It’s a common question: Can Facebook help you make money online? Believe it or not, the answer is yes. In fact, you can make money with almost any service or product on the social media platform, even if you don’t have a formal background in marketing.
The Many Ways You Can Profit From Facebook
At this point, it’s fair to say that almost every business — especially the larger ones — have recognized the value of social media and are trying to make the most of it. In 2016, the average American spends more than three hours per day on their phone, and nearly three hours per day on social media. That’s a lot of time! If your product or service is relevant to what they’re looking for, you’ll likely find many eager customers on social media platforms like Facebook.
Speaking of which, let’s take a quick look at how you can make money from Facebook.
There are plenty of products you can promote on Facebook to make money, but before you begin running promotions for any product, it’s important to find out what worked for the company and what didn’t. One of the best places to start is the Facebook Ads dashboard. Keep in mind: You’ll only see successful examples of ads on this page. So, if you want to create an ad for your product, make sure that you’ve tested similar ads in the past and that they performed well.
Additionally, when you run ads, you have the option to track the performance of any given ad. This way, you can always find out which promotion was the most successful and then apply that learnings to future campaigns. When it comes to paying for products on Facebook, many businesses use a cost-per-click (CPC) or cost-per-thousand (CPM) model. With this model, your goal is to gain as many clicks (i.e. people who saw your ad and either clicked on it or landed on it through another way) as possible for a set amount of money. You can use a tool like Google Adwords to help you find keywords and perform keyword searches to find the right audience for your product.
2. Affiliate Marketing
If you’ve ever sold your own products online, then you probably know the value of affiliate marketing. Essentially, affiliate marketing is when you promote another company’s products in exchange for a commission when that company makes a purchase. As an affiliate marketer, you’ll typically find products that are already a part of someone’s daily routine and can be used to promote your product. So, if they’re passionate about their hair brush, you can probably persuade them to try your toothbrush once a day.
One thing to keep in mind when using affiliate marketing is that you’ll need to have a large audience to make any money. In other words, you’ll need a lot of traffic. Nowadays, you can use a tool like Moji to find the right affiliate products to promote, as well as receive a commission when someone clicks a link or buys a product that’s promoted on your behalf.
3. Paid Advertising
Paid advertising, sometimes classified as online advertising, is basically just advertising that you pay for. The important thing to keep in mind is that you’re not actually promoting a product or service for free. You’re paying for the ads to appear on specific websites or in a particular publication. You can use tools like Google Adwords or Facebook Ads to find the right audiences for your product and then target those audiences with paid advertisements. Keep in mind: This is a long-term strategy and can be quite the investment. However, if you want to make money online, it’s definitely a viable option. Just make sure that you carefully consider your financial status before jumping in.
An important thing to note about paid advertising is that you’ll need a budget. Just because you have money to spend doesn’t mean that you should just throw it at any old idea that comes along. Instead, you should try to find a balance between spending enough but not so much that you run out of money. Also, make sure that you’re only spending money on ads that will convert (i.e. drive traffic to your website or social media accounts). If you’re not seeing results, you might want to consider lowering your ad spend or switching to a different platform. Paid advertising can be highly effective if done right but it can also be quite the investment if done wrong. Just make sure that you meticulously consider your target audience and what is motivating them to take action before spending your money.
4. Product Creation & Distribution (eCommerce)
Creating and selling your own products is another great way to make money online. However, what’s important to keep in mind is that you’ll need to know what you’re doing. If you’re not tech-savvy, it can be difficult to set up your online store. That’s why many people opt to use an eCommerce service to help them get started. An eCommerce service, such as Shopify, simplifies the process of creating a storefront and managing online purchases. As a result, it’s often easier for beginners to get started than it is to set up a store independently.
If you’re thinking about creating your own products, whether digital or physical, there are plenty of resources available online to help you get started. One of the best places to learn is YouTube. You can find videos that will guide you through the process of creating your product and then distribute it online through a store. Additionally, you can use programs like Hootsuite to find the best social media platforms for your product, build a community around it and then use that community to gain support and feedback for your product.
5. Membership Driven Marketing (MMM)
Many businesses use a membership model when it comes to generating revenue. With a membership model, you don’t necessarily have to have a product to sell to generate income. However, this type of marketing strategy is fairly effective when paired with a product. Essentially, you’ll need to have a membership site (i.e. a website that people pay for) in order to make money with this strategy. When a person signs up for your membership site, you’ll have the opportunity to promote products related to your niche. For example, if you’re an entrepreneur, you might want to promote an e-book about becoming an entrepreneur or a tutorial series on how to start a business. When someone purchases a product after checking out your membership site, you’ll earn a commission.
Another important thing to keep in mind about memberships is that you won’t necessarily make money from every membership site you build. In fact, it can take years of building reputation and selling products before you begin to see cash flow from your memberships. However, you can use a tool like GetResponse to collect payments from your memberships and then apply those funds towards expanding your business. Alternatively, you can use a tool like Stripe to create automatic income.
6. Live Events
Live events, such as webinars and virtual shopping parties, are another great way to make money online. These events are much like traditional offline events (i.e. conferences, trade shows and exhibitions) but instead of taking place in person, they happen online. Essentially, live events give you the chance to promote products and services to a mass audience for the purpose of generating sales. Just remember: You’ll need attendees to make these events worth it. So, if you want to use this strategy, make sure that you carefully consider your target audience.
As you can see, there are many different ways you can make money from Facebook. Although Facebook can help you generate a revenue stream, you’ll still need to put in the work to ensure that you’re doing everything correctly. Just remember: The rewards can be great!