With 900 million users, big opportunities are created to monetize your efforts on the world’s largest social network, Facebook. It is estimated that 250 million people visit Facebook each day. There is no other online marketing channel that can deliver this kind of reach.
But before you think of ways to actually drive revenue, it is important to note that Facebook is not your traditional e-commerce channel and should not be used as a direct marketing tactic. The millions of Facebook members have joined to share their personal stories through updates, images and videos within their social network and not to buy products. However, utilizing the social network as a sales channel is not a bad thing but should be handled carefully and properly, minimising the risks involved.
Before you make Facebook as a business outlet, note that your strategy should be about quality not quantity of people.
Here are three ways to create a business opportunity:
( A ) Engage With People That Like Your Page
Begin with an interesting and attractive Facebook Page that differentiates your business from the competition. Apps are a good way for any business serious about marketing on Facebook to create a unique experience that helps you stand out. From sharing videos to contests, Facebook Apps are among the most used features on the platform. Add in the ability to share with friends and a strong Facebook App can have a huge impact on your ROI.
Constantly posting your products on your Facebook wall may result in a sharp increase in the number of people “unlike” your page thus, dismissing your brand. Creating a low-risk, high-reward option for your customer is important, so always put yourself in the customer’s shoes when implementing any new Facebook ideas.
There are thousands of amazing apps on Facebook and visiting the Facebook App Directory is a good place to start, as well as talking with other business owners about which Facebook Apps they have found to be beneficial.
( B ) Create Engaging Content
Facebook news feed optimization has become a new type of SEO. If you like or comment on updates from one particular Facebook page often, you are likely to see that business’ status update in your top news feed (the default setting) on a regular basis. The formula (shown below), called EdgeRank, looks at affinity score (how often the user interacts with the page), weight (how many comments or likes a post has), and time decay (how recent that update was posted). In many respects, this is not unlike link building.
Ue : affinity score between viewing user and edge creator
We : weight for this edge type ( create, connect, like, tag, etc)
de : time decay factor based on how long ago the edge was created
If you post content on your page that does not follow the above formula you are wasting your time, as updates will not be seen by your followers and friends.
If you are just starting out and have very few people following your page, Facebook advertising is a great approach to reach the right people at the right time.
( C ) Measure Performance
Used with your Facebook Page, Facebook Insights offers valuable customer information. After reviewing age, gender and country of residence you can enhance or change your current Facebook strategy. Using this data, you can decide which content works best, the audience you are currently reaching and where improvements can be made.
Ultimately, it’s all about making social connections with your target audience. Facebook brings the human touch to your relationships with your customers; faces, names and conversations. And that is how you may monetize Facebook — by creating a living dialogue with your fans and friends.