How to Earn Money on Facebook in 2023
How to Earn Money From Facebook in 2023? You may
not think of Facebook as new and edgy anymore. But you can’t refuse its
popularity. There are more than 2 billion monthly active Facebook users, with
1.37 billion actively using the social network every day.
It is no
wonder, therefore, that many people and businesses try to earn money from
Facebook. With such a huge potential audience, it makes decent sense.
It can
be difficult, though, to make money on Facebook. Because of Facebook's sheer
size, it can be challenging to stand out from the crowd. This is especially the
case now that Facebook only shows a selection of posts in a person's feed. In
fact is it probable that the statuses you lovingly create and upload to your
business page will reach no more than 2% of your followers.
Every
time somebody opens their Facebook feed the Facebook algorithm goes through four steps to decide which posts it
will show that person:
1. Inventory
the
algorithm examines all of the recent statuses shared by the person’s friends
and the pages they follow.
2. Signals
it then
takes a look at a whole range of signals based on the user’s past behavior.
These include, who made the post, the average time spent on content, post
engagement, tagging and comments, how informative the post is, and many other
signals. A significant signal from a money-making point of view is that the
algorithm weights statuses from people as being more important than posts from
pages.
3. Predictions
the signal attempts to guess how the user will
react to a particular story – will they share it, comment on it, read it, or
ignore it?
4. Score
The
algorithm generates a Relevance Score for each post, based on the signals and
its predictions.
When
Facebook gathers a person’s feed, it only shows the posts with the highest Significance
Scores.
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Are You
a Business, and Influencer, or Just an Ordinary Person?
·
Facebook
is primarily a social network; an online place where people can hang out,
socialize and share things of mutual interest. This is one of the reasons why
it gives posts from somebody's personal account a higher weighting than posts
from a page.
·
Businesses
always have to bear this in mind. It will always be easier for people to spread
their words on Facebook than it is for companies.
·
But it
is not quite as clear cut as that.
·
If a
person only has a small number of Facebook friends, they will be incompetent to
spread the word very far – unless they are able to share content so extreme
that people share it multiple times over, and it becomes viral.
·
On the
other hand, if a person can bring together a considerable number of supporters
and then connect with them on a regular basis, they will find that their posts
will appear in many people’s feeds.
·
So the
best way to ensure that people hear what you have to say is to build your
support base up to the extent that they consider you an influencer. When you
reach that point, it is easy to make money on Facebook.
·
Business
accounts should not be wholly ignored, however. If businesses operate their
accounts well and share quality content on a regular basis, Facebook will
recognize their efforts and increase their Relevance Scores.
·
And
then, of course, there is Facebook Advertising, which can help give an extra
push to the reach of posts.
Build
Your Audience First
·
The
whole reason that influencers are successful on Facebook is that they have
already gone through the process of building a following.
·
You need
to build up your expertise on Facebook by sharing a string of excellent posts –
interesting links, images, and updates. To really succeed as an individual you
should build up an area of interest where you can become recognized as an
expert.
·
While
businesses may choose to use influencers to market for them, they will probably
also want to build up some form of Facebook presence themselves. Over time they
can use it to help people recognize them as experts in their niche. Starbucks
has shown how to do this well, and their page has 37 million followers.
·
The
primary goal of your Facebook fan page should be to provide a place where
people can get to know you. If they like your content, they will come to
respect you. In time, that means they will trust you. And ultimately, they are
likely to be happy to spend money to buy something from you.
Kim
Garst sums it up well when she says, “To sell on Facebook you need to stop
treating fans like a commodity and start treating them like your friends.”
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Steps:
How To Make Money from Facebook
Selling
Items in the Facebook Marketplace or a Facebook Buy and Sell Group
·
Depending
on your location, you will see a wide variety of goods and services for sale on
the Facebook Marketplace. These are listed in categories ranging from Home and
Garden through to Vehicles and Bikes.
·
A
Facebook user can select the geographical area from which they see products for
sale. For instance, you can set it to display goods for sale within a fixed
distance of your home. You can also filter by price.
·
You
could earn some money by placing your spare goods on the Facebook Marketplace.
You may have to enter into negotiations with people, so be sure to keep in mind
the lowest price at which you are willing to sell.
·
Similarly, there Buy and Sell groups on Facebook in most regions. You can make posts selling your spare goods in these groups. They often have a common core of members, and therefore suffer less haggling from people trying to get a bargain.
Sell from
Your Facebook Fan page
·
Many
businesses discover that this can be tricky. It is not easy to build a high
enough Relevance Score for your page’s posts to appear in your followers’ news
feeds.
·
Therefore,
to make money on Facebook using your fan page you need to create and share
content that people value on a regular basis. As Kim Garst says, her Facebook
Selling Formula is “Be Useful + Be Authentic + Sell Occasionally = Big Facebook
Sales.”
