Facebook Monetization – How to Make Money on Facebook
If you ace Facebook monetization, you can truly say that you have used the platform to its full potential.
But what is monetization? How do you monetize a Facebook page?
We discuss all this in detail in this blog post.
But let’s cover some basic ground first.
Why do you set up and maintain a Facebook presence?
For most businesses, some or all of the following reasons to indulge in Facebook marketing are true:
- To build and maintain a positive brand image
- For reputation management
- To lead people from social media to your website and other potential platforms
- To stay in touch with your consumers to get timely feedback and opinions
- In order to market your products and services and get consumers interested in them
- To engage with your consumers in a meaningful way
The list can go on but you get the point.
The end goal associated with a lot of these reasons is the same – the eventual increase in sales and profits. In simpler words: MAKING MONEY.
That is what your business exists to do – it is the aim you need to fulfill with all your marketing efforts. And that is exactly why you need to monetize social media.
In this particular blog post, we’ll talk about how to monetize a Facebook page (or group) in particular.
- Why Focus on Facebook Monetization?
- Check Facebook Monetization Eligibility Status
- Set Up a Facebook Shop to Sell Your Products
- Monetize Facebook Videos with In-Stream Ads
- Sell Affiliate Products
- Lead Traffic Back to Your Website
- Introduce “Offers” to Consumers
- Run Facebook Ads
- Use Your Influence to Your Advantage
- Build Brand Collaborations
- The Latest Updates Regarding Facebook Monetization Potential
- Discover What Strategies Work Best for YOUR Brand
But before we do,
What Does Monetize Mean?
Before we get into anything else, what does it mean to monetize something?
Monetize, in the simplest of terms, means to earn revenue.
Let us put it like this:
Our website is monetized, meaning we make money from it in one way or the other.
In the arena of digital marketing, you can make money from a number of platforms. And Facebook is one of the more important ones.
We discuss this below for beginners in the world of monetization in the digital sphere.
Why Focus on Facebook Monetization?
We’ve talked a little about why you should focus on monetizing Facebook. More likely than not, you’re already working on marketing yourself on the platform.
Why not earn money with Facebook itself too? It never hurt anyone to build an extra stream of income – even popular businesses do it.
But why Facebook in particular?
According to eMarketer, 87.1% of marketers in the US are estimated to be using Facebook as a tool in 2020.
What is the reason for this?
It’s simple: There are 2.41 billion users who use the platform actively every month.
Which means this is where the people you need to target are. In other words, it is an ideal platform for you to build a following and eventually use that to make money using one or many of the methods we’ll discuss in this blog post.
Check Facebook Monetization Eligibility Status
You come up with a plan on how to monetize Facebook and you realize that you are not eligible for monetization, meaning your efforts go to waste.
That would be disappointing to say the list.
So before you ask yourself, “how can I monetize my Facebook account?”, you need to ask yourself:
Am I eligible to monetize on Facebook?
Facebook has set out certain standards you have to meet in order to be able to monetize your content. Because these rules vary based on the kind of content and strategy you follow, we will discuss them as we share the different ways to monetize, meaning make money, on Facebook.
The best part? The rules don’t apply to ALL of the points we will discuss in this blog post.
In a lot of cases, eligibility varies on a case-by-case basis and at the discretion of businesses that are considering working with you.
Set Up a Facebook Shop to Sell Your Products
Throughout this blog post, we will talk about different – read, indirect – ways of selling through Facebook. In other words, using Facebook to promote products and leads customers to other platforms where they can actually buy the products.
But right here, we’re going to tell you how you can make your life a whole lot easier.
All you need to do is to set up a Facebook Shop and you’re ready to start selling.
That’s right – the social media giant now allows you to sell to your consumers without leaving the platform!
While this is generally great for businesses that have the potential to sell online, it is especially helpful during these COVID-19 times when many businesses have been forced to shut down their stores, whether temporarily or permanently.
Facebook Shops basically provides you the opportunity to give your consumers a storefront shopping experience right within the app.
Once you have it all set up, consumers can access the store by tapping the “View Shop” button present on the homepage.
Here is an example.
With Facebook Shops, it is possible for you to
- Set up a Facebook shop for free.
- Customize the Shop to align it with the branding of the business.
- Encourage conversions due to ease of use.
To be eligible to set up a shop on Facebook, you have to meet the following criteria:
- You must have a Facebook Business Manager account, with your page and catalog in the same account.
- Have Manage Page and Manage Catalog permissions in Business Manager.
You can use the Commerce Manager and Catalog Manager tools provided by Facebook to manage your Facebook Shop.
To learn more about shops and how you set one up for your business, click here.
Monetize Facebook Videos with In-Stream Ads
Do you know those ads that appear before, within, or after videos you are watching on Facebook?
