Facebook video monetization is the best way to turn your profile into a money making machine if you’re focusing on the right things. If not, you’ll easily alienate your followers from your content and find yourself constantly rebuilding your business each quarter.
There are three basics keys to success on Facebook video monetization. They are solving a problem, being cool, and expanding on a marketing strategy that is already working.
This is a two-part series, that starts with the basics of how to create a Facebook video marketing strategy that works. If you haven’t checked out part one of this series, please click the link and go there now, because if you skip that section you will set up your strategy incorrectly and destroy your ability to sell.
This article has two parts to it. The first part goes over a checklist of the qualities you need to have for an effective Facebook video monetization. The second is a basic how-to on putting all this information together in perfect harmony.
Here’s What This Article Is Not
It’s not a guide to making videos. You can find that here…
It’s not a guide to finding a good audience to sell your products with video. You can find that here…
It’s not a guide to learning the Facebook ad platform. You can find that here…
Check Point #1: Solving a Problem
I have a confession to make. This should be a 10-point checklist with this point being the first eight and the next two as number 9 and 10. It’s that important.
If you’re not solving a problem then I have some bad news for you. Your product won’t sell and I hope you didn’t waste too much money.
Now, that we’ve weeded out all of the people that don’t believe in creating products that solve a problem, we can focus on deciding to the degree to which the product solves a problem.
An easy way to figure out if your product is solving a problem is to see if people are asking for something like this. Forums are a great place to go, Craigslist, Facebook Audience Insights, ads, research, etc. are all great ways to find out if there is a real market for what you sell.
The second thing to think about is how much value are you bringing to your customers. Will they make 10 to 100 times the price you’re selling your product? If it doesn’t provide massive value to them then you’ll have to make sure your video ads are even more persuasive.
I’m not trying to scare all of you here. If your product isn’t splitting atoms or sending people to Mars, don’t fret. It, of course, doesn’t mean that your product is a bust. Many products are simply cool and already selling, and sometimes that is better than actually solving a problem.
You should be thinking about helping people and if you continuously sell products that provide tremendous value your brand will become associated with quality and that’s a great place to be.
Check Point #2: Being Cool
Being cool is one of the best ways to start your Facebook video monetization strategy. Products like fidget spinners, fake tattoos, and b0bble heads are cool and don’t solve any problems except bored through cheap entertainment. Yes, I’ve heard that fidget spinners are great for kids with ADHD, but ADHD is also one of the most over-diagnosed afflictions in the United States. No offense, but I’m just saying that market target-rich to say the least.
Do you want to know another product that was cool for the longest time and most people thought it was worthless until recently? Facebook, Twitter, and all the other social media platforms. Now, they’re integral to our society and our economy in ways we’ve just begun to imagine.
Social media and its applications will continue to evolve as time goes on. Making sure you’re staying up-to-date with it’s latest trends will help you with your ad strategy and being cool.
As far as, Facebook video monetization goes… The degree to which your video reach taps the emotions of your viewers will determine whether or not they buy your product or slam it as stupid.
Sometimes cool is just solving a problem, and other times cool is just being funny. It’s truly up to your viewer, and that means you need to be adaptable with your videos so when you get feedback from your audience you can make the necessary adjustments capitalize quickly.
Check Point #3: Expanding on a Working Video Marketing Strategy
Most of your answers on how to market your product are already out there. All you have to do is look at your competition and you’re in luck. If you don’t have competition, then OMG you’re going to be rich unless you’re product doesn’t work or solve any problems. Lucky you.
For the rest of us, study your competition like a hawk. Use Similar Web to find out what all of your competitor’s ads are saying. Literally, every landing page, sales pages, and ad is there for you to rip off.
If you don’t want to pay for that, then go into the Facebook groups in your niche. You’re bound to see ads if your following the right pages, groups, and have your interests set up correctly. For more information on finding out which pages and groups to get in, go to this awesome article about Facebook Audience Insights to make a difference.
Of course, I’m not saying rip them off completely, but think of the saying “when in Rome, …” or “don’t reinvent the wheel.” It’s really that simple, so don’t try to reinvent the wheel unless you’re absolutely sure that your competition is missing something. If they are, then break out the champagne, because you’re going to beat the pants off them.
