How to Make Money on Facebook: A Comprehensive Guide
Facebook is a beast. It has 1.6 billion users, a market cap of $488 billion, and a stock price of $172. That’s right: The biggest social network in the world is also one of the most profitable companies in the world, with a stock-price split that values its shares at nearly $200 each.
If you have a business or are an influencer (blogger, vlogger, etc.) and want to monetize your presence on Facebook, this blog post will introduce you to several ways you can do so by using it as a marketing channel for your products or services.
Facebook Advertising Basics
When people talk about “Facebook ads,” they’re mostly referring to the ads that appear in people’s newsfeeds. These are the “Sponsored” posts you see in your feed — the ones that seem like posts from your friends, but actually come from advertisers.
There are other types of Facebook ads, though. You can also run “Page post” ads that drive traffic directly to your Facebook page (and not your feed). And you can even run “Audience” or “Custom” ads, which look different from typical Facebook ads and are used for retargeting and custom audience building.
Facebook Messenger Marketing
With 2 billion users, Facebook Messenger is a channel that many businesses are still ignoring. But that’s a mistake, because it’s an incredibly useful way to connect with customers.
Some businesses, mostly e-commerce shops, have been using Facebook Messenger to provide customer service for years. But more recently, other businesses have started tapping into the potential of Messenger.
The best way to use Messenger to promote your business is to give away something for free, a strategy known as “free sampling.”
How to do this? Let’s say you run a health and wellness business. You could create a conversation in Messenger that gives away a free recipe or fitness tip to drive traffic to your website. Once people visit your website, you’ll want to make sure you have a way to convert these visitors into leads.
Facebook Live Streaming
Live streaming was one of the few major new Facebook features added in 2018. While it’s a different type of content than Facebook video, it’s a great way to combine the video marketing and ad strategies we’ll cover below.
There are a few ways you can use Facebook Live to promote your business:
- Host a Q&A: Something that’s becoming increasingly popular with celebrities and influencers is hosting a Facebook Live Q&A. When you do this, you could ask your fans to submit questions about your business. This way, you’re not only promoting yourself, but you’re also answering questions that your customers have.
- Host a webinar: If you have a product launch or special event coming up, hosting a live webinar with it is a great way to get people interested in what you have to offer. Facebook Live is also a good tool to use to promote your live events, especially if they’re public or user-generated content.
Facebook Video Marketing
Videos are, no doubt, one of the most effective ways to captivate your audience. Stories are our first language, and video is the best way to tell a story. Facebook’s video platform has evolved over the years. You can now publish videos that are up to an hour long and include external links in the description.
Such videos are great for driving traffic to your website and converting prospects into customers. For example, you could create a video about how to create an effective sales funnel. Then, you could host the video on your website and drive traffic to it from Facebook.
Co-marketing is when you team up with another brand to promote each other’s products or services. The goal is to expand the reach of both brands and bring in more revenue.
You can arrange a co-branding partnership with another company in a few different ways. You can meet with them at an industry event and exchange contact details. Alternatively, you can use a service such as LinkedIn to find potential candidates.
Once you’ve found a partner, discuss how you can help each other. Maybe you could send a percentage of leads from your website to theirs, or vice versa. Or you could create a joint product.
Facebook Lead Ads
Another way to use Facebook ads to drive traffic to your website is to create lead ads. Lead ads are like any other Facebook ad, except they’re optimized for collecting leads instead of clicks.
These ads can be great for collecting email addresses from people who are unfamiliar with your business.
To make money on Facebook, you need to think of it as a full-fledged marketing channel, not just a place to post funny videos and images. That means creating a strategic social media content calendar, focusing on posting content that performs well, and investing in paid advertising.
You don’t have to be a social media expert to make money on Facebook. All you need is a thorough understanding of the platform and how to apply marketing principles to get results.