Is your Facebook page a real snoozer? You won't make much money that way! Even the smallest business can make money on Facebook. Here's how.
As a small-business owner, you probably don't have the resources that a large corporation employs for online advertising campaigns, but social media consultant and author Brian Carter says that even solopreneurs with limited funds can gain the competitive edge in this vast cyber-arena.
"For years the Internet has provided us with the wildest opportunities that haven't been very competitive or expensive," says Carter. And with all of these options available to us, Carter is most passionate about Facebook advertising. "It provides us with the biggest opportunities—it's a great place to profit," he says.
"Advertising on Facebook is the biggest opportunity for businesses large and small," Carter says. "What Facebook advertising does, which is great, is to allow you to reach a TV-sized audience, locally, nationally and even internationally, and still target it the way you would in any internet marketing campaign, yet start with just five bucks a day. To me it’s revolutionary because businesses can reach an audience they couldn’t have ever reached before."
If you've jumped into the Facebook frenzy, like millions of business owners, by creating a Facebook page: congratulations—but that simply isn't enough. "There are a lot of problems with pages," Carter claims. Recently, he combined efforts with EdgeRank Checker and found that the average page across 4000 pages is only reaching 17 percent of their fans. So if you have 100 fans, you may only be reaching 17 people with all of your hard work! "The downside of the page is that you're not visible to all of your fans," says Carter.
Like any marketing campaign, it's apparent that you need a strategy before you launch your page. So how can a small business benefit from what Facebook has to offer? Here's what I learned from my conversation with Carter. And I'm learning much more from his most recent book release, The Like Economy: How Businesses Make Money With Facebook.
In light of Google's new Search Plus Your World, I couldn't resist asking Carter if he thought Google+ will give Facebook a run for its money anytime soon. "Google+ can become big if it becomes more sticky—if we can enjoy using it more," Carter says. "Right now it's all the early adopters on Google+. It's not really an opportunity for most marketers because there is not enough of a general audience there. Google+ has to be more fun to use to attract that audience. Search Plus might be a strong-arm tactic to try to force it to happen faster."
He continues: "It certainly could be a big deal at some point but there are phases of adoption of something new—like Facebook was in 2009. There aren't enough people on it in this phase to do any real marketing. But once it reaches enough adoption the network effect happens. You can reach more than half of the United States with Facebook ads, and Google+ is just not there yet."
Join me on Monday, January 23 on Toginet Radio, where Brian Carter will join me to talk more about how small businesses can make money on Facebook. If you can't make the live Million Dollar Mindset broadcast at 2pm eastern, download the podcast anytime after 4 p.m.
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