We all know that having a Facebook page and a Facebook marketing plan are 'must haves' to keep your brand relevant. So you probably have your Facebook page set up and have people becoming fans. But do you know how much exactly those fans are worth?
It can be hard to put an actual monetary value on a Facebook fan, however, we do know they are priceless in terms of word of mouth and being potential leads.
There have been recent studies done by CBS news and sites such as Boston.com showing that a Facebook fan can be worth as little as $1.00 or as much as $100 depending on the methodology, the business, and the overall actions taken by a specific fan.
In order to decide just how much of an impact your Facebook marketing is having, there are a couple of ways to track your success.
Facebook Marketing Tracking 1:
Advertise directly on Facebook and measure the traffic and the sales. You can advertise certain posts or set up a specific campaign within your page to advertise on the Facebook network, doing this will allow you to have real time stats on how often this advertisement is being seen and you can compare that with your sales. A great way to do this is via website conversions - where you can track how many of your sales are coming from Facebook.
Tracking Marketing Tracking 2:
Include a 'how did you hear about us?' questionnaire within your purchase system. Whether you are an online shop or a shop that customers come directly to asking how did you hear about us is a good way to monitor where customers are coming from. If you hear the answer "Facebook" or "I am a Facebook fan" you can start to see how the numbers add up.
If you do not actively use one of these forms of tracking there is not a real way to show how much a Facebook fan is worth to you and your business. The best you can do if you don’t directly use Facebook advertising or the "where did you hear about us?" tracking, is to continue to drive traffic to your Facebook page and measure how engaged customers are. This can be done by using the "talking about this" number. Alternatively, you may use offers and events and measure the success of these.
The positive thing for business owners to keep in mind about Facebook marketing is that even if you don’t use tracking to find the exact worth, it does still to work. Customer like the 'personal touch'; they want to feel like they are important and tend to move away from large corporations to shop with small business who show an interest in them. So once you have established your presence on Facebook and have a fan base - you will need to engage with them. The more you engage them - the more fans you will get, making it a full circle style of marketing that benefits both parties.
What many small buisnsess first struggle with when establishing their presence on Facebook is actually getting that fan base. If you don’t have fans they can’t be worth anything to you right? The previously mentioned Facebook advertising is one of the best ways to drive potential fans to your page.
Many new pages will hold special giveaways, competitions, or discount specials when they hit a specific number of likes or fans on the page. This not only encourages customers who find your page to join, it will translate in the end to money for you.
Social media marketing is truly the wave of the future for brands.
You must have a solid presence on Facebook and other platforms for your business to succeed. Encouraging likes will also encourage brand loyalty. Interacting with your fans will show them you are not a faceless corporation and that they can trust you.
Brand trust tends to translate into sales for a company; economic research shows that the current trend for consumers is they want to shop where they feel valued. Use Facebook marketing to show customers who you are and they will stay with you.
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