Facebook fans are the social equivalent of email subscribers. However, while most companies know how to monetize their email subscribers, Fan monetization remains has remained elusive.
With the right strategy Facebook fans can be turned into your most valuable customers. Not only can they be loyal customers themselves, but they can also help you unlock the power of "network effect" and generate exponential word-of-mouth reach. This presentation discusses strategies to acquire, engage and monetize your fan base; shares best practices and shows some live examples and stats from ShopSocially's platform.
Good Stuff Happens in 1:1 Meetings: Why you need them and how to do them well
How to Turn Your Fans Into Your Most Valuable Customers
1. How to turn your Facebook fans into
your Most Valuable Customers?
Jai Rawat
Founder & CEO ShopSocially
http://ShopSocially.com
jai@shopsocially.com
Company Confidential 1
2. So you have acquired some Facebook
fans. Now what?
Looking to acquire more fans? We’ll cover that too…
Company Confidential 2
4. True Fan
Kevin Kelly, “1000 True Fans”
A True Fan is defined as someone They bookmark the eBay page
who will purchase anything and where your out-of-print editions
everything you produce. show up. They come to your
openings.
They will drive 200 miles to see
you sing. They will buy the super
They have you sign their copies.
deluxe re-issued hi-res box set of
They buy the t-shirt, and the
your stuff even though they have
mug, and the hat. They can't
the low-res version. They have a
wait till you issue your next
Google Alert set for your name.
work. They are true fans.
Company Confidential 4
5. 99% of Facebook Fans are not True
Fans by that definition
Company Confidential 5
7. Why do you “Like” a brand?
to interact 13%
for education about company topics 13%
to learn more about the company 21%
someone recommended it to me 22%
to get access to exclusive content 25%
for fun or entertainment 29%
to get updates on upcoming sales 30%
to get updates on future products 33%
to stay informed about the activities of the company 34%
to get a “freebie” 36%
to show my support for the company to others 39%
to receive discounts and promotions 40%
Deals & Discounts
Company Confidential 7
Source: Constant Contact
12. How does that help?
Homophily
Your customer’s friends are a great target
Your Fan’s friends will probably Like you too!
Social Influence
Your Customers & Fans can help influence them
Company Confidential 12
14. Therefore…
Keep fans engaged or you risk losing them forever
Getting fans to share & recommend is the key
It not only creates a powerful social influence…
…and improves the edge rank
…it also creates public commitment
…which significantly impacts future behavior &
preferences Company Confidential 14
17. Promoted Posts
Available to pages with
400 to 100,000 Likes
Increases the number of
fans that will see your post
Company Confidential 17
18. Sponsored Stories
Highlight news feed
stories about interactions
people have had with
your brand. Makes it
more likely that their
friends will see them
Company Confidential 18
19. Facebook Offers
Enables you to create and post discount
offers to your fans. Whey they “claim”
it, it gets shared with their friends.
May not be available to larger retailers.
Company Confidential 19
20. Like Gated Deals
Standard Campaign
-Linear Reach (Only reaches original receivers)
-Low Trust (B2C messaging)
Company Confidential 20
21. Like Gated Deals
Viral
Campaign
-Exponential Reach
-3x Higher Trust
(Friend recommendation)
65% off Canvas Prints http://www.ritzpix.com/ 21
Company Confidential
26. Best Strategy…
Convert Site Visitors into Fans WITHOUT sending them to Facebook
Dual Benefit: Fan Acquisition PLUS Higher Conversion
Company Confidential 26
27. Summary
• Facebook fans are hugely important because
– They can create „network effect‟, reaching out to the
right target audience
– They can exert significant social influence
• Best strategy to leverage Fans
– Engage them with deals, polls (most effective) and
other content
– Get them to share
• Create Like gated offers
• Creates social influence + public commitment
– Convert each user post into a sponsored story
Company Confidential 27
28. Thanks!
339 Bernardo Ave, Suite #200,
Mountain View, CA 94043
http://ShopSocially.com
Jai Rawat
Founder & CEO
jai@shopsocially.com
(408) 242-4494
Company Confidential 28
Hinweis der Redaktion
Welcome everyone. Looks like we have a few stragglers today. While we wait, let’s have a little bit of fun. Let me share with you a Dilbert comic strip I came across recently. Here it is.
I will give you a minute to read it. (pause) and then may be I will need to give you another minute to pick yourself up from the floor. I am sure you are all ROTFL. That’s Rolling on The Floor, Laughing for the uninitiated. Now comes the question – who do you identify with here? What is your role in the organization: Beth, Dilbert (engineer), Pointy haired boss, none of the above. [POLL]Good morning and good afternoon. I am Jai Rawat, Founder and CEO of ShopSocially. In this webinar I will share some of the learnings with you from the latest phenomsPinterest and Fab.com. We will talk about their amazing success, identify some common themes and differences and finally end with some ideas on how you can benefit from these learnings for your own site.In this webinar, my part of the presentation is expected to last about 30-35 minutes with an additional 10-15 mins of questions. I expect the whole webinar to last about 45 minutes. We have over 75 attendees today. There is clearly a lot of Pinterest, I mean interest in this topic. Let’s keep the webinar interactive and have the questions roll in as they come up. Please don’t wait till the end. Given that we have so many attendees, I request you to type your questions in. I will answer them at the appropriate point in the flow. Let me also introduce my colleague Rob Danielson, VP of sales who will be keeping track of the questions as they come in. If we have some time left over at the end, we can also do a live Q&A at that point.
Really great because once we have fans, we can find more people like them by targeting their friends
Word-of-mouth is also much more highly trusted – 3x higher than brand stuffSponsored stories work 300-400% better than ads. Problem is that there is very little content
A fan is worth nothing. A fan is worth something only when they do somethingYou really need them to get to act
Psychologists call it “Consistency of Behavior”. It is almost a defect in human psychology. We are full of inconsistencies but we all like to think that we are consistent. That’s why getting some to make a small public commitment goes a long way in ensuring loyalty. Getting someone to simply write down a resolution on a piece of paper can create that public commitment which acts as a powerful motivator
& their friends if they interact with it
Let’s look at a standard email or Facebook marketing campaign. The email goes out to say a million users, a small fraction of them decide to act on the offer, visit the site and make a purchase and you get may be a couple of hundred sales from that.
But what if you could get these users to also share the promotion with their friends in the process? You are still reaching out to the same audience but now you are getting them to spread the word in addition to using the offer for themselves.
