While Facebook is losing trust among some users (you may even be one of them), the platform has become — and will continue to be — a household name. If you work any niche in any online space, you likely know and use this social media network daily. But, are you using it well? If you’re still wondering how to make money on Facebook, you need to read this.
How can you even earn money by using Facebook full-time or even part-time? In this piece, we’re going to take a quick look at Facebook Ads, business pages, FB Live, and FB groups. I’ll break down each and share how you can earn cash on the platform using these various channels.
I won’t share how to make money on the Facebook marketplace, because that’s an eCommerce channel, and it seems to be pretty self-explanatory. Plus, there’s already a ton of information available if you want to go that route.
Note: I have tested each of these strategies myself, and proven that they can generate revenue.
Compelling & Relevant Stats for Facebook Users
As of March 2019, Facebook has 1.56 billion active daily users and 2.38 billion active monthly users. There is no shortage of traffic to bring into your sales funnel.
Furthermore, in the last three years, the revenue per Facebook user has tripled. Those with a Facebook account have been spending three times more money on the platform than they were just a few years ago.
So, while you’ve heard rumors that ‘everyone is moving to Instagram,’ there is more money to be made on the platform than ever before. You can’t afford not to learn how to get yourself a slice of the pie. On that note, here’s what you need to know.
1. How to Make Money with Facebook Paid Ads
As long as you can deliver relevant, high-quality content, you can create a Facebook campaign that helps you make more money online. Miles Beckler actually helped me get set up with my first ten ad sets, and I’ve been using his framework ever since.
The above is an image from one of Beckler’s instructional videos. I’ve since honed my campaigns to come up with the following failsafe strategy.
To make money with paid ads, you can run Facebook traffic to converting offers you’ve created in ClickFunnels® ; this works for selling items of your own and for your affiliate marketing campaigns.
Once the ad campaign is set, try sending it out to various Facebook audiences. Start with a $5 budget for each ad set / audience. Once the ads have been live long enough to see which campaigns are working and which ones aren’t, split test which offers are best and keep the good ones.
Now, you’re going to want to kill your bad campaigns — If the CPC is too high or the conversions are too low, stop running the campaign. How high or low?
Every few days, scale-up and increase your ad budget on the best campaigns by 20%. After a couple of weeks, take some time to determine if you’re getting a positive return on ad spend. For the campaigns that are showing a decent ROI, continue to scale.
At this point, you can again try out new audiences. Lookalike audiences are similar to your best existing customers and provide an excellent means to scale your traffic.
2. How to Make Money with Your Facebook Page
Your business profile on Facebook is more than just a fan page. It’s also a potential income stream — if you use it right. And, in a nutshell, that means having your Facebook profile optimized for conversions.
Every aspect of your profile should be geared toward getting users to convert — not just your posts. Sharing engaging content will get people to convert, but only if they know what to do after they’re engaged. So, show them.
Cover Image
An optimized cover image tells a page visitor to do when they land on your Facebook profile. In my case, this means ‘join my group.’ So, I just keep it simple by using a CTA (call to action) with an arrow that points down toward my about info section where I include the link to my group. Inside my group we offer a report as a freebie in exchange for them providing their email address. We use ActiveCampaign to send a 30+ day email series with lots of education and a few offers made along the way.
For you, your CTA might tell visitors to ‘visit your website,’ ‘read your book,’ or something else. Just take advantage of all the space you have to direct traffic where you want it.
Profile Image
Your profile image should be of a real person, NOT a flower or a picture of your office. You want people to think of you as a person when you’re out there engaging with them in the Facebook world.
In my case, I need to be perceived as a knowledgable professional, so I use a professional photo. But, you can use something more casual if it fits your brand. The number one rule is to make sure you’re real, authentic, and trustworthy, and that your profile image reflects that.
About Info
There are three crucial sections of your about info on your Facebook profile: your intro, your title, and your links. Make sure you include all three; this is what helps people learn more about you, hence convert.
- Intro – Here is your value proposition — just a line or two to explain how you can help your profile visitor.
- Title – This is where you mention your job title — here, you need to make sure your first priority Facebook business page is linked to.
- Links – Now, use this space to send people to your landing pages and offers.
As people organically engage with you on Facebook, be sure they’re part of your lead funnel by optimizing your Facebook profile.
3. How to Make Money with Facebook Live
If you want to post videos on Facebook Live and generate revenue, you’ll have to understand a few things. Other than a select few individuals, Facebook does not pay streamers for views. So, you won’t get paid for a certain number of views when you post engaging videos — that’s more of a YouTube thing. And, many YouTubers share their videos on Facebook to increase their exposure and attract more subscribers.
There is a feature of Live called “Facebook Stars,” available to Level Up and managed partners that enables viewers to purchase stars and send them to the video creator in the amount of $0.01 per star. Currently, this is the only way to monetize your stream, but it’s not likely you will need to learn it any time soon.
Anyway, you can leverage Facebook Live to help you reach your business goals and move people through your lead funnel. You just need to make sure you’re moving people along in the direction you want them to go.
Make sure your live videos are shared as rewatchable videos and that you include a CTA that sends viewers to the next step in your lead funnel.
This can be done asking people to join your group, visit your landing page, like your page, subscribe to your YouTube channel, or something else. It can also be done by sharing a link in your video description. Or, it can be done more subtly by sharing exciting moments that others are likely to get excited about.
Ultimately, you need to use your Facebook live streaming opportunity to let people see the value your business has to offer. If you need help connecting to you audience and building a strong following check out the book Expert Secrets by Russell Brunson.
4. How to Monetize a Facebook Group
In order to make money from a Facebook group (it doesn’t even have to be a group you’ve created) you first need to have your facebook profile funnel leads to your offer. Then, you can go into relevant groups and add tremendous value to readers by answering questions posted in groups as comments.
Post powerful, in-depth answers to peoples’ questions in other peoples’ groups. Naturally, people think, ‘Hey, they’re knowledgable…’ and they head over to your Facebook page, which is set up as a lead funnel.
Blog posts and Facebook group marketing go hand-in-hand. Every few weeks, try doing a major powerbomb content post in a group and engage with the commenters (just be sure that you check out the group guidelines to make sure posting your own external content is within the rules).
As a result of engaging, people will naturally follow you, join your Facebook groups, and like your pages — they naturally become your audience. Once this happens, continue to educate, add value, and make offers.
Final Thoughts
If you follow the advice above, you will start to generate revenue for your business offer using Facebook. Make money from ads, your profile, Facebook Live, and groups. Set your newfound knowledge into action today, then let me know about your results. Reach out if you have any questions, and good luck!
