On March 7th, 2013 Facebook announced a big change in its News Feeds and called it the “best personalized newspaper in the world.” This is no exaggeration, as here is a medium different from conventional newspaper advertising, as it offers far more user interactivity & collaboration. With 950 million Facebook users and thousands of online communities to choose from, Facebook has truly brought potential customers much closer to brands with several innovative marketing methods:
Facebook Page-The First option, of course is to create a facebook page and use it to send out brand communication. This is an option that most businesses have chosen. The key success factor here is to be able to build a connection with fans. The posts instead of being didactic or just disseminating one way information need to cultivate engagement with a two way dialogue. The important aspect is to be able to create consistent calls to action. This can be achieved by posting content that is valuable for the target. Trust & affinity can also be built by encouraging conversation amidst fans. A classic example is the Nike +GPS Campaign where Nike detected the distance run by people & allowed them to share it over facebook. A solo activity was thus turned collaborative, effectively by Nike.
Paid Advertising- There are various forms of paid advertising on facebook. While simple banner ads can direct traffic to the website, Facebook’s Promoted Posts can turn posts into ads that then appear in other people’s news streams. Facebook advertising enables businesses to:
- Target users basis a number of demographic factors
- Allows the flexibility to fix ad budgets.
- Provides a number of performance measurement tools
Apparently, Domino’s Pizza has achieved its lowest ever cost-per-sale for a display ad campaign using real-time bidding technology after buying highly-targeted Facebook ads via FBX
Facebook Open Graph-Facebook Open Graph lets businesses create a third-party app that connect to a user and posts a notice on Facebook as soon as the user performs a specific action with the app.
Mobile Marketing Tools- According to a recent study, Facebook ranks as one of the top-three things people do on a smartphone. It therefore makes perfect logical sense to use tools such as Facebook Offers, a kind of virtual coupon, which can be redeemed simply by flashing one’s smartphone. Similarly, a service called Nearby offers recommendations based on a person’s Facebook likes, check-ins and tags. Creating a Nearby account can be an effective way to create awareness amongst friends of customers.
The beauty of facebook for businesses also is the ability to take many of facebook’s functions and embed them into business websites through a host of social plugins. Buttons like Recommendation, LikeBox, Comments, Live Stream etc can be added to the business website. This can be a great tool to understand the likes & dislikes of the target audience & shape the product accordingly.
With Social media projected at having a 100% higher lead-to-close rate compared to outbound marketing, Facebook marketing is fast becoming a watchword for marketers.