Published by Jane Cirigliano, July 22nd, 2011
Businesses are clamoring to have their customers "like" them on Facebook, but struggle to put a monetary value on fans. Just how much is a Facebook fan worth? Nothing, until you can turn these relationships into profit. According to Virtue, the average value of a Facebook fan is about $3.60 per year. This calculation is based on a complex algorithm (and 1,000,000 fans) that is not realistic for small businesses in niche markets. So how can small and/or niche businesses make use of Facebook and other social networks? By using social media to engage and monetize their customers. On average, only 0.2 percent of your fans will return to your page, let alone on a regular basis.
Companies that have a smaller fan base need to leverage those relationships to gain a higher return on investment for the time spent on social media. Fans must be given a reason to come back to your page, and calls-to-action must be clear, whether they are to drive online sales or create customer loyalty and advocacy. By bringing customers back to your page regularly through unique and entertaining content, special promotions, contests, etc., you will increase your ability to make sales and gain referrals.
To learn more about how you can leverage social media to boost your sales, contact us.
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