In the post-COVID-19 world, small business owners are hurting. Many of them need to find new ways to connect with clients because they can’t meet in person or hold in-person events. Online events have burst onto the scene. Business owners have had to revamp the way they do business. Now, Facebook thinks it has a way to help.
The social media giant announced in mid-August that it was rolling out a platform for paid online events.
What is a paid online event?
A paid online event is a live event held by a business. The event can be monetized by charging clients a one-time access charge. Until now, Facebook previously did not enable the monetization of live events. However, now it does.
Paid online events can be a wide variety of things including webinars, yoga classes, art classes, or even music concerts.
How much does a paid online event cost the event host?
For the time being, Facebook has decided to waive all processing fees for an online event. Android software has done the same. That means, when someone signs up for the event and pays the fee for that event through Facebook or Android, the event host receives 100% of the payment.
Facebook had asked Apple to do something similar, but Apple declined. According to Variety, “…payments Facebook users submit through the app for Apple’s iOS app, Apple will keep 30% of the revenue.” That means the event host will only receive 70% of the payment.
What are some of the keys to an online event on Facebook?
If you’re planning to do a paid online event through Facebook, here are a few tips.
Facebook has created a document with best practices for paid online events. Some of the keys include:
- Start your live stream early so you can troubleshoot if you need to.
- Set clear expectations for attendees so they know what they’re going to get out of the live event.
- Change the date and time if you don’t get any attendees.
Best promotion practices
When it comes to promoting your event, there are ways to drum up more attendees, including:
- Using Facebook Ads to create targeted ads.
- Co-hosting an event to reach a wider group of potential attendees.
- Inviting friends to share with other friends.
- Sharing your event with your Facebook Groups and Fan Pages.
- Offering free attendance to some attendees.
Why business owners should consider Facebook’s paid online events
The true benefits of Facebook’s paid online events are yet to be seen, but it’s clear that they exist. Facebook is one of the top social media marketing platforms for small businesses. That coupled with this new way to monetize, could make a huge difference for small businesses.
Facebook paid online events gives many struggling business owners the opportunity to find new streams of revenue. This is especially important for small businesses in this time of social distancing. Plus, with Facebook and Android waiving fees at this time, there’s no better time to test out paid online events.
Written by Erika Towne