You may have been using Facebook for the last ten years, or so. Have you ever, in your wildest dream, thought that one day, you might need to know how to monetize a Facebook group? Have you thought of a Facebook group, a place for friendly interaction that will generate income for you?
The Covid-19 pandemic has brought drastic changes to the top entrepreneurial minds. Entrepreneurs around the world are now using this moment-sharing platform literally as a Cash cow!
But, before considering monetizing your Facebook group. You must learn the rationales behind it and act accordingly, which are the discussion topics we want to cover here.
So, no further ado, let’s jump onto it!
Why should you monetize your Facebook Group?
Monetizing Facebook groups is not a very old trend. Not a great deal of groups, compared to the number of groups Facebook has, are being monetized so far. But as there are 10 million Facebook groups, you will find many people who’re successfully running a monetized Facebook group.
Knowing the rationales behind monetizing your Facebook group is necessary for anyone who wants to generate money using Facebook. You should monetize your Facebook group-
- Because you get access to a vast audience base: Facebook has 1.8 billion daily users. One in four people in the world uses Facebook daily. You can invite these people to your group, and having a monetized group means converting many members into your customers.
- Because the monetization process is not like others: Other platforms that pertain to monetization have some definite functions, but it won’t apply to the Facebook group. Facebook page monetization necessitates spending money on many components; however, monetizing a Facebook group is absolutely free! You can even join a Facebook group as a Facebook Page!
- Because you provide everyone with a voice: While running a Facebook page, you generally are all in all. You post, you upload, you reign! But in the case of a Facebook group owner, you may give others a chance to speak up. That is, you are providing everyone a two-way communication platform!
- Because you don’t bombard people with advertisements: Facebook homepages and pages are full of advertisements. Facebook groups are different since they have little to no advertising, which reduces user frustration when scrolling the Home page. So monetizing your Facebook group is beneficial to both you and the members.
- Because you can build a solid community: You can still build a healthy Facebook group community without monetizing, but monetizing gives you a relevant audience with similar attitudes who can become your assets if you treat them well.
Note that, learning what type of Facebook group you should select is an important task too.
10 Tips on How to Monetize a Facebook Group
After rationalizing your decision, it’s now essential to know how to monetize Facebook groups. You may still wonder, do facebook groups make money? Following are the 10 proven ways you can apply to monetize your Facebook group and learn how to earn from Facebook group.
1. Affiliate Marketing
The practice of Affiliate Marketing is a pervasive concept in digital marketing, and it is the first way to monetize the Facebook group. It is performance-based advertising with which an affiliate promotes a product on behalf of a company and sells it to the desired customer base. In return, the affiliate earns a commission from the vendors.
A Facebook group allowing affiliates to promote their product is undoubtedly an excellent platform for direct selling and buying. Affiliate marketers around the globe are now leveraging the use of Facebook groups to reach their desired audience. But, before everything, you must first ensure that you’re offering the relevant product to the appropriate people; otherwise, people will lose interest in the group where you act as an affiliate marketer. The same responsibility is also on the shoulder of the group owner, who allows the affiliates to go for promotional activities.
So, with the help of Affiliate marketing, Facebook group monetization is incredibly easy.
2. Lead Generation
Suppose you are a true believer in the fact that business success lies in long-term relationship building. In that case, lead generation and nurturing is the way that you can try out for your Facebook group monetization.
A Facebook group is an excellent tool to generate leads as joining members may have to provide the required information in the questionnaire made by the Facebook owner.
Think of yourself as a freelance business journalist who wants his audience to read his latest article and weekly newsletters. In that case, monetizing your Facebook group and asking the requesting members to fill up the questionnaire can be an excellent way to capture leads if you set the questions accordingly.
The email address, phone number, physical address, and even the requesting members' age can be treated as a lead.
Groupboss is a tool that helps you capture those leads and save them in the google sheet and dashboard for further operation. So, there is no requirement for manual copy-pasting of saving these answers provided by the requesting members, and you can save a great deal of time!
That’s how generating leads for yourself, and others help you monetize Facebook groups and earn money from it.
3. Brand Partnership
BCM or Brand Collabs Manager is a new Facebook business tool to help you build robust collaboration with other brands' managers. If you are a Facebook group owner, you can now collaborate with the brands to bring more meaningful products to your audience base as the BCM will now allow businesses to work with Facebook's public groups, allowing them to monetize their loyal fan bases by collaborating with them and make money from facebook group.
