Money Making Opportunities on Facebook

Making money on Facebook is all about your attitude to online marketing.  If you’re from the old school, making money online is about driving home your sales message framed in a list of benefits. If that’s your strategy, you’ll likely end up one of those people who complain that there is no money to be made on social media.  If however, you’re all about generosity in marketing, about quality (or at least engaging) content, and about doing it all authentically, you might just have some luck.  If you’re a natural networker, who can unite and inspire a group you’ll be surprised just how much money there is to be made on Facebook!

Social Media Advertising, Marketing, Promotions, and Networking

There are four core ways to profit on Facebook and all three produce very, very different results.  Using all four in unison creates some really amazing, and very profitable results if you have the time!

Advertising with Facebook Ads

These are great to get highly targeted traffic at bargain-basement prices.  You know how you’re paying $8 or more a click on Adwords?  On Facebook, you will probably only pay .80c.  Not only that, you’ll get a better click-through, you’ll be able to target extremely specific and your brand will remain in their space for longer periods, giving you bonus branding value.

Because you’re not targeting a particular keyword, you’re targeting the interests and demographical information directly, targeting ads is much more scientific.  You can set an ad to only reach 30-year-old males living in the northern parts of Delaware who are interested in home renovations…..and use copy and images that will instantly appeal.  The clicks will cost you around 50 cents each.  If you were targeting via Adwords, your clicks would be far more expensive and you’d only be able to specify limited demographical information.

Facebook Marketing

This is where most traditional marketers fall down.  Facebook Marketing is extremely time-consuming and tends to have far more branding value than direct sales value.  It’s difficult to track ROI and even more difficult to deliver a constant stream of viral content, and yet, that’s what it takes.  To keep being seen by your existing fans, you have to keep them engaged and engaging.  This is hard work.  It means posting several times a day and posting great content.  It’s not for the faint-hearted, in fact, it’s pretty much compulsory to have a staff member or contractor run your Facebook page these days.  It is, however, necessary to have a presence on your page.  To get the most bang for the small-time investment, an hour a week should be spent Googling and sourcing content likely to go viral.  This would be a mix of funny and fun images, industry news, cool ideas for your industry, and tips and tricks.

For every 5 you post of these, you should slip in one branded message.  For every five you post of these, you can slip in one sales message!  Any more frequent and you’re risking turning your fans away!

Facebook Promotions

How do you get a TON of high relevant Facebook fans overnight for almost no money?  Facebook cross promotions!  Using a Sweepstake or Rafflecopter application, you can cross-promote with other brands targeting your market.  They don’t need to be in your industry, as long as they’re pursuing the same dollars you are.  If, for example, you sell cell phones to cashed-up 20 somethings, you can easily pair up with a fashion retailer, a mortgage agent, a car dealership, a singles travel firm, a designer shoes shop, a laptop seller, and organic produce in your city to cross-promote each other.  You’ll each throw in some money for a prize and then promote entry to all your fans. You’ll need some fans first off to “bring to the table” either that you provide the whole prize – and then you tap each other’s resources.  If the prize and liker pool is the right size, you will end up with thousands of new, highly qualified fans overnight.  It may take a little experimentation but you’ll definitively keep your cost per fan acquisition rate down.

Facebook Networking

This is where the money is actually at.  You can use the contacts you made in your promotion to kickstart a group – perhaps North Delaware Business Group – and then invite other likely candidates into your fold.  By owning the group, you can post your own promotional messages and contribute more to conversations.  Unlike a page, a group is private (even secret) so you can plan promotions and make referrals with the group and your fans never need to know about it.  Before you know it, the group will be referring all fans interested in a new cell phone to you.  When they need cell phones, you’ll be the first stop.  When a promotion comes up where cell phones could be the prize, you’re automatically invited in.  Just like in traditional sales, this is all about relationship building – but not with the customer, rather with another business, to reach their customers.

Social Media done right allows you to tap into highly targeted pockets of groups, gathered according to their needs, interests, and demographical information.  Facebook marketing isn’t free, it isn’t easy but it’s very, very worth it!