How to Make Money on Facebook
How to Make Money on Facebook? With a world that is evolving at an unprecedented rate, one needs to be up to date with modern technology. This unparalleled innovation has lead to a lot of changes in the ways people do things.
Conventional ways, for example, how people earned money, are becoming obsolete as people are investing in bitcoins and earning a lot of money from technology. One can even earn from the basics of applications like Facebook, but the question is how do you make money on Facebook?
There are numerous ways that you can earn cash from Facebook. Though you might not find Facebook fascinating anymore, you can not deny its outreach.
Facebook is the largest social media website, with over 2 billion users every month and 1.37 billion followers every day.
Due to such a big audience, businesses use the platform of Facebook to reach out to people. But this huge audience puts pressure on businesses to stand out.
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This is important since Facebook only shows selected posts to a user. So, the posts which you might have tailored carefully would only reach 2% of your followers.
Following are the methods by which Facebook decides which posts to show a particular user:
- Inventory: the system analyses the statuses posted by the user’s friends and the pages he/she follows.
- Signals: the algorithm then evaluates the user’s past activity. This includes the things posted, comments made, time spent on the post, nature of the post and many other signals.
Businesses should learn from the signal that the system attaches greater importance to a post made by a person than a post made by a page.
- Predictions: all this data is then used to predict the behavior of a user to a post or story.
- Score: Relevance Score is then generated with the help of signals and predictions made.
So, it makes sense that posts with the highest relevance score are displayed to a user. But the question ‘how to make easy money’ still remains unanswered. So, let’s get into it!
Facebook’s main goal was to provide a platform where people can socialize and meet new people with shared interests.
This is a reason why Facebook attaches greater importance to a post made by a friend than a business page.
This is a fact that businesses need to keep in mind. However, there is a catch to it.
A user with a small number of friends will have difficulty making his posts appear frequently in other users’ feed unless people share his content repeatedly.
On the other hand, users can engage a number of people to follow him.
This following will lead people to accept him as an influencer which would make him earn money.
Business pages, in the same way, can build a following to increase their relevance scores.
They can share quality content and posts which will engage users and help them build a following.
There are also other ways, like Facebook advertising, which can help businesses build a following and it has turned out to be successful for many businesses.
Build an Audience
So, the first step for any business before it starts selling on Facebook is to build an audience.
Users can build a following by sharing interesting videos, pictures, and posts.
To build an audience an individual also needs to establish himself as an expert in a particular field.
Businesses can use these influencers to market their product or service, but they can also build a Facebook group for themselves.
Over time, they can use this page to build and establish their brand image. Starbucks did well in this respect with its Facebook page and has 37 million followers.
The aim of a Facebook page should not be to sell your business but to allow the audience to know you.
Good content will let users admire you and in turn, they will start trusting you. This trust will let them buy anything you are selling.
Selling Items on Facebook Buy and Sell Pages
According to your geographical location, you will be able to see a large variety of goods and services.
These goods can belong to a variety of categories ranging from home appliances to automobiles.
Users can use different filters on Facebook to customize their search. They can use the distance filter and price filter to narrow down their searches.
This is a good way for people to earn extra cash.
These Facebook marketplaces are online stores that can help users make quick cash without any investment.
You can sell people your spare goods and valuable services but would have to go through the hassle of negotiation.
This hassle can be avoided by using Buy and Sell Facebook groups. These groups have a limited filtered audience who are really interested in the goods you are selling.
This reduces your chances of bargaining.
Sell Through Your Facebook Fan Page
This method can be tricky for businesses since it’s not easy to build a high relevance score. A high relevance score is needed for making your post appear in your follower’s newsfeed.
So before selling online, businesses need to create and share valuable content.
This content should be something people value and find relatable. One way to do this could be to use influencer marketing.
In this way, influencers can help you in creating valuable content.
Users can also use Facebook advertising to increase the post’s audience. But, to build a real audience, posts should not be just related to making money.