Right now, BCM is a marketplace that empowers brands seeking to promote their products and services to locate and interact with Facebook Groups admins and moderators. Previously, this functionality was only accessible to Facebook creators via Pages and Instagram. That is how you can profit from the Facebook group to get the advantage of the BCM by running monetized campaigns and monetizing engaged communities.
Here, you can check if you are eligible for BCM.
4. Selling Online courses
As a Facebook group owner, if you want to extend exclusive membership or premium content to your niche, you can try out subscription fees to generate income, thus monetizing your Facebook group. Selling online courses is a type that attracts a lot of experts.
Consider yourself a GMAT expert who can help the test takers with updated solution manuals and test model questions. In that case, you can extend monthly membership deals that may offer the test takers (now your Facebook group members) to use all those solutions, video tutorials, and miscellaneous materials. Being a paid member of your group, they might also be able to grasp the intricate matters with the assistance that you provide through your valuable comments, posts, and other interaction touchpoints.
That’s how a monetized Facebook group can generate an extra income for you and provide the paid members with values they might find more challenging to get from other sources.
This kind of income is highly desirable as it is recurring and can help sustain your business during lean times.
5. Expert Collaboration
Profiting from Facebook groups has never been this much easier.
Find specialists who fit your Facebook group's niche and work together with them for educational sessions.
In this way, you can allow people to get help from the experts and let experts create value for your Facebook group. Once you see that you have a huge audience base and a handful of experts ready for collaboration and get their interest out of the group, you may monetize the whole process. You may choose to extend monthly deals for the members or charge the experts as they get their much-needed leads from your Facebook group.
That's how, through expert collaboration, you can make money from Facebook group.
6. Advertisement & Sponsorship
Not all Facebook groups are subjected to promotional activities. But there are some groups where group owners can allow people to promote their product, service, and business, making sure that the promotional people abide by the policies and guidelines.
If you are one such group owner who wants to enable people to reach their potential customer base, you may use your Facebook group as a money-generating machine. Allow the promoters to promote their product and charge them commissions based on any metric you choose. That’s how advertisement and sponsorship can make you money through a monetized Facebook group.
7. Paid webinars
A Facebook group can be an excellent way to sell tickets for various online events and webinars, thus helping Facebook group monetization.
Or else, you may conduct live webinars to generate sales of tickets for that. The live events and webinars on Facebook are straightforward to set up and run. All you need to do is make the content ready, deliver the pitch and gather an audience. Your Facebook group members may join those insightful webinars, which are, of course, not free of charge, thus helping you monetize your Facebook group and generate your income from there.
However, it would be best if you kept in mind that the group members are interested in a particular niche, and you have expertise and experience in that niche.
8. Job Seekers’ Group
Job seekers are everywhere. It's your opportunity to help them find new jobs and monetize a Facebook group.
So, provide a platform, a Facebook group for the youngsters and the job switchers to find jobs and prospects. Many agencies around the world are consistently hiring new candidates. You may blend both parties in your Facebook group and charge every requesting member. You may also generate leads for the job providers who are looking to attract more candidates.
That's how you can help people and get rewards through a simple Facebook group!
It’s another beautiful way to work for humanitarian purposes!
Help people build their business and future. Help people who need to raise emergency funds for genuine purposes. You can bring the angel investors and startup founders in the same Facebook group to co-exist and communicate. That’s how people can build up a corporate relationship and build their future.
In return, you will get what you need - A monetized Facebook group through charging everyone who wants to join the community to seek prospects!
10. Arranging Workshops
People around the world nowadays hone new skills to boost their resumes and get better opportunities. A workshop is a methodical way to help people build new skills to get more exposure to their skill portfolio.
If you can host real-life events and workshops such as speaking or training, you can generate interest and sell tickets to your group members. These events are commonplace, but if they can provide the proper value, people will come and spend money behind them.
Take the opportunity and grow a Facebook group based on that. You will see how your group is being monetized in no time, and people are getting together to gather new skills and build a solid community.
If you can build a solid community, people will come and seek opportunities. In return, you can generate your income. Thus, Facebook groups are now a sensational way to generate money and help people get what they seek. If you’re seriously interested in it, you may find more ways to monetize your Facebook groups, but the ways mentioned above are proven and straightforward. Now you really know how to monetize a Facebook group!
So, learn to use them and see how a mere Facebook group can do magic for you!