Facebook turned 10 on Tuesday and has accomplished more than what many of us could do in 100 years. What started from a college dorm room has spread and evolved to the point of 1.23 billion active monthly users. From teenagers to grandparents, everyone is on Facebook, businesses included. With its pervasiveness, Facebook has changed the way companies do business online.
As more and more users spent countless hours online, businesses wanted to be a part of it. Facebook gave in to the demand. It became public and opened the doors to its vast amount of personal data people readily gave it. Commerce will never be the same again.
1. Commerce got personal and created a Facebook Page.
Almost every business, brand, retailer has a Facebook page. Sometimes it even replaces having a website. This has changed how commerce creates an online presence.
2. A “like” can be translated into dollars and cents
Facebook changed the definition of “liking” something. It is no longer simply about what interests you. Liking something is a calculated action that can be analyzed and broken down to a specific value for each company. And the number of likes a company has, is taken to be an accurate measurement of its success. Some social media strategies are specifically focused on simply attracting more likes.
3. Sharing is caring like never before.
If a like is worth a dollar, a share is worth 10. Sharing on Facebook means exponentially more for a brand because it means that it’ll show up on their fans’ friends pages and so on. These have been proven to get more engagement across the board. Brands drive offers and deals with tools such as Share and Save or Share and Win. This engages current customers with their friends and more importantly, potential new customers.
4. A “like” has high bargaining power.
Likes have such value on Facebook that brands offer great incentives in return for a “like”. Customers can receive exclusive products, discounts and special promotions in exchange for liking a brand’s page. Known as like-gating, this tool has changed how brands dispense special promotions.
5. Contests have the tendency to go viral.
Before Facebook, most contests only reached those who were on a mailing list, visited a site, or walked in store. With Facebook contests, most brands can expect a viral experience with thousands of entries and participants. Contests easily bring traffic onsite as friends spread the word through a simple click.
6. Word of mouth’s effectiveness increased 1.23 billion times.
With Facebook, everyone has a megaphone and the effect is amazing. People are sharing, liking, commenting and recommending products to their friends. Brands are able to utilize this to spread a special offer and gain popularity.
7. Brands can interact with customers on a one on one level
Customers can post their questions and concerns on Facebook and brands are able to respond on a personal level, that is still public. Customer service is more important than ever. More consumers are going online before making purchases and checking out a company’s Facebook page. Likes aren’t just numbers, they are people who can become your strongest brand advocates.
8. Company culture is more important than ever.
Social is on 24/7. Branding, tone of voice, and company culture is extremely important as social media becomes more pervasive. A Facebook page is a place for customers to interact with a brand and is sometimes the first point of contact. Because a Facebook page is something personal, it also has to be personal for a business. It directly reflects a company’s personality and culture.
9. Brands have access to rich qualified data
Brands can now market on a personal level. With Facebook, brands have access to verified email addresses, likes, interests, location, for the most specific targeted campaigns. Brands can send consumers more relevant offers for increased conversions and responses.
10. eCommerce is now social commerce.
Shopping online is becoming an experience. eCommerce no longer just lives onsite, but on Facebook and customers are engaging in a completely new way.