Everyone who’s anyone seems to have a Facebook page for their business these days. So it’s clear that companies are starting to realize the true value a simple Facebook page can make for their business. If you haven’t yet built a Facebook account for your brand, you absolutely should. Why? New research is stating that every time a person “likes” or “friends” a Facebook page, it is worth approximately $174.17 to that business. And for companies with extremely effective social media marketing strategies, this amount could be doubled! Either way, should you gain a large Facebook following, the extra income could really add up. This marketing strategy lends you the potential for revenue you wouldn’t have gotten any other way.
Syncapse, a social media measurement firm, studied about 2,000 Facebook users who liked a particular company’s page and observed resulting factors such as loyalty to the brand, product spending, likeliness to recommend the business to others, media value acquisition cost and brand affinity. With this information, they were able to determine the true value of a Facebook fan.
The intriguing results of this research study found that Facebook fans, on average, spend about $116 more per year with a company they “liked” than non-fans and they are 18 percent more satisfied with the brand than non-fans. Facebook fans also build brand loyalty; they are 11 percent more likely to continue using the products or services a company offers over the long term than are non-fans.
But Facebook fans don’t necessarily come easily. Your company must implement solid marketing strategies as well as remain active and engaged with fans in order to grow that valuable fan base. You must make the effort to interact with your fans, ask for their feedback, take the time to find out what makes them passionate about your brand and what doesn’t. Take the feedback they give you gracefully and use it as a tool to better your business. You should also know your audience and post Facebook updates that are relevant to these groups of people. Providing fans with valuable information and access to special offers drives loyalty and can significantly increase revenue. Facebook also gives fans a platform to share their positive experiences related to your brand which hands you valuable, organic word-of-mouth advertising. Finally, a business Facebook page also gives you access to real people who, by sharing of information, discounts and promotions, can drive sales dramatically.
Consider making Facebook and social media marketing part of your business plan and you are bound to see a turnaround and positive change in your business success and customer loyalty.