·
If you
engage in influencer marketing, your influencers can help you with this. They
can provide the useful and authentic content and direct their supporters to
your fan page.
·
You
could consider adding some Facebook advertising to improve the reach of your
sales posts. But don’t forget, to build up an organic audience, the bulk of
your posts cannot be sales oriented. They need to be valuable and/or
entertaining to your potential audience.
·
With
Facebook Advertising it’s essential to remember where most Facebook users are
in the Buying Cycle. They are not using the platform with an aim to buy
anything at all. It is not like advertising on Google, where potential buyers
search for terms to help them make a purchase. People come to Facebook to chat
with their friends, catch up with what their acquaintances are doing, and watch
funny cat videos – not to buy your product.
·
Therefore,
it is your responsibility to build a sales funnel. To do this you want to reach
as broad an audience as possible – so you should share a variety of content.
Provide a mix of links to quality blog posts, videos, funny anecdotes,
controversial statements, infographics, and anything else you think will
attract people to you. They should, in some way, relate to the product you are
promoting – or at very least the type of people who would be interested in your
product.
·
Once you
have created a base of supporters (either by yourself or with the help of
influencers), you should start promoting content to them. Pay attention to the
engagement levels on these posts and share more of the type of material with
the highest engagement.
·
You
should then consider promoting content in ads targeted to Lookalike Audiences.
Although these people will probably never have heard of you before, they have
demonstrated from their past activities that they have similar interests to the
people who have followed you. Therefore, it shouldn’t be too complicated to
attract these audiences with your content.
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Operate
a Facebook Group in Your Niche
·
Although
there is little value in running a Facebook group with the sole focus of making
sales, they can be a useful way in which to let people know what you offer.
·
Facebook
Groups can be particularly useful if you sell information products. You can set
up a group, encouraging members to help each other and share ideas. Once again
you need to ensure that you offer group members useful content, and every so
often you can suggest your product as a solution to their problems.
·
Facebook
Groups can also work well as an offshoot to other activities. For instance, if
your product is a course or an eBook, you could run a Facebook Group for
members of your class or people who have bought your eBook.
·
If you
provide paid coaching, you could use a Facebook Group as a place where your
clients can come together. You could perhaps even operate it as a Mastermind
group.
·
A
Suggested Facebook Sales Funnel
·
Neil
Patel has written a detailed Step-by-Step Guide to Creating a Facebook Sales
Funnel. Like most other commentators he emphasizes the importance of building
up gradually to a Facebook sale.
Neil
believes there to be a seven-step funnel required for you to earn money on
Facebook.
In
essence, his seven steps are:
1.
Create a
variety of quality of content for your “warm audience” – those people who have
already expressed an interest in you or your product.
2.
Create a
“Lookalike Audience” of people with the same interest as your warm audience.
3.
Promote
high-quality content to that “Lookalike Audience.”
4.
Some of
the “Lookalike Audience” will like what they see and become a fan of your
Facebook page. Some may even choose to buy your product at this point.
5.
Use a
Facebook Pixel and remarket to those who
have not yet purchased any products.
6.
Continue
remarketing to those who have still not converted.
7.
Maximize
your conversions.
8.
Influencer
Marketing on Facebook
·
Many
brands struggle to build the numbers necessary to earn money from facebook. In
this situation, it is common for firms to turn to influencers for help.
·
Influencers
have done the hard graft of building a following. Anybody who is now a Facebook
influencer started off a “Facebook nobody.” However, they took the time to
establish themselves in a niche, and they have gone through the necessary steps
to build authority and trust, and therefore a following.
·
They
know that they can join partnerships with brands, spreading the brands’
messages in ways that would otherwise be impossible for the brands. The most
essential requirement is that the brand makes a good fit for the influencer's
followers.
·
Influencers
can deliver sponsored content to their fans. They may also work more directly
by sharing affiliate links.
·
Sometimes
influencers can promote products in a more subtle, perhaps humorous way. In the
UK The Meat Man, who sells meat to the public and restaurants, paid a UK
Facebook influencer Brad Holmes, to make a funny prank video. In the clip, Brad
pranks his fiancé into thinking she had ordered 500kg of chicken instead of 5kg
– with a £2,000 bill to go with it. The Meat Man’s product sits in clearly
labeled boxes in full view throughout the video.
·
This
Facebook influencer drove 7 million video views within 48 hours, and also led
to newspaper coverage for The Meat Men. As a comparison, The Meat Man’s own
Facebook page has only about 10,000 likes and could never have generated as
much publicity on its own.
·
Perhaps
the best solution for a business is to build up its Facebook page, but at the
same time work with influencers to kickstart the process, and give the reach
that most brands can’t achieve alone.
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