How 'fan'tastic is your brand on Facebook?
Marketers, who plan to invest in social media strategy, need to analyse the value of a fan, along with return on investment, says Windchimes Communications
Well, there is no set idea to place a value on a single Facebook fan. It totally depends; as all fans differ in their worth and the way a brand builds engagement on the page determines the potency of a fan. There are different categories that help in analysing the effectiveness of a fan, who basically turn out to be either influencers, purchasers or the engaged ones. The value (in actual terms) of a brand’s fan base totally depends on how much that brand cares about its customers and followers. Therefore, one must consistently analyse how ‘FAN’tastic is their brand on social media.
When we are talking about Facebook fans, one most important fact is that all fans are not equal and also that every brand should not turn to Facebook to acquire their business. For brand marketers, who plan to invest into the social media strategy for their brands, analysis of their return on investment and value of a fan is essential.
There are a set of equations we need to highlight when going further with analysing the value of a fan.
Firstly, the value of Facebook fan depends mostly on your objectives in turn sustained by significant resources to help your brand page gain traction.
The cost of acquisition of a fan is not something on which the value of a fan is based upon. In fact, how clearly you align the value of the brand with the fan’s values determines the same.
Right content delivered by your brand page at the right time will foster amazing engagement.
Finally, be stable, consistent and regular in terms of building engagement with fans. This will help you extract the best value out of a fan over time.
Therefore, the value that one can put on a fan will depend on a brand’s objectives, the context and the willingness to build engagement on a long-term basis.
Well, brand marketers need to stop and analyse the objective of the same. This helps them generate awareness of themselves and their brand services. Brand marketers need to keep a tap of how much value, sales, awareness and loyalty gets generated as a result of increasing their brand’s Facebook community or fans.
Are you thinking about the best ways to get Facebook fans? Here are some…
• Turn fans into friends
• Re-post their content; give them a shout out for their work
• Take fans behind the scenes
• Don’t just post and leave, return and follow up, update them
• If you got a news fans can use it, share it
• Get input from them, post a link to your story and ask a question
• Listen – let your fans guide you to great stories
• Facebook brand fans are more likely to be the users of that brand; spend more than non-fans, are loyal, and recommend your brand.
In order to determine and understand the credibility and value of a Facebook fan, there are certain things that need to be done. One can do this by…
• Measuring the rise in unaided awareness
• Recommendations received
• Frequency of purchase
• Customer service cost savings
• Clicks, lead generation
• Lifetime customer value
• Coupon redemptions etc. as a result of exposure to and interaction resulted from regular posts/content on brand’s Facebook page.
Facebook fans indeed hold a great value from the strategic perspective of a brand. They are undoubtedly as important as the economic goals too. Brand marketers, therefore, need to focus on analysing the fact that there are the actions in the right direction in terms of driving fans or target to the brand page. Finally, what matters in measuring the value, is quality. Yes, quality does matter – quality of the fans, quality of brand engagement with the fans, quality of conversion and attribution.
Check out this statistical report of Fans telling what has motivated them to like a company, brand, or association on Facebook is as shown below:
ROI will bear amazing results when the brand focusses on providing long-term value to its fans and build deeper engagement levels with them. This can somewhere in near future raise the cost of acquisition and at the same time retention of fans on Facebook. But compared to the value a brand will acquire, it’s more like a reward for the brand. What do you think the brands need to do? Is it just creating a value added experience for Facebook fans or something more? Do share in your thoughts…
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