Facebook Fans Affect the Value of your Business

Syncapse and Hotspex have updated their 2010 study about Facebook Fan value as a driver of shareholder value for the top 20 global brands.

Their 2013 study shows that the value of a Facebook fan to a consumer brand has increased quite dramatically in the last two years (28%) to $174 per fan. The number of people liking these brands on Facebook has increased too – in 2010, these brand pages typically had a few million Fans each. Top brands in the 2013 study have well over 15 million Fans, with some like McDonalds and Coca-Cola with 25 million and 60 million, respectively.

Many businesses find that they get 80% of their revenue from 20% of their customers. An interesting fact is that those 20% that generate 80% of your revenue tend to be a large part of your Facebook fans.
How Can You Grow your Facebook Fan Base?

Start with a strategy. Figure out who you want as fans and what content to post to get engagement and conversation.
Redesign your Facebook cover, profile image and custom tab images so that the initial impression a visitor gets when they land on your Facebook page is consistent, integrated and brand appropriate. It needs to be one whole experience, not a diverse collection of images that have no common thread or brand relationship.
Listen to your core audience. Monitor relevant conversations and find out what they are interested in and what they respond to.
Using this information develop interesting, relevant content on your custom tabs that will engage the core audience that you want as fans. Be innovative.
Use the social advertising and promoted posts features to reach more of the right people. Facebook knows a lot about their users. You can tap into the exact target audience you are after with the Facebook ‘precise interests’ feature.
Beware of doing a contest that attract hordes of fans ‘just for the swag’. You want real, loyal fans who engage with your brand because they really like your brand and your product.
Once you have a growing fan base make it a real gathering place of loyal interested customers and fans. Use it as a sounding board for new ideas and products. Get them involved and engaged.

You may not be a leading global brand with shareholders and stock prices. But your business does a value. It’s very clear from this study that your Facebook fan base affects that value.

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