How-To: Facebook Video Monetization
There are some pretty important things to know about Facebook video monetization. The above checkpoints need to all be working in some way. They don’t all have to be firing full-blast but remember the success of bobbleheads. They will guide you if you’re not saving the world.
Here is a step-by-step guide to making Facebook video monetization a scalable reality.
Step #1: Map Out An Effective Funnel Strategy
My favorite way to do this requires 2 shots of espresso, a nice ballpoint pen, and cocktail napkin, but if you want to get fancy you can use your computer. If all else fails and you run out of cocktail napkins, you can use your hand.
All you’re going for in this step is to figure out how many steps you need before you put your customer to the test of buying your product. Study your competition and you’ll find out if they’re using a short landing page with a video sales letter, or a long-form written sales letter, or a whiteboard presentation.
One more great tool you can use is WebinarJam. It’s a great way to sell your products live or with a recorded meeting. These are really popular these days because it has the capabilities to entice viewer participation and create a bandwagon effect when people purchase your product because it notifies the rest of the viewers that others are buying.
I’d say the most basic Facebook video monetization strategy should include a video ad through the Facebook ad platform linking to a purchase page. Most ads lead towards some kind of sales letter, which is what I recommend, but your ad might just be that persuasive that you don’t need one. In step #4, you can test them both out.
Step #2: Make Your Videos
If you’ve been watching your competition, you’ll know what kind of videos work and which ones don’t. I have to tell you that the best videos are with real people using the product in real-time. The keyword here is real, and that is another word for transparency.
If your videos show the product in use and solving a problem or being super-cool you don’t have to go all out with your video ads. All you need is a smartphone and a decent microphone if at all.
B2B clients are going to require more of a formal approach. They probably won’t appreciate the basic overviews and would desire the meat and potatoes (features, benefits, and price) of the ad. In other words, don’t waste too much of their time.
Step #3: Plan Your Budget
Poor budgeting is what kills most Facebook video monetization strategies. By careful when managing which ads are working and which are not. You’ll be able to survive longer than you think if you plan out a weekly spend limit.
It’s better to start very low each day to ensure your strategy is effective. Testing the ad with a smaller more specific audience will help you decide if your videos are the right quality, length, and voicing. You might find out that everything you did is wrong. Good! Now, you know what not to do next time and you didn’t lose that much money in the process.
Whatever your budget is, just make sure that it will allow you to do multiple ad sets at one time. Testing at least 5 a day will make it easy to figure out the winners and the losers. Keep in mind that you should do 5 a day for over a month to really get your strategy properly vetted before you spend real money. If you follow these guidelines, you’ll be able to reduce your risk of overspending on ads in the beginning.
Step #4: Test, Test, Test
Testing your ads is essential to finding any kind of virality. That is your goal here. To make your ads go viral.
The only way you do that is by changing the videos, the strategy, length, key points, for each ad set. The more variations you throw into the mix the more you can compare the data. The data itself tells a detailed story of what your customer base likes and dislikes.
Let’s say you have a video ad, linking to a sales page that links to the product page on your website. If you’re getting a lot of abandoned carts you might want to consider a few things. Your ad is definitely not the problem. The problem is either your not building enough trust with your audience on the sales page or something is “off” on the product page.
In this case, I would add more trust building elements to my sales pages and make the process even quicker to purchase by adding a 1-click Paypal button on the product page. Adding a money back guarantee or even the most effective, I’ll pay your money back plus 10% strategy could be the difference in reach 6, 7, or 8 figures. The choice is yours, but you’ll only find out if you’re constantly testing new strategies.
Step #5: Reinvest in Working Campaigns
The speed you find a working strategy will determine your ability to scale quickly. After you do that, all you have to do is cut the losers and make sure your winning campaigns are getting the proper funding to scale.
If it seems simple, it is. The tricky part is the testing. I’ve heard of people testing for months on end and then suddenly finding one ad that made them filthy rich. It can happen like that, but if they didn’t stick it out they wouldn’t have found their way.
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