Can You Make Money On Facebook?

Perhaps the question shouldn't be: can you make money on Facebook? It should be: how do you make money on Facebook?

The question is can you make money on Facebook? It's a pretty stupid one really, but I was just going for a search that didn't have as much competition as: how do you make money on Facebook? 

You definitely can make money on Facebook, but it usually takes money to make money on that site. There are many sorts of viral techniques of getting someone to like your page, and share it with their friends, but you either have to have a page with widespread appeal, or annoy people with spam. 

Let me explain what I mean. Let's say you had a page about your restaurant business. You could give away a free main course with the purchase of another one of equal value, but only if that person liked the page, and recommended it to their friends. 

In this case, their friends would probably not be at all upset to see a free voucher for a main course in their news feed, but if it was just an ad for a weight loss product, they might not be so happy. 

Not every product has the potential to go viral on Facebook, and you shouldn't try to push it too much if it doesn't fall in that category. The key is to find out what people want, and work out how to give it to them, while still making a return on investment from Facebook Ads. 

If you don't know anything about Facebook Ads, it's pretty simple. You target people based on their age, their country, their city, the things they like, the pages they like, and even whether they have a university education. 

There's a lot that goes into targeting, and then you have to set up muliple campaigns with different targeting options, and split test them. 

A good click-through rate is over 1%, and in order to get this, you have to have an ad that catches the eye, and offers something of massive value. 

It doesn't have to be for free, you can just be selling your product, but figure out how to word the ad in a way where if they click on it and do what you're asking, it will solve a big problem in their life, or make their life better in some way. 

How To Make Money On Facebook

The cost per click on Facebook Ads starts at around one dollar a click, but it goes down based on the click-through rate, how many people like the page, and also the size of the ad. 

If your ad can fit into spots where other ads can't, it will get shown in some cases at a lower cost per click than the ones that were too big to fit in the same space. 

You will need to make a profit to keep your ad campaign running, so you need to have a good conversion rate of traffic into customers, and you need to be making about 50% more than what you're spending. 

The ads that you're showing to a limited group of people won't last forever. You will quickly exhaust that small market, and everyone who was going to click on your ad will probably already have done it.

You have to continually come up with new ads, whether it's a new photo, a new title to the ad, or a new set of targeting options for people in a different city, or country. 

It's not easy, but that's how to make money on Facebook. Can you make money on Facebook? You can, but it's not easy. In fact it's incredibly hard to make money online generally, and many people don't have what it takes to work out how to do it. I've been learning about this stuff for years now, so if you want to chat about how to make money on Facebook, send me an email at rowan@professionalsocialpromotion.com.

3 comments

Add a comment

0 answers +0 votes
Post comment Cancel
Christy Birmingham
0
This comment has 0 votes  by
Posted on Mar 4, 2012
Ruby
0
This comment has 0 votes  by
Posted on Feb 1, 2012
Ron Siojo
0
This comment has 0 votes  by
Posted on Feb 1, 2012