Welcome to part 2 of my 3-part Facebook blog series. The goal of this series is simple. I am making money on Facebook and I want to show YOU how to make money on Facebook too.
In Part 1 of the series I told you about the importance of building a large, targeted and highly engaged Facebook community, introduced my Facebook success formula and promised to tell you exactly how I made $64,287 on a Facebook advertising spend of just $3,971.How I made $64,287 on a Facebook advertising spend of just $3,971.Click To Tweet
Let’s get into the nuts and bolts of exactly how you make money on Facebook, starting with…
How YOU get $109,500/year worth of Facebook Fan Page Likes for FREE!
At the end of the last post in this series, I introduced my Facebook Selling Formula. Here it is again:
Be Useful + Be Authentic + Sell Occasionally = Big Facebook Sales
I am going to tell you EXACTLY what the selling part is. I promise you, if you skip parts 1 and 2 (“be useful” and “be authentic”), you will either fail altogether or have, at best, marginal results. Being useful and authentic helps me average 300+ FREE Facebook Fan Page Likes every day!Being useful and authentic helps me average 300+ FREE Facebook Fan Page Likes every day!Click To Tweet
300 New Fans Per Day x 365 Days Per Year x $1.00 = $109,500. I DON'T pay a penny to advertise for Facebook Fan Page “Likes” any longer and when I used to and I got pretty good at it and could get highly targeted “LIKES” for between .30-.60 each.Most people pay around $1.00 – $1.50 per “Like” in advertising fees to Facebook. At $1.00 per “Like” the math looks like this:300 New Fans Per Day x 365 Days Per Year x $1.00 = $109,500 In Facebook advertising costs saved!
Let us assume that you are going to be on Facebook anyway. The Return on Investment (ROI) looks like this:
(ROI) = $109,500/0 = INFINITY!
My Content “Buckets” and Posting Strategy
I post on my Facebook Fan Page 8 -10 times per day between 6:00 AM – 10:00 PM seven days a week (yes, I use a scheduler!). And, I typically have posted in 6-8 different categories that I call content “buckets”. That means each category gets 1-2 posts per day and I rotate content buckets to keep things fresh. Why categories/buckets? First, it helps me stay organized and well-rounded. I do not want to exhaust my community with too much of the same type of content.
The different buckets allow me to show my personality consistently. These buckets help me make sure that I am promoting my business on a regular basis. The categories change based on what I have going on in my personal life as well as my business.
If I am on vacation you will likely see more personal posts. When I'm attending an event, you will most likely see event-related photos. If I am working on a new product launch I may have a slightly higher percentage of business-related posts.
Here are some of my current Facebook content “buckets:
- Business – Product-based
- Blogs (my own as well as my Huffington Post and Entrepreneur.com posts)
- Business/Social Media Tips
- Community Value/Cause
- Business – Non-Sales
I have 8 categories of Facebook posts and only 1 of them is business-related. Remember Jab, Jab, Jab…RIGHT HOOK! (thanks Gary Vee!) from Part 1 of this series? I have found out that if I sell on my Facebook page about 20% of the time my conversions are higher, my community stays engaged and I make more money than if I try selling to my community all day every day.
8-10 posts and 8 categories may seem like a lot to you, but it is perfect for me for a lot of reasons. Three are:
- I have A LOT of content I create other places (like on my blog and I want to get it seen.
- I want people to see my personality and my business from all angles.
- Finally, unlike Twitter, Facebook only shows my posts to a small number of my fans organically so I need to create more posts to reach a greater number of them.
I can usually find all of the content I am going to use, build the graphics and post a day’s worth of content in under 1 hour! Note: Be sure to check back in a couple of days for Part 3 of this series where I tell you what is inside my Facebook tool chest and how I find content and create high-quality graphics at such an amazing speed.
My “Jab” Facebook Posts
These posts are designed to show my personality, make you laugh, get you to think, provide you guidance or give you a business or social media tips. I am not trying to sell you anything! These typically get the freest traffic on my page and build my Facebook community faster than anything else I do.
Question or Puzzle Post
Community Value Post
Business Tip Post
Business-Related Non-Product Post
“Right Hook” Posts
Okay, the time has come! It is time to use Facebook to make money. These are my “right hook” posts, the ones that drive bottom-line business results. I deliver them sparingly but consistently, typically with awesome results.
Business-Related (Webinar Sign-up) This was a free webinar I ran last week. This post, part of a larger campaign, had a reach of 28,656 people with about half of that reach coming from a very small Facebook ads spend. 131 people clicked the link directly from the ad (about 90 of them actually registered) and another 50 people shared the post with their communities.
Sure the webinar was free, but I did take the opportunity to invite people to join my Social Selling Made Simple Inner Circle, a paid subscription group where I train and work with small business owners. That product has a Lifetime Customer Value (LCV) of $1,269 ($47/month times an average 27-month retention). I sold 139 memberships for $176,391 in LCV on a total Facebook Ad spend of $1,472.15.
Business-Related (Free Offer) This post offered a free eBook I created showing people how to use Hashtags on Twitter to increase sales:
I spent $200 on Facebook advertising for this post, reached nearly 40,000 people (half of those for free) and had 543 people claim the offer from this one ad. Inside the eBook is a link to a paid product, a $9 mini-course called Twitter Growth Domination 2.0. For the entire campaign, 19.2% of the people who downloaded the free eBook bought the $9 upsell. 20.4% of those who bought the upsell bought the second upsell, a $47 Twitter Sales Shortcuts Course. Finally, 11.0% of the people who bought the second upsell bought the Social Selling Made Simple monthly membership for $47/month. So, yes, I did pay $200 to GIVE something away for free (at a cost of only.36 each!). Not smart? Well, let's look at the numbers…
Here is the math and ROI calculation on the results.
Mini-Course: $9 x 104 = $936
Full-Course: $47 x 21 = $987
Subscription Product: $47/month x 2 x 27 months (average retention) = $2,538
ROI = $4,461/$200 x 100 = 2,230%
Still not Convinced, Let me Enumerate?
First, I have gone and done it and have told and shown you my Facebook marketing strategy in great detail as well as the results of my efforts. Second, I have built a good portion of the multiple seven-figure values of my social media marketing company, Boom! Social, on the back of Facebook and this exact strategy. This is not a post about me but It is about YOU and how YOU make money on Facebook. Are you convinced that you should go all-in on Facebook as a business-building tool?
If not, give me one more shot. Join me for the third and final installment of this series when I give you a sneak peek inside my Facebook post-production toolbox and show you exactly how I do use Facebook advertising such as: custom audiences, pixels, retargeting, lookalike audience and all that good stuff and specifically how I made $64,287 on a Facebook advertising spend of just $3,971 doing something you absolutely can do yourself!
The goal here is simply to remove the mystery and confusion and show you how YOU can make money on Facebook! You can see that post right now by clicking here.
You can grab all 3 articles of the How You Make Money with Facebook Series in PDF format here…
I would love your thoughts on what you think of Parts 1 and 2 of the series below!