Easy Ways to Monetize Your Facebook Page in 2023
If you are managing a Facebook page and not monetizing it, you are missing out on some easy extra income. Social media platforms have become a popular way to promote online brands. Facebook, being one of the most widely used platforms, creates a great opportunity for businesses to expand their reach. If you are looking for ways to monetize your Facebook page, we have listed some most significant ones below:
Are You Eligible For Monetization on Facebook?
You can check your eligibility for Facebook monetization easily in a few steps. If you meet all the eligibility standards, you are good to go. Here is how you can check the same:
Go to Facebook’s Creator Studio where you can upload your videos and keep track of the performance of your content.
After entering the home page, go to the main menu on the right side of your screen and click on ‘Monetization.’
Enter all the details and make sure that they are correct. Then, click on ‘Set Up Monetization’ and get started. If you are able to see these options and set up monetization, you are eligible.
Different Ways to Monetize Your Facebook Page
You can monetize your Facebook page in many ways as listed below:
1. Promote Your Products & Services
You can use Facebook to promote your products or services and expand your market reach. Facebook has over 3 billion monthly active users as of the second quarter of 2023. Using the platform for promotions can help you reach such a wide audience. Publish engaging videos to boost your brand awareness and sell your products. As per a study, 54% of online customers say that they like to see videos of products before making a purchase.
Make sure to set up Facebook shopping before promoting your products on Facebook. Connect your page to your online store, so that users can purchase your products directly on Facebook. Don’t just talk about your own products, but try to create interesting content that also talks about your brand and industry.
You can post How-to videos where one of the steps includes your product, explainer videos that provide detailed information about your products, customer testimonials, etc. These types of videos are promotional yet interesting for the viewers.
2. Fan Subscriptions with Gated Content
Fan subscriptions are a great way to earn a recurring monthly income from Facebook. Your followers, who actually love your content, pay a subscription fee to get access to the exclusive subscription-only content created by you. Facebook allows you to create a separate group that is only accessible to the paid subscribers of your page. Earning paid subscribers can be quite challenging, but once you have them, you can generate a decent monthly income from your Facebook page.
However, there are some requirements that you need to fulfill in order to monetize your page through paid fan subscriptions. For enabling paid subscriptions, you should have at least 250 return viewers or over 10,000 followers. Along with this, you need to have at least 50,000 post engagements or 1,80,000 watch minutes in the last 60 days.
These requirements make monetizing through paid subscriptions quite difficult, but by posting engaging content, you can achieve a good follower base and watch time. Once you are eligible, you can start earning a decent recurring income even if only 2% of your followers become your paid subscribers.
3. Facebook Ad Breaks
This is probably the easiest method to monetize your Facebook page. You just have to place short ads within your videos in order to earn some income. To be eligible for in-stream ads, you need to fulfil some requirements. Your page should have at least 10,000 followers, at least 5 active videos on your page, and 6,00,000+ watch minutes in the last 60 days.
To earn through Facebook ads, you need to ensure that you create interesting videos that your followers enjoy watching. You can look at the past videos on your page and observe what type of videos have got the most likes. This helps you plan videos for the future. Place the ads wisely in order to make sure that viewers continue to watch the video even after the ad. The more interesting your videos are, the longer your viewers watch them and the more ads they will see. With more views on the ads, you generate more income.
4. Monetize Live Streaming
Another way to monetize your Facebook page is through live streams. When you go live through your page, your fans buy stars and send them to you. You can later convert these stars into money. Other than the money you make with these stars and gifts, you can promote your products in the live video and encourage your viewers to purchase them. Moreover, you can save the live video and keep posting it in parts on your page. You can run ads on the videos that you post later and earn additional money on the same video.
5. Brand Collabs Manager
This method of monetization is even easier than in-stream ads and fan subscriptions. You can collaborate with brands that relate to your content and they will pay you for posting content about their products on your page. Just like other methods, this also requires some criteria to be fulfilled.
You should have a Facebook page with at least 1,000 followers. Moreover, your page must fulfil one of the three conditions, including 15,000 post engagements, 1,80,000 watch minutes, or 30,000 one-minute views on three-minute videos in the last 60 days. Also, you should meet Facebook’s partner collaboration and brand monetization policies.
Is It a Good Idea to Monetize on Facebook?
Monetizing a Facebook page might not be a great idea for everyone. However, if you have a good enough audience or if you believe you can achieve a decent follower base, you can go for it. The requirements for monetization in the case of in-stream ads and other methods are stricter than other social media platforms. Therefore, you must be very sure about your decision and you should have a proper strategy for taking your Facebook page to that level.
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