Having large number of facebook likes is always a great ego, but what is the value of all the likes, if it doesn't correlate to increased revenue?
Two results out of our findings have shed more light on what the value of a facebook Like truly is:
- Forrester = "The facebook factor"
- comScore = "Power of a like"
Forrester takes a hard look on four large brands: Best Buy, Walmart, Coca-cola and Blackberry. All these brands have great large fans on facebook, but what is the inherit value of the like?
Using Blackberry and Coca-Cola as an example:
Over 65% of United state adults have bought a bottle of coca-cola over the course of 12months, compared with 5% of US adults who have acquired a blackberry over that same timeframe. Now recommending coca-cola is different from recommending blackberry, because not everybody can afford to buy a blackberry, but very large people would be able to purchase a bottle of coke, so turning a coca-cola consumer to a lifetime customer is more better than a one-time purchase.
Here are two question you need to ask yourself:
1. What are you selling?
Products/services you offer to your customer define the monetary value of your facebook community. If you sell a luxury products like expensive Rolls-Royce cars, you are probably not going to get too much sales from facebook compared to cloths or other fashion stuffs.
2. How Did You Get Your Fans?
If you are running a campaign that offer's free stuff, there is tendency that you will have large fan's but the value of your community is very low, because most of your fans will only be interested in the free stuff and not your brand, and they get disappeared as soon as the campaign ends.
What You Can Do
- Target your Facebook fan
For example, if I'm thinking of buying a bike, I'll probably look to my friend who is the cycling enthusiast for advice. If I have seen that he is often commenting on a bike store's page on facebook, I will probably check out that store, because i will already have a good enough impression of that store to bypass asking my friend and just go to the store.
2. Determine the value of Facebook community
Don't rely on facebook "Likes" as a measure for the quality of your work. The best indicators are comments made by users and the shares done on your posts, and make sure you provide incentives for sharing.
3. Encourage interaction with content and build an awareness
One of the main reasons why people engage with brands on Facebook is to get discounts and promotions. Provide this to your target customers in a considerably way that generates more sales, and they will buy from you again and again.
- Build mass momentum with events
- Create an extraordinary visual experience that customers want to share
- Feature customers on your facebook brand page
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