Another way to earn money on Facebook?
Facebook could be adding a “tip jar” to allow users to make money on their posts. Facebook is reportedly considering introducing a “tip jar” which would allow users to give a small cash tip for a good post, instead of just a “like”. The potential new product was spotted by The verge who saw a Facebook survey asking its users which way they think would be the best way to earn money while using the site.One of the more popular options was a “tip jar” which would work allot like the “like” button allowing users to give a few pence to creators whose posts they enjoy with a single click.
Micropayments are nothing new in the digital world. Companies such as Blendle allow users to pay small sums of money for individual journalism stories, where as “Flattr” allows users to set up a small monthly fund which they can choose to spend freely on content they enjoy by simply pressing a button. These kinds of services have always faced one major problem, People just don’t sign up for them, however seeing as Facebook is the largest social media platform in the world (more than 1 billion users worldwide) you would think that if this type of service were to take off, Facebook would be able to do it.
Facebook has previously received criticism for not sharing its advertising revenue with creators. A tip Jar could be an experimental way of trying to give something back. The survey also featured other options for generating money such as a “donate” button which would allow users to donate to a specific facebook page or cause. Whichever money-sharing scheme facebook hits upon, is likely to prove a success. The companies recent focus on Live video streaming could make it a great place for internet personalities and companies alike, to generate possibilities.
Does Social Media advertising Work?
With popularity comes opportunities to advertise, this is why Google and Facebook have become two of the largest advertising platforms around today. With 1 Billion active users on Facebook and 3.3 billion google searches per day. These two places are where you need to be when advertising online.
What’s the Cost?
Instead of traditional advertising where you would pay for a placement in a magazine or on a billboard, Online advertising opens up a whole new platform for accruing cost. The two major ways of paying for digital advertising are CPC (Cost per click) and CPM (Cost per thousand Impressions).
But what do they mean?
Cost per click is exactly what it says on the tin. You pay every time someone clicks on your ad. In comparison this would seem like a much better way of advertising than paying for a placement in a catalogue, People will only click on your ad if they are interested in the product that you are advertising! However, while a click recognises interest, you’re not making any money.
A click is the first step to a purchase for your business, to get that purchase you need an easily navigable website to complement the advert. Not only does a well laid out website make it easier for a potential customer to make a purchase but it also has a direct effect on your ad’s positioning on Google. (I won’t go into ad placement now)
Another key benefit to advertising online, everything is record and reportable! You can set up an automatic email reporting system to check on how your ad’s are performing every month, week, or if you really wanted to keep on top of your ads you can review them every day. The information that is recorded ranges from how many clicks you receive to how many times your ad has shown, what keywords work well with your ad, and how different ads compete against each other.
What are keywords?
Keywords are what you associate with your advertising campaign. They’re what you believe a user will enter into google to show your ad. For instance, if you sold kettles you may have “kettle” as a keyword. Keywords can then be organised into groups which set a basis for how you advertise to potential customers. Once you have an ad group you can create compelling adverts. This process is similar whether you are advertising on Facebook or Google.
So to recap, You’re only charged when someone shows interest in your product and clicks your ad, your ads are only shown to people who are actively searching for the product you’re advertising and the progress that your ad is making, including how many times it is shown and how many times it is clicked is all recorded and can be sent to you in an easily readable format.
CPM (Cost per thousand impressions) is a different style of accruing costs. With this method, you will be charged once your ad has been shown 1000 times. This is great for getting your business and product onto the internet and showing it as many times as possible. Clicks are still measured and recorded but don’t accrue cost.
Clicks and impressions are not the only metrics that can be measured. Through instalpluginplug in onto your website you can also track when a customer has made a purchase. For creating a campaign that can reflect a return on your investment, conversion tracking is a must. Once you know how much a click is costing you and how much that click is worth on average, you can cater your ads budget to ensure you’re getting out of the ad campaign more than you’re putting in.
Facebook works slightly differently instead of a user searching for your ad and thus, finding and clicking on it, Facebook will work much like a billboard. It will show your advert on user’s timelines. This means your ad needs to catch the attention of the user and draw them into clicking to your Facebook page or website. A benefit of using Facebook however is its enhanced targeting system. With Google you can target your ad’s to a certain location, With Facebook you can choose a demographic as well as a location. “But narrowing down my audience means less people will see my advert” Yes That is true and I agree, if you just want your business to be seen online then Facebook is a great place to advertise to (1 BILLION Active users) However by narrowing down your demographic to age, gender, and even interests. You won’t serve your advert to as many people but the relevance and likeliness of those people purchasing your product will be much higher.
In essence, Facebook advertising allows you to serve your advert to either a massive range of people or condense the range down and take a more targeted approach. Either way, both outcomes will benefit your business.
To conclude online advertising opens up your business to both a wider and targeted audience, you can choose to either pay for a large audience to view your ad or only pay when someone takes interest in your product. A combination of both social media and Google advertising can be a very powerful tool to getting your business off the ground.