Easy Money Essentials: Canadian Edition

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Even though Facebook may never have dominated as a social media darling, it still has an incredibly high number of monthly active users: more than 2.9 billion, compared to Instagram’s 1.3 billion, a billion for TikTok and 396 million for Twitter.

In the past, Facebook users have tried everything from affiliate marketing to selling items on Facebook Marketplace to running ads through Messenger to make money. But Facebook monetization is not without its challenges: the average reach of an organic post reaches about 5% of a Page’s fans (up from 7% in 2018), and paid ads and sponsored content achieve this. Over time, their reach diminishes.

The good news? Facebook has introduced new and exciting ways to make money, mainly aimed at entrepreneurs and creators with Facebook followers. Whether you’re looking to make extra money or find more customers for your existing business, here are six ways to monetize your Facebook audience in 2023 and what you need to do to get there. .

There are many ways to monetize your Facebook content, but you need to be qualified to do so first. This means that your Facebook page and the content you post on it must meet the platform’s eligibility criteria, which fall into three categories:

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To check eligibility, go to your creative studio’s Facebook page and click on the Monetize tab. Select the pages for which you want to know your monetization eligibility. You will also be presented with other monetization information on the page.

Once you’ve earned the right to monetize your Facebook content, it’s important to stay relevant if you want to sell on Facebook. Regularly review the platform’s community standards, keep your domain clean with high-quality content, and make sure you have the necessary rights to publish your content. If for any reason your Page is not eligible, Facebook will let you know why you are no longer eligible through the Monetization tab in Creator Studio.

In-stream ads capture the attention of a captive audience and are ideal for creators and brands with large audiences. When a user is watching a video on Facebook, they may see the full ad if it allows them to continue with the original content, as opposed to just a single ad in their feed. Pass

Bottled water brand LIFEWTR wants to increase awareness of its brand and create a positive and creative environment around its product. As such, it showcases community art projects through powerful visual storytelling, running short in-stream ads that broadcast currently streaming videos as well as properties such as Facebook Watch. The campaign helped double brand awareness and increase advertising recall by 1.9.

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Why it works: LIFEWTR used In-Stream ads to tell a story and capture the attention of an already engaged audience.

Get started: Think about what you want to achieve with your videos and what stories you can tell about your brand. If you want to advertise in the middle of a video, when you create your video, add a natural pause of one or two seconds to accommodate in-stream advertising.

In addition to meeting Facebook’s eligibility criteria, videos must be longer than a minute and influencers need at least 10,000 page followers to run In-Stream ads. These tips apply to brands looking to pay to run in-stream ads.

Generate consistent monthly revenue with fan subscriptions that encourage your most loyal followers to pay recurring amounts to fund your page. It’s a great way for brands and creators with large, active audiences to monetize their pages and reward fans with exclusive content and discounts. The Stars feature allows users to purchase star packs to send tips to their favorite creators for additional income.

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Vegan Baker has created a separate Facebook group for fans of the brand. Fans are charged $4.99 per month to access exclusive content and discounts. They can also post additional recommendations for content they particularly like using Facebook’s Star feature.

Why it works: Vegan Baker can monetize its active audience while rewarding users with exclusive content. The Stars feature allows brands to see what types of content perform best and increase engagement with close-knit segments of their audience.

Get started: Fan Memberships are currently available by invitation only. Users can unlock fan subscription when they have 10,000 followers or 250+ loyal followers or 50,000 post badges or 180,000 clock minutes.

After receiving your invitation, you can choose the benefits you want to offer subscribers, create a promotional video to launch your subscription service, and create a thank you video to welcome new subscribers.

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Create content with relevant and complementary partners to expand your reach and diversify your content production. Many brands are looking to work with influencers, creators, and other businesses to reach new audiences and increase brand awareness, which can be a great way to grow your audience and increase their engagement.

StyleNow Feed has partnered with Jasper’s Boutique to bring new content to fans of both brands. The paid partnership allowed the two companies to collaborate on relevant content that met the needs of both their audiences, and users could click on each piece of content to learn more about each brand.

Why it worked: The two brands were well aligned and had similar but not identical audiences, which meant they could tap into new audience segments by reaching users who already had a strong connection with the partner brand.

Getting started: You must request access before you can start tagging business partners in posts. Once you’ve done this, you can access collaboration opportunities and view ideas in Brand Collaboration Manager.

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This type of monetization method is ideal for pages with an active, loyal audience that posts content that most brands wouldn’t consider risky.

Facebook announced in May 2022 that it would focus more on organic video content created specifically for the platform to counter users who only share TikTok posts. Creators and influencers will be able to earn cash rewards of up to $4,000 per month by completing a series of consecutive “challenges,” such as generating a certain number of views on their Facebook Reel.

Paula Garcia has a huge following and can make money based on the number of views, likes and comments she gets, including creating reels for Facebook. Paula actually combines a number of tactics used here to strengthen her Facebook monetization strategy, like getting sponsors for her Reels and posting them organically on the platform.

Why it works: Paula Garcia already has tons of followers, so it was a no-brainer for her to take advantage of Facebook’s new challenge program that allows her to earn money based on the number of views she generates.

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Get started: The Challenges feature is currently invite-only and it appears Facebook is targeting influencers with hundreds of thousands or millions of followers. The first challenge must be completed within 30 days of receiving the invitation, otherwise the feature will expire.

Engage viewers with live events they can enjoy from the comfort of their home. Facebook’s Paid Events feature lets you schedule, set up, and manage events on your page, which is perfect for creators and businesses hosting private events online.

Jasper’s Market organizes and advertises a number of events via its Facebook business page. Fans can view the list of events and access them directly from the brand page. Seeing how many people are interested or participating creates buzz around the event, while regular reminders ensure attendees don’t miss anything.

Why it works: Hosting online events helps Jasper’s Market reach new audiences interested in a variety of events. It also creates a connection between viewers who may not all be in the same place.

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Get started: Enable paid online events on your page and click the Events tab to create a new event. Select “Paid” and fill out the required information about your event, cost and co-host, if applicable.

Before you can start creating paid events, your Facebook account and page must meet Facebook’s monetization eligibility criteria.

Direct shoppers from your Facebook page to your store with the platform’s social commerce features. This is a great way for brands that already have a small business presence on Facebook to attract customers with shoppable ads and powerful calls to action (CTAs). You can convert well-performing shoppable posts into paid ads to drive more traffic and identify new target audiences you want to reach.

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