Facebook has over 800 million users and will reach the 1 billion mark soon. It is a huge captive audience for an online business that cannot be ignored. Companies and online businesses have realized the potential of Facebook marketing in generating revenue and boosting the income stream.
Before deciding on the Facebook marketing strategy to be followed, you need to consider some very key points:
1. What is your revenue model
2. How the user will buy and what will be the steps
3. How will you attract eyeballs in the first place
4. How will the sales and conversion funnel work
5. How will you integrate the Facebook marketing with the overall marketing strategy and other avenues being uses like Organic SEO, Adwords , email marketing , SMS marketing etc.
Some of the main strategies employed by businesses on Facebook and which can be adopted by you are mentioned below:
1. Facebook Advertising
Businesses can use the Facebook paid ads feature that is on the way to become a big competitor to Google adwords. You can use the ad platform to create ads that take the user directly to your website and bypassing the fan marketing concept. This is easiest and most direct approach for top traffic and revenue.
2. Fan Based Marketing
This involves the other popular model that entices fans to buy by posting feeds to their wall. Contests and content can be used to draw fans to convert to sales. Fans become more involved if the content is relevant and contests are used. You will also need to actively manage Facebook Fan Pages and keep the fans involved and engrossed in your ecosystem.
3. Facebook and Email Marketing
Some businesses use Facebook and email marketing together. What they do is have a Facebook ad that connects to a squeeze page and which collects the user details and then adds to the email database which will ensure future captive audience. This assumes that you already have a highly effective email marketing process that converts.
4. Facebook and SMS Marketing
The other offshoot of the above is using Facebook fans to sign up for text alerts and subscriptions and then make them convert. This is used effectively by local businesses as they can run highly popular contests and have a captive phone database.
5. Bringing Traffic to Your Website
If you are using ads on your website to generate revenue, the Facebook ads and fan pages can be used with the content distribution strategy to direct traffic to your site by posting the latest updates on your FB page. The user will be then encouraged to visit the website and some of this traffic will click on ads on the website and generate revenue.
Before proceeding with any of the above models, you should first do a test run by running Facebook ads and then chart out your strategy based on the results.