So you’ve got 10k, 20k, maybe even 100k likes on your Facebook page, and you’re consistently hitting a decent engagement rate. But where’s the money? You have all these people hanging on your every word. Surely there’s a bit of coin to be made here!
The question of monetization on Facebook, and social media in general, is a divisive one. This is because the purists look to build authentic relationships with their audiences and the profiteers just look to make a quick buck (usually at the expense of building lasting relationships).
One of the biggest flaws in the social media marketer’s mindset is the ‘right here, right now’ attitude. When we think of monetization, we picture ads popping up on Youtube, or clicks on offshoot links that immediately translate to a quick buck. The reality is that effective monetization requires time, patience, consistency, and a strategy.
So, go for the gold! Here are a few ways you can monetize your Facebook audience, and still build lasting relationships.
- Activate your influencers
As a brand, your social influencers should be one of your top priorities, not just on Facebook, but on all your social channels. You need to find the people who engage with your brand on a regular basis. These are the customers who might even have reached out to tell you how great you are, or shared your products in their personal posts. Reward them with a shout out, engage with them on social media, or even offer them a discount! Although simple, these can be a great way to encourage them to share more about your brand. Turn them from happy customers into influencers, and get endorsements for your products that can drive sales from friends, families, and followers.
- Lead generation and campaign integration
Using social media for lead generation is a tried and true technique. But, it remains one of the most effective for monetizing your Facebook audience. If you are generating engagement on your Facebook posts, use it people! Integrate Facebook as an entry to your marketing funnel. Drive your Facebook audience from Facebook to a channel that can convert them into a customer. It could be a YouTube video, a landing page with a signup form, or even a product you’re trying to sell.
- Get a piece of the video revenue
Last year, Facebook announced that video publishers would be sharing in the ad revenue generated by native videos. While the business model is still being tinkered with, many video publishers have raised concerns with the actual ROI. It’s fair to say it’s early days for Facebook video revenue sharing. And as with everything on social, it’s better to be in on the ground floor, rather than trying to catch up later down the line. Focus on your native video offering now. Build engagement with videos, and make it a stronger part of your Facebook offering to better your position once the revenue sharing model is refined.
Now it’s time to unleash the full marketing power of your Facebook page and improve the bottom line of your business. So, stop checking what all your old high school buddies are up to and start putting in the work to monetizing your page. Good luck!