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Twitter, the most popular microblogging site is now slowly developing to become one of the good ways to make money on the web, for people who have not been successful with any other tricks to make money, or for those who are already well flourished in the Social networking market. According to PaidContent.org, Twitter got around 9.3 million visitors in March when compared to 4.3 million in February, so the rate of growth is very high.

Monetization techniques are always being tried and proposed, of which very few work well anbud many fail to make any impact, and after a check on which actually worked well, i made a list of these monetization options to Make money with Twitter -

Ways directly on the Twitter Site:

Direct advertisement – A simple tweet shortly explaining what the advertiser provides etc., and this can work only when you have a big bulk of followers of which there can be any turnover chances. Also you need to be influential to make the tweet good enough to get it retweeted so that a larger number of followers can read it and advertiser can get more exposure.

I have seen many advertisers still seeking this type of advertising option to build their brand, and twitter is a good platform for Web 2.0 and Social media companies.

Magpie tweets – Its already popular all over the Twitter site, but still if you are not sure what it is, check it out here. Be a Magpie and sell paid tweets, where you get paid for every ad tweet you post into your account. You can manually approve the ads or can automatically see them posted when any advertiser is interested to deal with you.

Twittad – Twittad is similar to the Magpie service, and here the advertiser has more chances of reaching the readers better. The advertiser has chance to either advertise through single tweet or can run any campaigns.
(Both Magpie and Twittad also have the affiliate programs which can add up to your income)

Affiliate marketing – Sharing affiliate shopping links on twitter is a good way to make money, where you followers might sometime like the products shared and buy them, and the end commission is on your way. Create wise landing pages, and send your followers there with a page built for shopping lovers.

Contests and reviews – You are sometimes paid to run small contests on twitter, if you have a good follower base. Contests like describing a product in 140 words, and the best description wins, you being just the middle man between the contestants and the company.

Ways off the Twitter Site:

T-Shirts – One of the amazing concepts is Twitoshirt which sells t-shirts to buyers who can have their own favorite tweet printed on it. This is an intelligent way for the owner of such a site to earn money on the name of twitter and the tweets.

Twitter app building and selling – Build an app related to twitter, popularize it, make it ad-optimized and then sell it when it is worth selling.

Twitter related site or forum – Run a site like Twitip.com which is purely related to twitter, share tips and information about the twitter tools, and seek advertisers or run PPC ads etc.

These are the tricks of making money with twitter that i have seen and tried a few. If you know of any other, please do share with us!