Are you wondering how much is a Facebook group worth in 2020?
Are you sitting on a gold mine or a fixer-upper?
In 2020, Facebook Groups can be powerful, money-making tools for your business.
However, you have to optimize your group to see a profit.
There are millions of dollars to be made off your Facebook group if you play your cards right.
Facebook Is Promoting Groups
For businesses and entrepreneurs looking to cash in on Facebook Groups, you will not be working alone. Facebook has a 5-year plan to grow meaningful group members to 1 billion users.
While there are already 1 billion group members across Facebook, the goal is to boost meaningful groups that form communities and serve as a regular part of the user experience.
In order to reach this goal, Facebook is launching new features and improvements for Groups on a regular basis. They will also be rolling back features that do not work out as planned.
The Goal of Facebook Groups
Facebook Groups are more than just a place to push sales and advertise your products. Monetizing your Facebook Group involves curating a target audience and posting relevant content that appeals to them as well as moderating conversations among group members.
The goal is to build a community around your brand that attracts your target audience. Instead of having customers purchase just once, they will become loyal to your brand and advocate for you.
7 Ways Facebook Groups Build Community:
- Encourage feedback for your brand
- Answer questions in a public forum
- Create networking opportunities for your members
- Build personal connections between you and your customers
- Provide relevant content that is valuable
- Share news updates and important information
- Create a forum for shared experiences
Facebook Groups vs. Facebook Page
You likely already have a Facebook page, which can leave you wondering why a Group is important. Both are beneficial to your business and making money from your Facebook Group.
Your Facebook page is a great place to reach consumers. You can run ads on social media, share public information, and appear in search engines through your Facebook page. You can also receive direct messages from users and provide contact information for your business.
Your Facebook Group is more concerned with building a community around your brand. Group members are more likely to interact with one another and feel more comfortable posting in the group feed.
Types of Facebook Groups by Purpose:
- Niche groups focused on a specific topic
- Buying, selling, and exchanging groups
- Local groups for a specific town or region
- Hobby groups for a specific interest
- Research or information groups for strictly informative purposes
In order to make money from your Facebook Group, you are going to want to center your group around buying, selling, and exchanging, or a niche topic. Members of these groups expect to be targeted for marketing purposes, and they may be more likely to receive your advertisements well.
Types of Facebook Groups by Privacy:
- Public groups: Anyone can see the group, join, or post on the group page.
- Private and visible groups: The group can be found in a search, but users must request to join. Group members and activity are only viewable to those in the group.
- Private and hidden groups: Only users invited to the group can find it and join.
For businesses, private and visible groups are the best option. Users can find your group through a search and request to join, but there is still protection for your members and the feeling of exclusivity. You have more control over keeping out spam or bots to protect your group.
Monetize Your Facebook Group
Once you build your Facebook Group, you have a captive audience that is interested in your products or services. This is a great chance to promote your business and drive traffic to your website.
Tips to Monetize Your Facebook Group:
- Create a buy and sell group to showcase products and prices
- Promote your products and services
- Utilize affiliate marketing to promote other products and services
- Earn commission through referral marketing
- Grow your sales funnel and direct traffic to landing pages
- Conduct lead generation by obtaining contact information
- Form connections to find more customers
- Find potential business partners
Collect Leads from Your Group
Your Facebook group is an excellent source for lead generation. Use a Facebook Group lead generation Chrome extension like Group Leads to add all of your group members to your email marketing software.
By utilizing the three welcome questions for joining a Facebook group, you can easily collect contact information from your group members. Use this information to target them with your email marketing and advertising communications.
Download Group Leads to start selling your products to your Facebook group members with easy to use point-and-click software.
Set Up a Subscription Fee
While many groups are free to join, you can also offer subscriptions or membership plans. The content provided in this type of group must add considerable value for your audience to justify the membership fee.
Setup recurring fees to collect membership dues from your members and provide access to your group for paid members only.
If you charge members to subscribe to your group, offer superior content to entice users to join. Host Q&A sessions on relevant topics, offer webinars, live videos or events, and exclusive content. Make sure your group members cannot access this content anywhere else.
Earn Advertising Revenue
Another way to monetize your Facebook Group is to solicit ads or sponsorships. Other marketers, businesses, and instructors can pay to have their content advertised within your group.
This method generally works best when you have a strong, targeted audience. You can offer advertising opportunities to businesses with similar audiences to make the most of their ads.
As the group administrator, you can pin posts to the top of the group’s feed. This ensures they stay at the top instead of getting pushed down by newer posts. You can sell this spot to advertisers to generate income from your Facebook group.
Your Facebook Group is Only Worth Money for You
Some people may be tempted to sell their Facebook group once they establish an audience and build up a community. On the surface, this may seem like a great idea. You may have heard stories of people who sold groups for $10,000 or more. However, this practice is against Facebook’s terms of service.
Buying and selling Facebook groups is an easy way to lose money. There are consequences for selling a group, and it is difficult to take control of a group if Facebook does not block you. Avoid this practice altogether.
Only you can determine the dollar value of your Facebook Group in 2020. If you cultivate your audience and build a strong community around your brand, the options for monetization are virtually endless.
Your Facebook group is a great place to promote your products and services to a captivated audience, sell ads, and generate income from subscriptions. Consider your audience and business to determine the best way to monetize your group in 2020.
Don’t forget to use Group Leads to instantly add your Facebook group members to your email marketing software. Send targeted email marketing campaigns to your group members and boost your sales overnight!