“By the year 2020, 85 percent of buyer-seller interaction will happen online through social media and video.”
— Josiane Feigon, president and CEO of TeleSmart Communications
Many have asserted before that Facebook wants to be the Internet. Not on the Internet, but the whole damn thing. And if this is the company’s ultimate goal, it is doing a pretty good job of achieving it.
Outside of individuals, the social platform houses more than 65 million local business pages.
For both subsets of users, there are a wide variety of features and elements that make for a prosperous experience.
On the business end of the spectrum, brands have a vast toolset that can enable operations large and small to rake in the majority of its revenue from Facebook alone.
If you are interested in learning how to leverage Facebook to its fullest and turn your Business Page into a money-making machine, check out these three lucrative social strategies.
Creating Conversion-Focused Ads
Ads are one of the more obvious methods to generating revenue on Facebook. Fortunately for many business owners, the competition isn’t insurmountable just yet.
Even though there are more than 65 million businesses on Facebook, only five million are brand advertisers.
Because Facebook is trying to convert a sizable portion of those other 60 million organizations into advertisers, the company has developed a wide array of powerful ad sets like Carousel Ads, Lead Gen Ads, Product sets, Application Ads, and a slew of other formats.
Piled onto these compelling ad experiences is incredibly granular and effective targeting options that enable advertisers to reach people based on age, income, interests, location, behavior, and various other data points.
This means that if you are trying to drive people to your website, get them to download your app, attend an upcoming webinar, or meet any other sort of sales goal, Facebook advertising is an incredibly impactful modality to leverage.
Before launching a campaign, however, be sure to familiarize yourself with powerful practices to increase your ad’s CTR.
Branded Live Videos
Facebook Live has become an important core feature of the social platform. The company has even gone so far as to boost Live content in News Feeds over other types of posts.
Since the company altered its policies regarding branded content in early 2016, brands now have a clear-cut way to financially prosper from this type of content.
Under the new guidelines, brands can essentially enact influencer marketing campaigns using Live video content.
Considering that influencer marketing generally receives a 960 percent ROI (paired with the algorithm bump for Live video), it seems like a no-brainer that brands would want to go Live with branded content as much as possible.
This is a tactic that notable celebrities like Martha Stewart have begun to leverage.
In a November 2016 Live broadcast, Martha and her guest, Kevin Sharkey, shared some of their favorite outdoor decorating ideas in a tutorial video. Naturally, all the products used are those from the Martha Stewart collection, exclusively carried by Home Depot; something that Martha reminds Facebook viewers of several times throughout the video.
Additionally, the marketing team also leveraged a small banner on the bottom of the screen advertising Martha’s collection, which routed users to the Home Depot website; this gave folks the opportunity to convert when their interest was aroused.
Ultimately, the video generated more than 588,000 views and likely moved tons of merchandise.
Create a Facebook Shop
Many small businesses operate on shoestring budgets. That often means that they don’t have the resources to launch and manage their own eCommerce website. For a good portion of these individuals, Facebook is the next best thing.
Facebook provides business owners with the opportunity to convert their page into a full-blown eCommerce destination.
The process of setting up shop is fairly simple and straightforward.
If you have yet to get your business on Facebook, start by creating a page by logging into your personal account and select ‘Create a Page’ from the top-right drop-down menu.
From there, select the ‘Brand or Product’ page type. Next you will be asked to enter in some information about your business such as a description, logo, and similar details.
Once you have created your page, select the ‘Add Shop Section’ link from beneath the cover image. A pop-up will appear and guide you through the process.
Next, you need to set up your payment processing with Stripe. As of now, Stripe is the only option available, so ensure you create an account there as well.
After linking your Stripe account, you will be sent back to your Business Page to describe your shop’s offerings in 200 characters or less.
With that completed, you can now begin adding products to your Facebook shop via the ‘Shop’ tab.
Here you will be provided with a form to enter in all of the necessary details such as images, descriptions, pricing, shipping info, and other pertinent data.
You might not have a ton of expendable cash at the launch of your brand or even for a few years after that. The good news is that you don’t need a surplus of capital to generate the majority of your sales using Facebook.
While you will need to invest in advertising methods like Facebook ads or sponsored content, as you well know, you have to spend money to make money.
What portion of your revenue comes from Facebook? What other ways does your brand leverage the social network to make sales?