Syncapse and Hotspex have updated the data from 2010 about Facebook Fan value as a driver of shareholder value for the top 20 global brands. Their 2013 study shows that the value of a Facebook fan to a consumer brand has increased quite dramatically in the last two years (28%) to $174 per fan. The number of people liking these brands on Facebook has increased too – in 2010, these brand pages typically had a few million Fans each. Top brands in the 2013 study have well over 15 million Fans, with some like McDonalds and Coca-Cola with 25 million and 60 million, respectively.
Many businesses find that they get 80% of their revenue from 20% of their customers. An interesting fact is that those 20% that generate 80% of your revenue tend to be a large part of your Facebook fans.
How Can You Grow your Facebook Fan Base?
- Start with a strategy. Figure out who you want as fans and what content to post to get engagement and conversation.
- Redesign your Facebook cover, profile image and custom tab images so that the initial impression a visitor gets when they land on your Facebook page is consistent, integrated and brand appropriate. It needs to be one whole experience, not a diverse collection of images that have no common thread or brand relationship.
- Listen to your core audience. Monitor relevant conversations and find out what they are interested in and what they respond to.
- Using this information develop interesting, relevant content on your custom tabs that will engage the core audience that you want as fans. Be innovative.
- Use the social advertising and promoted posts features to reach more of the right people. Facebook knows a lot about their users. You can tap into the exact target audience you are after with the Facebook ‘precise interests’ feature.
- Beware of doing a contest that attract hordes of fans ‘just for the swag’. You want real, loyal fans who engage with your brand because they really like your brand and your product.
- Once you have a growing fan base make it a real gathering place of loyal interested customers and fans. Use it as a sounding board for new ideas and products. Get them involved and engaged.
You may not be a leading global brand with shareholders and stock prices. But your business does a value. It’s very clear from this study that your Facebook fan base affects that value.
Need help with your Facebook community? Give us a call.