Monetizing Social Media 101: Your Business on Facebook

Posted by on May 17, 2016 in Member Posts | 0 comments

Monetizing Social Media 101: Your Business on Facebook

By Jacqueline Davis, NEVA Member and owner of VirtuallyHere.net

Monetizing social media is a big question mark for businesses. Will it work? Yes, if you go in with a solid plan. In this new blog series we’ll be offering a preview of what the major social networks can contribute to your bottom line. Social media itself is free, but advertising—and more importantly, the time and research needed to plan, create and actively monitor your business’ social platforms is going to cost you something. At the end of this series, you’ll be able to identify the social platforms that are best suited to be used with your business.

Today, we’re looking at Facebook and its 1.038 billion active daily users, making it the premier platform to connect with potential customers and showcase your business. And unlike you and your employees, Facebook never sleeps, functioning as a 24/7 customer service portal. Customers can leave you a positive review or the next days headache at 3am in the morning.

Monetizing social platforms can be tricky. Facebook continually updates and modifies the algorithms that determine how frequently your business’ posts shows up in your follower’s newsfeeds. If you’re personally handling your Facebook page, you’ll want to devote some time to staying abreast of their updates. On the positive side, keep in mind that who likes your page is considerably more important than how many likes your posts get.

Know your end goal. There are two things to keep in mind for a successful ROI with Facebook. 1) Your exact target customer and their demographics. 2) The sales funnel destination for your Facebook page followers. The goals with the highest monetizing potential are getting followers to subscribe to your email list, successfully bringing users to your website or selling your product. Facebook isn’t a hard sell platform, but knowing what your money-in-the-bank results need to be for this to be a worthwhile investment of your time will help you steer your social media efforts.

Know how you want to make potential customers feel when they interact with your brand. This is an across the board consideration, because unlike your website, which you can take down and change, once it’s up on Facebook, it’s staying there. If a potential customer is so inclined, they can go back through years of Facebook posts from your business to get a sense of how you do business.

Facebook

Facebook Do’s

Do Use visual mediums. Infographics, pictures and videos (especially video) all pull viewers attention better than plain text posts. Bare minimum, always include a picture with text posts. Post behind the scenes videos or shoot a short FAQ video. And don’t forget that you can share other users content that’s relevant to your industry to spark conversation with your followers.

Do Engage your customers. When someone comments positively or has a question, reply. Say thank you to your followers when you reach a benchmark or hit a business goal. And don’t forget that you can utilize Facebook Messenger to privately answer customer complaints or complicated problems.

Do Inform. Let your customers know what’s going on at your business day to day. Update them on new developments, products or events.

Do Explore using Facebook Ads. Facebook is developing more and more options that increase your ability to target advertising to a specific customer. With Facebook’s Flex Targeting, you can tailor the audience for an ad to a highly specific, niche audience, with multiple qualifications for who sees your ad. You can also exclude viewers by citing things that would disqualify someone from buying from you, narrowing your audience and stretching your advertising dollars even further.

Facebook Don’ts

Don’t Be afraid of posting too much. Some small business owners approach Facebook with a fear of offending their followers by posting too frequently and being viewed as spam. This might be a concern if you were posting dozens of times a day, constantly pushing your product. Posting once a day is not too much. If you’re comfortable on Facebook and know you have relevant content to share with your followers, several times a day is not too much. If you don’t know your way around Facebook that well yet, work up to posting content three times a week while you get your bearings.

Don’t Be disrespectful. Practice civility; rude or inappropriate content will stick to your business’ online reputation for a long, long time. The casual, relaxed tone of Facebook can easily have you putting your guard down and posting things off the cuff that may not go over well with some of your readers (or unintentionally insult them). Even if you are a very conscientious person, it’s a good idea to establish some ground rules for what you will and won’t say on your business page. Making some policy decisions at the start of your Facebook use may save your from pitfalls down the line.

Facebook 2

 Got the basics down? Get into Audience Optimization

Audience Optimization helps increase audience engagement by putting your post in front of the people who will be genuinely interested in it. Audience Optimization makes Facebook purposefully show your post to a certain amount of followers who are interesting in the areas you specified, instead of that same amount of views being scattered randomly among users who may or may not be interested in what you’re posting about. Like Flex Targeting, Audience Optimization allows you to limit who will see your post in their newsfeed, helpful if you are posting about a divisive or controversial subject matter.

Facebook Live

Facebook has been rolling out their live video feature over the last year. (Right now it’s available to iOS users.) You can post a live video to your page and actively engage with your followers as they are watching it. This is an amazing tool for small businesses—you can do Q and A’s, behind the scenes, host a class or anything you can dream up to engage your followers.

Want to go deeper? The Social Media Examiner is a goldmine of up-to-the-minute developments in all things social media. You can find out more about creating mobile ad’s onFacebook’s Canvas, get a handle on how their new Reactions can benefit your business and improve your business’ local ranking on Facebook’s Professional Services directory.

Don’t forget that using only one individual method or tactic rarely garuntees social media success—experiment to discover what methods work best for your business. If you are flummoxed by the task of translating your business’ goals into a social media strategy, pick up the phone for a chat with our owner, Jacqui Davis. Jacqui loves helping you get clarity on the best steps forward for your business. And consultation calls are ALWAYS on us!

Want to go all out with your social media marketing? Connect with Virtually Here’s Social Concierge, and put our social marketing experts to work for your business.

And come back next month for the second part of our series, on Twitter.

 

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