Ask any questions related to business / entrepreneurship / money-making / life
NO BLATANT ADS PLEASE
Re: And how is this monetized?
What makes Facebook different from standard direct response advertising?
First, how is email marketing different from direct response mail?
Direct response mail
* It costs money to send a letter
* Can send mail to anybody, as long as you have their mailing address
* Nobody can stop you!
Email marketing is different...
* Sending an email is virtually free
* Legally, you need to have an established relationship with the person receiving the email, or they have to give you permission to email them (by "opting in")
* Legally, you need to give them the option to "opt out" and to stop receiving your emails
This helps explains why some who succeeded well with direct mail, ended up failing with email marketing. They'd just "spam" their emails with pure advertising... This works well with direct mail. But with email, as a result, people will exercise their right to "opt out" - and your email list gradually disappears as people "opt out"...
Also, it means you can't just buy an email list, and start emailing it out of the blue. (That would violate the anti-spam laws.)
Facebook is different again...
* Facebook has so many options to target people, it boggles the mind.
* There are multiple options of what you want people to do as a result of your ad... Do you want the viewer to "Like" your page? To "Like" your post? To watch your video? To go to your website?
* The biggest difference is that people can easily "share" your posts and even your ads... When people "share" your content, it is effectively free advertising for you.
* How people react to your ad is monitored by Facebook, and the more positively they react to your ad, the more people Facebook will show your content to...
From what I've seen so far, there are multiple strategies that can work on Facebook. One guy is selling a lot of his in-person workshops - but he has a big ticket item ($2,000 to $3,000 per workshop). His method (which is very different from what I've seen others do) could work with lower cost products, I might try it. Another person takes another approach to sell music. Another person uses a "free" approach to sell a product, but it isn't really free, because they run a competition and give a big expensive prize (that costs the advertiser real money) to the winner each month. Another person uses a method which is virtually "free" - but they use additional customized software to enhance the "shareworthiness" of their content...
It's fascinating, and I'm sure there are plenty of other strategies that work which I'm not aware of yet...
Last edited by Dien Rice : July 24, 2017 at 03:40 PM.