You must have heard of people making a killing from Facebook and start wondering, “How the heck in the world is it possible?” Well, the fact is true. There are many avenues of earning revenue on Facebook, but this article focuses on monetizing your Facebook group.
First of all, let me emphasize that you have to be a Facebook group’s admin with relatively large members to effectively use the strategies in this article. If you have at least 5,000 members, then you are good to go. However, you should continue to grow your Facebook group membership to scale your revenue.
Here are some of the things you have to put in place to effectively monetize your Facebook group.
Create A Funnel
While this article focuses on monetizing Facebook groups, I should call your attention to the fact that Facebook is a third-party platform. This fact places a risk on your business because Facebook may decide to change its policies, causing your hard work to go down the drains. It has happened before; some strategies that use to fetch page admins thousands of dollars weekly no longer work today. That is why you should have a funnel to create your own email list.
Group Funnels is one of the best tools for creating an email list that allows you to message your group members outside Facebook. The program presents a form to people who request to join your group and collects their email address. It then adds the email address to your list and sends a welcome email immediately.
The list that Facebook Funnel creates would eventually be a massive part of your Facebook group monetization strategy. We shall discuss how to monetize this list in the latter part of this article.
Prepare Your Group for Monetization
Taking time to put the following in place will make specific monetization strategies more effective.
- Create a Group Policy: Where there are no laws, there would be no offenses. Right? Your group policy serves as a guideline for members and would help you maintain a level of decorum in the group.
- Create Quality Posts: One of the factors that attract top sponsors to your Facebook group is your group’s engagement level. High-quality posts that add value to your members will have higher levels of engagement.
- Be Focused: All groups should have a specific theme. Keep your post focused on the topic. If your group is about musicals, don’t create posts about politics, even when it’s election time.
- Keep Spammers Away: Spam messages hurt the reputation of your Facebook group. Moderate posts by members to keep your group free from spam messages.
- Have a website that is associated with your Facebook Group.
Create a Press Kit
Every Facebook Amin that wants to monetize a group must have a press kit. It serves as the value proposition of your group and attracts top sponsors and advertisers. The press kit will also help you negotiate better with prospective sponsors and advertisers.
Your press kit should contain the following:
- The theme of your Facebook group
- The stats of your Facebook group, such as demography, engagement rates, etc.
- The number of email subscribers
- Traffic stat of your website
- A rate card detailing the sponsorship packages
- Case studies of previous sponsorship projects.
Facebook Group Monetization Strategies.
Now that you have prepared your Facebook Group for monetization, it’s time to implement the strategies.
A sponsored post is one of the most profitable ways to monetize your Facebook group. Many big companies with massive advertising budgets are willing to partner with you to create campaigns for their products and services. Some of these sponsors may contact you directly if you have a group with members running to tens of thousands. Otherwise, you can register in marketplaces for influencers to find companies looking to use your service. At this point, your media toolkit would be a useful tool for closing deals with prospective advertisers and sponsors. Register in Social Bluebook to get a rough estimate of what you can charge your clients.
Affiliate marketing is all about promoting products from affiliate partners in exchange for a commission on sales. The easiest way to discover affiliate partners is to use affiliate networks such as ClickBank, JV, ShareASale, and many others. It is essential to select affiliate products that are relevant to your group theme. After that, do a detailed review of the product you are promoting, and post your affiliate link to the product. You will earn a commission once any group member clicks the link and buys the products. Affiliate marketing is arguably the easiest way to monetize your Facebook Group.
Sell Your Products
Affiliate products earn you commissions, but you can keep all the profits if you have your own product or service. That is why you should create your own product or service. You can sell coaching programs, ebooks, premium membership, and lots more. Although it takes time to build your own assets, it pays off in the long run. It helps you create a brand that adds more value to the Facebook group.
Do you recall that we discussed the need to create an email list? Direct marketing is one of the most efficient marketing channels in the world today. The reason is simple: emails get the reader’s full attention in contrast to the distractions on websites and social media networks. You can use any of the previous methods above with email marketing. For instance, you can promote affiliate products, send emails promoting your sponsor products, and sell your own products and services. Your email marketing channel remains effective even if Facebook decides to close your Facebook Group.