They may be annoying to the people who get disturbed in the middle of watching a super-interesting video, but they are super-beneficial to the brands whose videos they run on.
And honestly, even the viewers have come to accept this as the new normal. So it doesn’t drive them away from your videos if that is what you’re concerned about.
The bottom line: getting in-stream ads placed within your videos on Facebook is one of the best ways to make money on the platform.
To include in-stream ads in your videos, you will need to use the Creator Studio app offered by Facebook.
But before you can get started with Facebook monetization for videos, you need to check if you are even eligible to run in-stream ads in your videos? Here are the characteristics that make you eligible:
- You need to publish videos from your Facebook page, not a profile.
- You need to meet Facebook’s partner monetization policies.
- Your page must have 10,000 followers – these are the people who will see the ads, which, in turn, decides how much income you will be able to generate.
- Your page needs to be from an eligible country and in an eligible language.
- You must have more than 30,000 1-minute-long views on your videos in the past 60 days. This metric shows that you have enough engagement on your Facebook videos to be able to generate income from in-stream ads.
- The video you are actually trying to run an in-steam ad on needs to be at least 3 minutes long.
Having said that, Facebook claims to have made some updates, according to which you can now run in-stream ads on more types of videos than before.
Here are the updates:
- Image and post-roll ads in short-form videos (between 60 and 180 seconds long)
- Mid-roll in for live videos
- Increased payouts for videos in Watch
You can find details about these updates and more here.
An easy way to find out whether you’re eligible to run in-stream ads is to go to Creator Studio (which is basically the Facebook monetization manager for videos) and select the page whose eligibility you want to check. You will automatically be shown if you are eligible to run those ads.
If you are, you will then be able to set up an account and payment options in Creator Studio, after which all the eligible videos you put up in the last 30 days will be considered for ad placements.
You have the flexibility to make decisions about having older videos in the running for in-stream ads, where exactly in the content the ads will be placed, and so on.
So, should you use in-stream ads?
If you meet the eligibility criteria or have to make only minor modifications in order to become eligible, you can use these ads to set up an additional stream of income without any substantial effort.
You can also choose to have more control over the way the ads are run, or let Facebook take care of the details.
Sell Affiliate Products
You may have tried to sell affiliate products from your personal Facebook page when you were starting off. That’s fine, considering that you were a beginner.
But can you imagine how limited your reach was on your profile? You were only reaching your family, friends, and some acquaintances.
You know where you have a much greater reach?
On your Facebook page or Facebook group. Or even on Facebook groups you don’t manage.
But this has to be carried off VERY smartly. You don’t want to spam people’s timelines with affiliate links all the time.
You may get some sales from doing that in the beginning but people will soon start to get fed up. Why? Because that isn’t what they signed up for.
Their aim in being a part of your Facebook community is to learn more about you and your business, be informed of latest happenings, find solutions to their problems, and come across occasional offers among other things.
And that is exactly what you should give them.
Here are some considerations to keep in mind:
- Your affiliate marketing links should be a tiny part of a vast content calendar that also has many other posts for your target audience.
- Check if the affiliate program allows promotion on social media.
- Make sure that the affiliate links you share are for products relevant to the target audience of your page. If you post affiliate links for random products, it will come across as spammy activity and you will lose the interest AND trust of your target audience for good.
- Ensure that you comply with the FTC guidelines for disclosures about affiliate link posts.
- Try to sell as indirectly as possible – such as through a post about all the benefits of a certain product. Another great strategy is to lead people from Facebook to your site, offer something for free in return for an email address, and build an email list for your affiliate marketing efforts.
- Don’t spam your affiliate link on different groups across Facebook – this will do you no favors. A strategy such as sharing a blog post with instructions for fixing a hole in the wall, for example, and then linking to a product or service that makes the job substantially easier is the right way to go about it.
So you can definitely make money posting affiliate links on Facebook but you need to draft and implement the right strategy to get the results you desire.
Lead Traffic Back to Your Website
The link between your social media pages and your website is a crucial one.
One of the main aims of your social media posts should be to lead traffic back to your site from Facebook.
Here are some of the different types of Facebook pages you can drive traffic to:
A large part of your marketing efforts involves giving consumers solutions to their problems.
And your blog is where you do that.
Does this help you gain the trust and confidence of your target audience? Sure!
But it also does something else.
You will often be talking about one product/service or the other on your blog. Consumers may see this product or service as the appropriate solution for them, learn more about it, and opt to buy it.
You may already be monetizing your website using an Adsense account.
Smart move – kudos for that.
But do you know what makes advertisers want to place ads on your site? A great amount of traffic! In other words, they will be more interested in placing ads on your webpages if you can show them that those pages attract a lot of visitors.
Do you see where we are going with this?
That’s right – you can enhance traffic to these webpages by leading it there from your Facebook page.
You can also get advertisers interested in new pages by building traffic to them.
