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What's the ROI of Facebook Marketing? Part 2

So how do we apply Business 101 and determine the ROI of our Facebook Fan Pages?  That gets tricky.

Why is it tricky?  Can’t you just apply the normal business formulas and then make a decision?
Yes you can, but those numbers don’t tell the whole story and the part they do tell is often irrelevant.  Let’s take one of those formulas for a test drive.

First, determine the investment.  Facebook doesn’t charge for Fan Pages, but creating one will use someone’s time.  Then, depending on who does it for you, updates, posting and interacting will have some nominal monthly fee (again, your time or someone else’s).

That part is easy to measure. Next, assuming you have tracking for you pages set up properly, you call tell how many new online applications (as an example) originated from clicks on your Fan Page.  This is the part of the story I was referring to a moment ago.

The rest of the story is harder to measure.  

Here are five reasons your Fan Page and social media marketing is indispensable (and for all of them, determining ROI can be a moving target).

• 1. Individual Personal Connections – Social media is all about creating immediate engagement on a more personal basis with prospects and clients, something you simply can’t do easily through traditional media channels. It’s also about continually strengthening those relationships to add value to your business in terms of reputation, word of mouth, and becoming the “go to” person for knowledge and expertise. Now, there’s no apparent and immediate ROI on personal connections, is there?
• 2. Lead Generation – The marketing reach of the Internet extends far beyond any of the traditional media (print ads, radio, etc.) and at a far lower cost in terms of time and money. Think of it as paving a digital superhighway to enable prospects and clients to speed more quickly and easily to your business. In this case, we can work with numbers and see an ROI in terms of an increased number of leads.

• 3. Name Recognition and Goodwill – Through your web site, Fan Page, blog, tweets, etc., you have the ability to create and spread a highly positive image of yourself and your company.  That image is one of the most valuable assets any business can possess. Your Fan Page can give you the exact same exposure on Facebook as any of the giant brands I named earlier. You can literally be the Amazon or Google of your niche, demonstrating your knowledgeability, personal attention, friendliness, and so forth. Although you can’t put an immediate hard-numbers ROI on your brand, you know that somewhere down the line that positive image will pay off in more deals and increased income.
  
  

• 4. Enhancing SEO – This is one of the most important benefits of your Fan Page and social media like YouTube, Twitter, LinkedIn, etc.  Beyond your website and blog, they provide you with multiple sites to place information about your business, and that means more people have more ways to find your business.

• 5. Developing Partnerships – With with your Fan Page and other social media, you have the ability to connect with referral partners on a targeted scale. Agents, title companies, B2B partners, financial planners, attorneys are all out there on Facebook and other sites and looking for new ways to expand their businesses! Once again, there’s no immediate ROI on developing partnerships, but the right partners can be very profitable for your business.

In simpler terms, how much goodwill has been developed by your helpful, interesting and engaging posts on your Fan Page?  How many existing customers stayed with you or renewed their orders because of your interaction with them?   How many new customers were referred to your business by an existing customer who got their “connected” feeling because of your interaction and engagement with them on your Fan Page?

That’s hard to measure, if not impossible.

So even if you can’t attribute any new business directly to your Fan Page right now, would you seriously consider taking it down and saying goodbye to any likes, posts, comments and other interactions?  If you’re in business, that thought should never enter your mind.  

Remember, “You must be present to win.”

In conclusion, even if you are “old school” and are frustrated because you can’t determine a reliable ROI on your Fan Page and other social media, you need to remember that that this type of marketing is based on new rules of engagement.

Shift your focus from the hard numbers of ROI and work on ways to make Fan Page and Social Media Marketing an integral part of your business!

Ralph Watkins

www.webinaragogo.com
www.lofanpages.com
www.cheatersvideo.net

What's the ROI of Facebook Marketing? Part 1

Have you heard this before?

"Only market in ways that can be measured.  Otherwise you won't know whether what you are doing is working or not. When it comes to marketing, if you can't measure it, you shouldn't be doing it."

