How much is a Facebook like or Facebook fan worth to your business? These ‘Facebook likes’ could be worth more than you think!
As Facebook becomes a dominant tool for marketing around the world, studies are starting to pop up to prove how effective it is at reaching a target market.
This is exciting news because studies are showing a few things of immense value to your business:
- Running ads on Facebook is extremely inexpensive compared to other forms of online ads.
- You can reach out to millions of people in a very short period of time, making Facebook more efficient than many other standard forms of marketing.
- One Facebook fan could be worth over $100 to a business, sometimes tripling this value.
This last item came from a study performed by social media analysis firm Syncapse. Their CEO has stated that the figure was only intended to give an example of how valuable a single fan on Facebook could be to a business. They analyzed that each fan on Facebook should be worth about $137.84. Some companies that rack up thousands and even millions of fans could find that their fan worth is well over $300.
What can you learn from all of this? The more Facebook fans your company has the more money you can expect to make online as long as you are getting fans naturally and not buying them. Each one of those fans represents a chance for increased profit and sales.
Facebook like and fan studies have also found that people who how their appreciation through Facebook fan pages are likely to spend more money on the products of those that they have ‘liked.’
They like the products so much that they become an online fan and that keeps the product at the forefront of their minds. They end up purchasing more of the product than they would have otherwise likely purchased.
This just validates the old principles of brand marketing. Companies have long understood that the key to getting consumers to buy more of their products was to keep their product name, logos, and trademarks in front of those consumers. This is essentially what you are doing when you collect fans through Facebook. They are connected to you in a way that feels personal because they have stated that they ‘like’ you.
That little “like” button is starting to look more power than you ever imagined, right? When you see that little box with the “like” marking you might as well see dollar signs because that is what you get every time you collect a new Facebook fan.
These new studies may be breaking news for many people right now, but it is only validation for what the biggest companies have known for the past couple years. Big companies like McDonalds and Cocoa-Cola have been collecting Facebook fans for quite some time because they have already discovered that all of those fans helped increase their profits.
The latest research just put the scientific stamp of approval on the theory that Facebook fans are more likely to purchase products that they “like.” The proved it so now there is no excuse to neglect your Facebook fans! You know what they are worth, now it is time to get out there and take care of them. Run specials to encourage future fans and reward current fans.
Make sure that you keep your product and company name under their Facebook noses so they go out and spend more money on your products. You may already love those fans, but now you must love them even more!
- How to Use Facebook for Business
- Top Facebook Social Network Marketing Mistakes
- How to Create a Facebook Fan Page
- Customizing Facebook Fan Pages