The explosion of social networking has brought opportunities never before seen by online retailers. The ability to amass fans of your product, then communicate directly with them, is unparalleled by other forms of mass marketing. Prior to social media marketing, email marketing was the only way to reach thousands of fans at once. Email marketing has received a bad reputation from the deluge of SPAM that often finds its way to buyers’ inboxes.
Social media marketing shares no such stigma. As such, fans in Facebook are far more likely to, over time, convert to paying customers than members of an email list. The value of a Facebook fan, then, fetches a higher price than the value of an email marketing lead, which is typically valued at between $1 and $3. A Facebook fan could be worth ten times this, and some analysts even estimate their fans to be worth upwards of $150 each.
The question facing many social media marketers is how to appropriately monetize this valuable traffic. The answer ultimately depends on your business. If your business has a strong brand, for example, Coca-Cola, it is far less valuable to offer products like a 12 pack of soda than it is to increase customer loyalty. Major companies with a large base of fans try to ensure that their fans think of them first when looking for a solution to their problem. For smaller companies, say, those directly selling a single product or service, be sure to avail the opportunity to share blog posts, coupons, and Web articles related to your product or service.
Consider these other ways to use Facebook to increase branding, customer loyalty, or sales:
- Why not consider syndicating your blog’s RSS feed to your Facebook
account, which will automatically provide content updates to interested readers.
- Provide short, interesting updates several times a day. Consider outsourcing this task to a create writer.
- Host forums where users can ask questions and receive answers on the fly from a high-ranking company member
- For brick-and-mortar businesses, offer discounts for checking in via your Facebook Places page.
- Consider offering Facebook-only discounts for your fans, which can inspire them to make a purchase.
- Encourage your Facebook fans to share your content by creating funny, interesting, or creative short pieces.
- Consider becoming an affiliate for related businesses and marketing their products in tandem with your own.
Facebook is a valuable medium for marketing since it relies less on monetary investment and more on sweat equity, that is, creating content, interacting with fans, and sharing interesting products and services. The tips listed here can help you aptly leverage your fans into profit. Know someone (or some fans) who might benefit from this article? Get started right away by sharing it with them!