Facebook is a feature of modern society that has huge monetization potential, but harnessing that potential has proven to be difficult for many businesses and marketing professionals. The sheer number of relationships that exist on the social networking platform represents a staggering number of consumers just waiting to be contacted by an organization with goods or services to sell. Converting that avidly waiting public into consumers for your brand is something that continues to engender new solution strategies.
Despite the relative newness of social media marketing, several methods have emerged which allow business owners and marketers alike to benefit from the growing interconnectedness that exists between society, culture, and economy.
One of the oldest tactics marketers and business owners employ to add value to Facebook networks is through self-advertising. By posting things like blog articles, infographics, memes, products, and services, businesses are able to make direct referral back to their websites by attaching links to submissions. Since this type of traffic tends to be so focused, it also tends to have a higher conversion rate, or the rate of visitors that actually make a purchase, than other forms of web advertising. In fact, leads generated by social media posts tend to be far more effective at driving motivated sellers than more conventional means like blog or website referrals. Given the fact that Americans are spending more than a quarter of their internet time on social media sites, Facebook represents a massive resource for lead generation.
Use Direct Monetization
The most obvious method of monetizing a Facebook account is to use it for affiliate advertising. In fact, this tactic has become very popular among the community, and as much as 52% of marketing professionals are using Facebook as a primary tool for advertising. Once you have established yourself as an authority within a niche, there are few tools that can drive pay per click (PPC) traffic as well as social networking. The biggest difficulty associated with this tactic is identifying that profitable niche to pursue and being patient while your network grows large enough to turn a profit from PPC.
One of the most recent developments in the world of Facebook monetization is the ability to sell your apps, or programs meant to handle specific tasks. These small bits of software code allow users to do a wide number of things, which include playing games, communicating more efficiently, integrating work tasks into social media, as well as providing silly or amusing distractions. Facebook actually hosts an App Center, which allows developers to list and sell their programs to consumers. This is also on of the most expedient ways to break into the mobile market, since the demand for apps is so large on mobile devices like smartphones and tablets.
Use the Market Place
Facebook hosts a dedicated retail interface by Oodle, which allows businesses and individuals to list items they want to sell. It works similar to an online classified ads page, and after a user has located an item they want to purchase, they can complete the transaction and pay for it online with PayPal. Available items are automatically sorted by location, so it is also an excellent geo-targeting tool for generating traffic and sales within a specific metropolitan area.
Establish a Newsletter
Facebook is an excellent resource for developing new contacts. Anyone you add to your friends list is also an easy addition to a newsletter, since all your contact has to do is tell you that they are interested in being included. You can even manually grab their email address yourself if they approve and help save them some time filling out a form. This is one of the least direct methods of monetization, but the relative value of each quality addition to an email-marketing list is almost priceless. After all, inclusion in a mailing list is essentially just a green light for direct advertising, and newsletters can be used to quickly advise your consumers about changes you make, sales you host, and special offers associated with loyalty programs.
Build Your Brand
Brand recognition is another one of those indirect monetization tools that can be used to turn a profit from Facebook. Simply seeing your brand name or logo regularly is enough for a consumer to develop positive associations in their mind with your business. Recognition lends your brand extra authority in the minds of the consumer, which drives traffic to your site and your business without the need for direct communication. In America, where brand awareness plays such a large role in organizational success, taking every opportunity to reinforce your identity represents an opportunity that, if you do not seize it, a competitor likely will.
Turning a Profit from Facebook
By using all of these tactics, it is possible to leverage social media for profit and stay ahead of the majority of players in the market. Each of them represents a distinct approach to the concept of monetization. Though not all of them are ideal for everyone interested in making money from their Facebook page, they represent the most common approaches to the market. The tactics listed here can be so effective that they are often referred to as a form of guerilla marketing because the return is so asymmetrical to the time and money invested. In other words, there are few ways to get more bang for your buck, and producing results more quickly is not even generally possible with more conventional marketing tactics.
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