Instagram users still generate significant leads and sales.
Facebook: A Resurging Giant
Facebook, though older, still captures 68% of $100k+ households and 68% of the US population. Organic growth on Facebook is strong again due to the introduction of Reels. Conversion rates are also high, and despite having fewer followers on Facebook than TikTok, I get nearly double the traffic from Facebook.
The Power of Email and Podcasts
Email and podcasts are long-term nurture tools, where you can build deep relationships. The average session duration from email on my website is 133 seconds—showing high intent and engagement. Email remains the highest converting platform, with an average ROI of 36:1. Podcasts, though harder to grow, provide 20 minutes of average engagement, creating highly loyal audiences.