Aren’t you sure about how to make money on Facebook? If yes, then have a close look at how to make money on Facebook in 2023.
There are more than 2.9 billion monthly active users on Facebook, compared to 1.3 billion on Instagram, one billion on TikTok, and 396 million on Twitter.
Making money on Facebook has involved a variety of tactics in the past, from affiliate marketing to ads on Messenger to selling stuff on Marketplace.
It is worth noting that it is difficult to make money on Facebook: The average organic reach of a post is about 5% – down from 7% in 2018 – and those who pay-to-play via ads and sponsored content have seen their reach reduce over time.
Here’s some good news: Facebook has recently introduced new and exciting ways for entrepreneurs and creators to make money.
Whether you’re looking to generate extra income on the side or increase the customer base for your business, here are 4 things you can do in 2023 to monetize your Facebook audience.
How to Make Money on Facebook?
1. Make your page subscription-based
Your best fans can contribute to your page’s funding through recurring subscriptions, bringing you consistent monthly revenue.
The platform is great for brands and creators that have large, active audiences, as it lets them monetize their pages and give discounts and exclusive content to their fans. The “stars” feature lets users send tips to their favourite creators to earn more money.
Fans can only subscribe by invitation. Those with 10,000 followers, more than 250 return viewers, 50,000 post engagements or 180,000 watch minutes can unlock subscriber status.
You can choose which benefits subscribers receive once you’ve received your invitation. Launching your subscription service can also be promoted through a video. A thank you video is also a great way to welcome new subscribers.
2. Get paid directly by your fans
Recently, Facebook announced that it would focus more on organic video content created specifically for its platform, in a bid to counter TikTok users simply sharing content they have already created.
A series of sequential challenges, like generating a certain number of views on a Facebook reel, will allow creators and influencers to unlock a monthly reward of up to $4,000.
Currently, you can only access Challenges via invitation. The Facebook ads seem to be targeting influencers with thousands or millions of followers.
After the invite is accepted, you have 30 days to complete the first challenge.
3. Organize online events for money
You can engage your followers by allowing them to watch a live event from the comfort of their own homes. It’s convenient for creators and businesses looking to move in-person events online to use Facebook’s paid events feature.
You can create a new event by clicking the Events tab on your page once you’ve enabled paid online events.
Select the “paid” option and enter the details about your event, the price, and a co-host. Creating paid events on Facebook requires passing Facebook’s monetization eligibility criteria.
4. Make your online store more appealing to visitors
The Shopify social commerce platform makes it easy for shoppers to go from their Facebook pages to their Shopify stores.
As a brand with a small business on Facebook, this is a convenient way for them to capture the attention of their customers mid-scroll on their page with shoppable ads and powerful calls to action (CTAs).
To drive more traffic and define a new target audience for your shoppable posts, you will be able to turn them into paid ads by turning well-performing shoppable posts into paid ads.
Get started by adding your catalogue to your Facebook page using the Catalog Manager. Once you have done that, you can link to relevant products when you post images or videos on your Facebook page.
You will be able to link to a product in a live stream by clicking Feature under the product or URL you’d like to show after you’ve begun your video, once you’ve started it.
How to check if my page is eligible for monetization on Facebook?
To find out if you’re eligible, go to the Facebook section of your Creator Studio and click on the Monetization tab. Choose the pages that you would like to see your monetization eligibility for. You will also receive monetization information for the selected pages.
Wrap Up
This is all about how to make money on Facebook. If you think that we have missed anything about how to make money on Facebook then comment down below.
How To Make Money From Facebook FAQs
Is in-stream advertising a great way to monetize videos on Facebook?
The benefits of in-stream ads include attracting attention and promoting your brand to a captive audience. Unlike a standalone ad in their feed, which they’re more likely to skip, users are more likely to finish watching an ad if watching a Facebook video means continuing with the original content.
Is Facebook beneficial to entrepreneurs and brands?
Facebook’s massive audience is useful for starting and running an e-commerce business, selling services, and creating digital products. The platform’s new features make it easier than ever for entrepreneurs and brands to connect with their audiences.