And that is where your Facebook following comes into the picture.
Your efforts on your Facebook page can ultimately allow you to make more money from Adsense on your website.
Product or Service Pages
This one is a given and you are probably already doing it.
One of the primary uses of Facebook is to promote your products and services.
And one of the best ways to do that is to lead potential consumers back to the product or services pages on the website.
This does two things:
- The user can find a lot more information about a particular product or service on its individual webpage than on Facebook.
- If interested, the user can directly buy the product from the site, get in touch with a representative, or find out more about how they can buy it.
Introduce “Offers” to Consumers
If you are looking to discover how to monetize your Facebook page organically, one of the easiest ways is to post offers on your page.
Simply click on the “Offer” button below the “Create Post” bar on your page.
You will be able to add all the details about the offer, such as the discount available, a description and photograph of the product, where an interested consumer can avail the offer, when it is valid till, and so on.
The best part about this is that it’s absolutely free to create the offer, which will be shared with your followers in their newsfeeds.
People reacting to the offer in your feed will lead to an increase in sales and, hence, revenue.
Another way that you can share offers on your page is to share them directly from the website. Sharing them on Facebook will give them additional visibility, while also encouraging people to visit your website.
Run Facebook Ads
You can also, in a similar way, earn money by advertising on Facebook.
Advertising what exactly?
Your products and services!
But how is this different from posting an offer on your page? Is it easy to make money advertising on Facebook?
Let’s talk about how it is different first. First off, you have to pay to run ads on Facebook. And secondly, you specify the audience you want Facebook to show your ads to, which means that they reach relevant audiences beyond the following of your page that will likely be interested in your product.
That way you sell your products or services to more and more people.
So, are you wondering exactly how to earn money from Facebook ads?
Well, one way, that we will discuss later is to run ads on Facebook for other companies and get paid in the process.
But here, we are talking about running ads to promote your own products on Facebook. This will lead to more sales and, hence, more money.
Here is an example of an ad by Elementor. It pops up in the feed of Facebook users that may be interested in trying out its services and gives them an option to buy those services instantly.
Learn all about Facebook ads, as well as the tools you can use to run them in these blog posts:
Use Your Influence to Your Advantage
If you are well-known in your field, you can get brands to pay you to post about them on your Facebook page.
In other words, you can indulge in a little bit of influencer marketing.
Let’s say you are a makeup artist who often posts makeup tutorials to your Facebook page. In this way, you have built quite a following on your page that trusts your opinions on everything makeup.
Now, when a makeup brand launches a new collection, they can pay you to review and/or promote their products to your audience.
You may have reviewed these products on your followers’ request anyway, but now you get paid to do so.
Build Brand Collaborations
Facebook likes it when brands are able to work together for their mutual benefit. Which is why it makes it easier for them to do so using the tool Brand Collabs Manager.
We’ll talk more about the tool below.
Here are the benefits you gain by working out deals with brands on Facebook.
Diversify Your Audience
The first thing collaborating with other businesses will do for you is that it will expand your reach to a great extent.
Your visibility will no longer be limited to your followers – your content will also be viewed by the fans of the other business. More visibility often means more business, so that is a plus point right there.
But there is more to it than that.
Earn Money from Paid Partnerships
Collaborating with relevant businesses not only allows you to tap into the relationship they have with their target audience, it also allows you to build a whole other revenue stream.
And Facebook makes it easy for you to do with Brand Collabs Manager in Creator Studio.
With the tool, you can
- Create a portfolio that outlines all the important information you want to share about your brands with other businesses. This allows you to be easily discovered by brands who need someone just like you to promote their products or services.
- Begin collaborations with brands that are the perfect fit for you and get paid in the process.
The Latest Updates Regarding Facebook Monetization Potential
Facebook is always improving its existing tools while also adding new ones that help you run your business more successfully.
Here are some latest updates/ways to facilitate for you the process of making money on Facebook:
- Fan Subscriptions: Your fans can pay a monthly amount for some perks in return
- Stars: Your followers can buy and send you stars in live videos, against which you earn money
- In-stream ads – An addition to the types of videos that can monetized (which we have already discussed above)
You can find details about each of these tools on their respective pages in Creator Studio. Here, you will also be able to check the eligibility of your page for using each of the tools.
For more details on how to make money from Facebook in new and enhanced ways, visit the following page:
Discover What Strategies Work Best for YOUR Brand
This is what makes the digital marketing industry a fun and exciting one to be a part of – what works very well for one business may do nothing for another.
This is why you need to analyze the goals of your business and where you currently stand in order to choose which of these strategies may work best for you.
But there are no rules set in stone about how to make money with a Facebook page. If one method doesn’t work for you, you can always move on to another. And another. Until you find the perfect mix!
Do you have any Facebook monetization strategies that you think we have missed?
Let us know in the comments below!