On March 7th, Facebook released a newsfeed update. This update is focused on cleaning up the newsfeed to give a less cluttered experience. Page “Like” stories (both organic and paid) will now display the Page’s cover photo in addition to a “Like” button in the story. What does this mean to you, a merchant? Increased virality of “Likes” to your Fan Page.
As a person “Likes” your Fan Page, your Fan Page cover banner will show up in the newsfeed in addition to a “Like” button. How does that help?
1. Users now have the ability to instantly “Like” your Fan Page straight from the newsfeed! Studies have shown that 69% of friends “Like” a brand just because a friend did. (source: http://mashable.com/2012/09/24/facebook-brand-page-value/)
2. Making the “Like” post more visual gives it more prominence in the newsfeed. It is commonly known that visual posts (i.e. posts with images get 2x more engagement compared to textual posts.
3. Given that each “Like” event is now more prominent and has an inline “Like” button to increase virality, it makes sense to convert these posts into sponsored stories to reach an exponentially larger target audience. The halo effect of acquiring a Facebook “Like” is now amplified – as a result, Facebook Fan Page “Likes” are more valuable than ever.
From what we’ve seen, sponsored stories typically have a 1% CTR from the newsfeed. Due to this high CTR value, a CPM based pricing strategy may be more optimal than CPC.
As a merchant, here is how you can capitalize on the new Facebook update and amplify your Fan Acquisition efforts.
1. If you are not already doing so, make sure that you have a fan acquisition program in place. Based on the afore mentioned mashable infograph, 46% of “Fans” have no intention of buying from the brand or merchant. While it’s okay to offer a promotion or discount to acquire new fans, it is important that you are targeting the right users. Do not waste money and effort acquiring fans that will never purchase just to increase your fan count. The best place to find qualified fans is your own website! Users visiting your site are familiar with your brand and are interested in the products you sell. The Get-a-Fan app from ShopSocially is a great tool for this. It delivers a steady stream of highly qualified fans by converting website visitors into Facebook fans.
2. Use the Google Chrome browser and download the browser app: Facebook Power Editor. This power editor is gives you more targeting options, as opposed to the default interface available on Facebook. Power Editor can be used to target only newsfeed posts, which is useful for converting “Likes” into Sponsored Stories. The set up (shown below) will remove sponsored stories from appearing as the regular Facebook ads that appear on the right side rail. Typically, these ads have a much lower conversion rate compared to newsfeed posts. This setup is optimal when running a CPM campaign.
3. Make sure you’re logged into the Facebook account with Admin privileges to your Merchant Fan Page.
4. Once you have Power Editor opened, click the “Download” button in the upper right hand corner, select “All my accounts” and hit the “Download” button. This will synch up the Power Editor with your account and Fan Page.
5. In the upper left hand corner, select “Campaigns” and “Create Campaign.”
6. In the upper left hand corner, select “Ads” and “Create Ad.”
8. Set up “Pricing & Status” to be billed as a CPC or CPM. If you achieve high CTR’s (as is usually the case with sponsored stories), then a CPM model may work better for you.
That’s it! With the new Facebook feed, it is easier than ever to become Fan-tastic.
If you have any tips or tricks that have worked well for fan acquisition, please feel free to share them in the comment box below!