Facebook Is All the Rage: Here’s Why It Matters to Your Business
Your business needs a Facebook page as crucially as a phone number and a name. In May of 2013, Facebook reported as a many as 16 million local business pages had been created. With 1 in 3 small businesses on Facebook, consumers turn to the social site for reviews, deals, and to endorse their favorite companies and products. This exciting trend gives business owners many opportunities to strengthen their business against competitors and expand their customer base through promoted posts, daily specials, and word of mouth.
Here are a few things Facebook can do for your business:
1.Â Grow Your Customer Base
Facebook takes the word of mouth concept and flips it on its head. The average Facebook user has 303 friends, with 18-24 year olds averaging 510 friends. Through promoted posts, page likes, and update sharing; each friend of a user that likes your page is a potential new customer.
Promoted posts are gaining popularity for their ease of implementation and overall efficiency. A recent survey by ExactTarget found that 67 percent of marketers found Facebook’s ‘Sponsored Stories’ ads effective. In the same survey, marketing professionals indicated that engaging with fans and growing organically through regular posts intended to entertain and inform fans is one of the most effective and most utilized forms of small business Facebook promotion by professional organizations. A strong and unified voice will keep customers coming back and encourage fans to share your business’ page, allowing for continued growth and increased revenue.
2. Promote Your Specials
The most direct way to communicate with your customers en masse is Facebook. The ability to announce a new product, a sale, or a grand opening directly to such a large audience is unprecedented and instrumental in all modern forms of marketing. Social commerce sales are expected to reach $30 billion/year by 2015 with 50 percent of web sales occurring through social media. The potential revenue from a purchase link often times surpasses the reach and ROI of most traditional marketing channels. A link is easily sharable which extends your message past the customers that already like your page and engages new users, further spreading your brand and your products.
Contests and giveaways are widely considered to be the most effective use of Facebook marketing. 70 percent of Facebook marketing professionals find product and prize giveaways effective when the participating user must first like the page. Contests are easy to manage through Facebook’s page managing tools and continue to promote the growth of your page.
3. Increase Your Customer Loyalty
One bad review can be detrimental in the online marketplace. So can ignoring customers and concerns on Facebook. Customers are more likely to return when recognized and rewarded. 79 percent of Facebook fans are more likely to purchase from that business and 74 percent are more likely to recommend a brand. Customer loyalty ensures repeat purchases and organic growth. Engaging and interacting with customers is an integral part of any Facebook marketing strategy. Customers expect a response to their questions and comments within the hour they posted. When done correctly, a social strategy will bolster your brand image and create a lifelong customer base.
Facebook’s dedication to advertising and business growth makes it one of the best opportunities for large and small businesses alike. The new landscape brings more opportunities to engage the consumer and compete with the competition. A solid Facebook social strategy should be considered for any marketing campaign and as a continued effort within the business to grow and expand the consumer base.