Marketing with Facebook - Is it REALLY all that important?

Short answer: Yes, yes it is. Very important.
If you want the longer answer, you must first ask yourself this: When you’re on Facebook and you see one of your favorite companies or brand names, do you “like” them?
According to new research by a company called Syncapse, this kind of activity on the popular social network Facebook actually has a cash value. Every time you click “like” or when you friend a business, your actions benefit the company—so much so that they assigned it a pretty high cash value. Who knew that a simple action on Facebook—one that takes users mere seconds— could be worth so much to a company? According to Syncapse’s research, every time you “like” or “friend” a brand or business, your clickable actions are worth approximately $174.17 to that company! It's important to note, too, that this number is on the rise, showing a 28% increase since 2010.
To determine the cash “value” assigned to consumers’ social network activity, Syncapse took into account factors such as product spending, loyalty, propensity to recommend, media value acquisition cost and brand affinity. Why should businesses care? Well, according to Statistic Brain, when it comes to your “potential” consumers, there are over 900 million active Facebook users who are using the social network for a total of 700 million minutes per day!
Still think that marketing with Facebook isn’t worth your company time?
The study by Syncapse focused on 2,000 Facebook users who had liked a brand. The study found that these Facebook “fans” spent more money on the brands that they “liked,” and spent over $116 more per year than non-fans did. Within the brand’s sector they spent 43% more, despite not having a higher income than non-fans. Facebook fans are also 18% more satisfied with their brands than those who weren’t fans, and they are 11% more likely to continue purchasing the brand than non-fans.
Thankfully, lot of marketing with Facebook can be free or at a low cost to your business. It all depends on the amount of time and effort you want to put into your strategy. While you can pay for Facebook advertisements, it is possible to reap the benefits by implementing a few Facebook best practices yourself.
How can you utilize Facebook to gain and encourage your fans?
Steps to "Facebooking" the right way:

1. Build your Facebook page. A strong presence is crucial. Create an identity and voice for your business and remember to strive for continuity.
2. Connect with potential customers – First define your ideal buyer and analyze how they use their own Facebook. Connect with potential fans by mimicking their behaviors. 
3. Engage with your audience – You will want to start meaningful conversations with your fans. Don’t talk solely about your business and listen more than you talk. If a customer suggests an improvement or comments, thank them and let them know they are heard. They, and other fans, will see this and appreciate your willingness to improve and reach out. 
4. Influence and expand your reach – A great way to expand your reach when marketing with Facebook is to see your fans as promoters. When they share or “like” your activity, it will be posted in their newsfeed, therefore being seen by a whole new set of potential customers. Happy customer = promoter. 

A cool way to think about this type of marketing is to consider your company's Facebook fans as your evangelists. They are the ones who are more likely to purchase your brand and they are much more likely to talk about, promote and support your brand. Your company’s focus when marketing with Facebook should be to engage and interact as much as possible with the fans of your business. For more information on the importane of Facebook marketing, check out our blog here.

Need help with Facebook? Paveya is here to help you grow. Contact grow@paveya.com or call us at 855.372.8392.