Does Marketing On Facebook Really Work?
If your business is on Facebook, sooner or later you’ll need to convince a boss, or a client, that the investment on Facebook marketing is worth it.
This is not as daunting as it seems. Here is how it’s possible.
Understand your marketing strategy, and what you need to achieve from it. For some LinkedIn might be a better option, for example a B2B selling specialized product, say dentistry tools to a few companies.
Goals can be in terms of number of likes you want to generate in a specific time, kind of exposure whether public relations, customer service, any specific purpose whether promoting any limited time offer or new products, etc. Facebook can also be a tool not only to generate new, but build better reactions with existing customers, i.e. Its PR.
ROI for Social Media?
ROI for social media can be defined in a lot of ways. For example, by getting feedback from consumers, and a better interaction, understanding a customer pain that can be transformed into a product feature. It can help you increase the size of your target market, by accessing new kinds of users, whether in terms of age group, gender, profession etc. It also increases marketing via word of mouth the value of which is hard to quantify.
Add support for your Claim:
So you claim Facebook is a good investment. Then show how.
Find examples of businesses that thrived because of Facebook, have a great Facebook presence, and how it has benefited them. Include examples of similar businesses and your own competitors to show your boss that you need to do more or lose.
Next you can visitCheckFacebook.com to estimate the number of people who are part of your target market who actually Facebook.
Show how Facebook is likely to grow in the future, and in particular, growth in the type of users you want for your business. The eMarketer could be useful for that.
Address the Risks:
Every project has risks, and you must address them rather than hide it from your higher-ups. One risk could be that you might face mass dissatisfaction or complaints regarding a new move or product, and this would be public. You should show how you would address the issue in the future.
It’s wise to make a risk-management plan. This includes tackling negative comments. Also demonstrate that such forums garner a customer’s lifetime value because of its transparency, and that someone is there addressing these concerns.
One thing to note is that there are different approaches for different types of businesses, whether, small business in start-up phase, established business, or business looking for increased sales. Finally you need to make a comprehensive cost-analysis plan to determine the cost incurred on the Facebook effort. Don’t forget that you might have to hire someone dealing exclusively with your Facebook efforts. And that would be costly. You have to see if your company is even willing to pay the cost or not.