I believe this is excellent advice and should be followed ............... sometimes.  The reason it should only be followed sometimes is that every great rule has it's exceptions and in this case the exception is social media in general and Facebook specifically.

First, let's quickly review ROI (Return on Investment).  Simply stated, it is the amount of money that is made on a business investment.

So if you invest $100 in advertising and the ad generated exactly $100 for that investment, your ROI is 0%, no loss and no gain.  If it generated $110, your ROI is 10%.  If it generated $90, your ROI is -10%.  So far so good?

Next, we all learned in Business 101, either in organized class or from the school of hard knocks, that you can't stay in business very long if you generate less money than you spend on the business.

Therefore, whoever came up with the quote above would say that, "it is important that you know the ROI of each dollar you spend in your business."
I'll come back to that, but first, here's a question:  What do these companies have in common? Apple, Google, BMW, Amazon, Toyota, Microsoft, Walmart, Mercedes Benz, Honda, Coca-Cola.  Answer: They are, in order, the Top 10 worldwide brands, as of 2012.

Next question: What else do they have in common?  Answer: They all, of course, have Facebook Fan Pages.

Last question:  Why?  They certainly don't need them.  They obviously already have websites.  Can anyone make a compelling case that even one of them achieved their position on this list because of their Fan Page? Of course not.

So why DO they have them?  Here’s why, because Facebook isn’t just another social network.  It has, for most intents, become the new internet.  It’s where everyone hangs out online.

It isn’t just for geeks anymore.  Non-techies hang out there. People with no email addresses hang out there.  Even people who don’t like social networking hang out there.

Forget “This company or that company is the fastest growing social network.”  The new members that are making the new companies numbers spike ALREADY HAVE Facebook accounts.  When you have a billion members,  a million new members each day doesn’t sound so impressive when expressed as a percentage.

The point is that everyone who is anyone really IS there.  The giant brands know that so they are there too, if for no other reason than to use their Fan Pages as a billboard to drive people to their websites.

Think of it this way, if you were selling balloons, would you sit in your home and wait for people to come to you or would you get a booth at a the World’s Fair?

Facebook is the World’s Fair and your Fan Page is your booth.  To succeed in business AND be perceived as current and relevant, I believe that just like the giant brands I mentioned earlier, you need a website AND a Fan Page.

In Part 2 of this post, I’ll finish the discussion of the ROI of your Fan Page, after all, according to Business 101, that’s something you have to know, right?  We’ll see....(the answer might surprise you.)

Autoplay Audio? Not so much....

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Background Color Can Increase Your Response by 30% or more

4 Cool Facebook Integrations for Your Blogger Blog

Comments

Comments plugin lets users to comment on your blog. A great feature of this social plugin is that when ever someone comments on your blog and leaves the "Post to Facebook" check box ticked, the comment appears on his Facebook activity feed with a backlink to your blog improving your SEO. Also this comment box is extremely user friendly and easy to understand. You can add it to your blogger blogs by reading this tutorial: Facebook comments Box  

Like Box

The Likebox plugin lets users to like your Facebook page from your website or blog. There is no need to visit the the page its self. Also, the box shows activity feed of your page at Facebook and makes it really easy for  the users to like your blog. Though there is a option to turn of the activity feeds and even the thumbnails. This is highly customizable.  You can add it to your blogger blogs by reading this tutorial: Facebook Like box

Like Button

Like button works somewhat like the "like box" but with a different purpose. Its a more handy button and can be added to places like post headers and footers. A viewer can like your respective post or your blog as a whole. The number of Facebook likes you have has become one of the determinants of your online success. This is a must have plugin.

You can add it to your blogger blogs by reading this tutorial: Like plus Send Button 

Send Button

The Send Button allows users to easily send content to their friends. People will have the option to send your URL in a message to their Facebook friends, to the group wall of one of their Facebook groups, and as an email to any email address. Though Facebook like button has a "Send" button too now so there is no as such need of this button.

You can add it to your blogger blogs by reading this tutorial: Facebook Send Button

Reposted from www.MyBloggerTricks.com.  This is an outstanding blog with great information