They should also post something which people find useful. Though this method can be a little heavy on your bank account it has shown results.
When using a Facebook advertising agency, users should keep in mind one simple fact: Facebook is a social platform.
This means people use Facebook not for buying things but for chatting and meeting people. They use Facebook as a form of entertainment and not as an online shopping place.
Thus, it becomes the responsibility of business owners to create a sales funnel. To do this, users have to share interesting pictures, videos, links and other stuff which people find interesting.
This increases the engagement of an audience and attracts people.
All this content should ultimately link to the product you are selling or people who might be interested in that product.
Once you have created an audience with either of the two methods, you can now start sharing content.
Content-type with the highest engagement should be noted and shared again.
After this, you can also promote content in ads to target a Lookalike audience.
These include people who display similar interests to the people who follow you. For example, people following “dog walkers” pages can be sold stuff related to dogs.
These kinds of people are easier to attract since they are already interested in it.
Setting Up a Facebook Group in Your Niche
It is harder to run such groups to sell things, however, they can be used to inform people about your services.
These groups are useful for providing people with information. Members of the group should be encouraged to help other members and post useful stuff.
Again, you need to ensure that you share and post relevant engaging content to develop a following. Then, once in a while, you can post something to promote your product.
This group can also be used to operate other activities related to the product.
For example, if your product is an ebook coursebook, you could operate a group for people who purchased the book.
You might be wondering how to get money directly from these groups. Well, the purpose of the group is not to earn but to inform people about your product and service.
It’s a place where clients can come together to discuss your product and post their queries.
There is a guide written by sales funnel called Step by Step guide to creating a Facebook Sales Funnel. In this guide, Neil shows the build-up before making an actual sale on Facebook. He mentions seven steps that are required to earn money. His seven steps are:
- Share and create relevant content for your warm audience. These are the people who have already shown interest in your content and could be potential buyers.
- Then a ‘lookalike’ audience should be created. These are the people who have the same interests as a warm audience.
- High-quality content needs to be shared with your ‘Lookalike Audience’.
- A portion of the ‘Lookalike Audience’ may like the content you are sharing and become fans of your Facebook page. They might even consider buying some of your products at this time.
- Consider using Facebook pixels and remarket your product to those who have not bought yet.
- Continue marketing your product until people start converting.
- Maximize the number of conversions.
Many businesses struggle to create an adequate number of followers to earn money fast from Facebook. So, they turn to influencer marketing.
Influencers have gone through the hard part of building up a following. They have gone from zero followers to building a solid fan base.
For this to happen, they took time to establish themselves as an authority in a niche, developed a following and then trust.
Influencers know how vital they can be to brands and help them to promote their product.
They can partner with brands and assist them in reaching audiences otherwise impossible for them.
What influencers need to keep in mind is that whether their brand would be a good fit for the followers.
For example, an influencer in a sports niche should promote brands related to sports, and not cooking.
So influencers can engage in this activity and earn some passive income. They can also work directly with brands by sharing affiliate links.
There are also other indirect ways of promoting your product. A UK based brand that provides meat to people and restaurants, Meat Man, collaborated with an influencer named Brad Holmes. What the collaboration created was a prank video which Brad Holmes pulled on his fiance.
In this prank, Brad gives the impression to his fiance that he has ordered 500kg of chicken instead of 5kg and now has to clear a 2000£ bill. Meat man’s boxes can be seen vividly in the background throughout the whole video.
This video posted by Brad Holmes created a buzz on social media. It was viewed over 7 million times in just 48 hours and consequently led to Meat Man being broadcasted on TV.
In comparison, Meat Man’s own page has just over 10,000 likes.
Businesses should work on building a solid following by sharing contacts and targeting a “Lookalike Audience”.
But, at the same time, they should also exploit the following build by these influencers. These influencers can help businesses target audiences which would be hard for them from their page’s platform.