Every business needs to generate revenue, even if it is a social media application! You might be wondering how your Facebook-like app will manage to do this. Well, you won’t have to think hard as there are in fact several methods to do this. So many that you can pick and choose the best ones that apply to you!
Methods Your Facebook Clone App Can Generate Revenue
Social media apps see millions or billions of users utilize the app for a range of reasons. But, investors won’t be too eager to develop one if there are no financial rewards. Luckily, there are several methods of generating money from your Facebook clone without blatantly asking users for money!
Want the answer to the burning question of ‘how do Facebook clone apps generate revenue’? Read on to find out how to do it.
Advertising
Your Facebook clone app can earn the majority of its revenue through advertisements. But, the category of advertisements is broad and applies to many different types of ads. Some are more financially rewarding than others but using them in combination is most ideal for your app.
Targeted Advertisements
Over the course of time, your app like Facebook will generate basic information about its users. This includes age, gender, location, and hobbies. Using this data, you can target your audience with advertisements that appeal to their interests.
For example, a certain user has shown an interest in a specific basketball team. You can target this user with an ad about that team’s merchandise. Thereby increasing the likeliness that the user will click on the ad and possibly even make a purchase.
Video Advertisements
Ever watched a video and been interrupted by a short few seconds-long video advertisement? Well, you can do the same to the videos on your Facebook-like app. Keeping the video ads short and at regular intervals (not too close together) will not cause outrage among your users.
Also, like Facebook, you can introduce a video conferencing feature that allows users to stream live video sessions. In this feature, you can utilize video advertisements to monetize your video meeting feature.
Self-Serve Advertisements
This type of advertising is suited to users as the name ‘self-serve’ advertisements. Users can choose to put up advertisements that will appear on the right-hand tab (sidebar) of their individual page or group page.
With the help of Facebook Ad Manager, users can manage their ads and assure that they will reach their desired audience. These ads usually offer the most benefits to the users of the app.
Facebook Messenger Advertisements
Facebook Messenger is a tool by which a business or user communicates with their client base or audience. This platform makes for an appealing platform for businesses of all sizes to privately and conveniently communicate with customers.
Seeing its high usability and efficiency as a one-to-one communication tool, you can capitalize on it. High Facebook Messenger usage makes this feature a great method of earning revenue.
Data Generation
Have an interest in making a Facebook clone? You will learn that information is what makes this app function and succeed. An enormous amount of information will circulate through your app daily and this data is actually worth money.
This data could be cycled through analytical companies that study general user behavior and other characteristics about the people on your app. Money could be made from these partnerships.
But, it is important to remember that users are giving their information to you with confidence in their privacy. This means that boundaries need to be set and sensitive data must be treated as so.
Virtual Reality Headsets
Facebook spearheaded the virtual reality headsets and have their own line of Oculus VR headsets. The company has launched several Oculus products that are thriving in a market that is ready to move forward with technology.
In the same way, you can venture into making other technological products that will be widely accepted by your users. Even offering a new technology or service to users for a small amount is a great way to earn a side revenue.
Payment Portal and Virtual Currency
With the popularity of digital payments peaking, Facebook has a digital payment solution called Facebook Pay. Available in several countries, this feature allows users to send and receive money. Automatically gaining traction among small businesses and individuals who make digital products or offer services.
A feature like this in your Facebook-like app would be appropriate because your users would naturally spend a lot of time on the app.
Apart from this payments solution, you can follow the steps of Facebook and start developing a cryptocurrency. Facebook is developing the virtual currency Libra, which has a chance to change the world of payments as we know it.
Your Facebook Clone As An eCommerce Platform
Given the number of users using your Facebook clone, here lies a unique opportunity for every business. A startup can take to your Facebook clone app to advertise their products and hopefully increase their reach and sales.
This way the app works as a network to connect users with businesses and improve sales. Your app can break barriers and connect businesses with their target audience. Users showing interest in a product are more likely to buy that product than users who do not show any interest.
The wise decision is to implement a way for users to checkout (purchase a product) directly from the Facebook app. Alternatively, if users are driven to the business’s website and complete a purchase, Facebook should be compensated for the lead!
Conclusion
As you can see, there are a variety of ways to generate revenue from an app like Facebook.
Developing a Facebook clone app doesn’t seem like a bad idea now, does it? Options for revenue generation include advertisements, payment gateway or cryptocurrency development, or eCommerce capabilities.
However, keep in mind that the amount of revenue you generate depends on the number of users your app has. A great deal of Facebook’s success is because it boasts of having around 3 billion users!
