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  • #983865
    JohnW
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    There is a lot of misinformation promolgated about social media and therefore time and money wasted.

    Here is a recent study that may help us understand how to use Facebook more effectivley…

    27 Jun 13: “78% of a Brand’s Facebook Fans Are Already Customers

    “Many brands, particularly retailers and lower-cost brands with high purchase frequencies, often resort to rewards and direct-response incentives for driving Fan membership. However, these tactics are often blindly targeted to brand-promiscuous deal hunters, resulting in a lower-quality, fickle Fan membership (and waste of scarce marketing dollars).”

    Hope this is useful.
    Regs,
    JohnW

    #1144671
    RymeraWebCo
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    Great link JohnW, couldn’t agree more with the sentiment of the study. Two fans are not always equal and it depends on the motivations of the person as to how responsive they might be (and therefore what their worth is).

    That said however, every business model is different along with the motivations of the target audience. Many a great business has been built using competitions.. just look at Coca Cola, they run almost non-stop competitions.

    #1144672
    Sydney Business
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    Perfect too for a company like Lorna Jane who earned the equivalent revenue of 2 storefronts just from their Facebook site.

    #1144673
    MatthewKeath
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    I think some people think business will be easy, and therefore when something doesn’t work they blame the platform.

    “Well, Adwords was a waste of money, SEO is a scam, social media didn’t work for me, mails out is sooo last century” et al… You see it on these forums all the time.

    A lot of people try things, but only do it half arsed because they a) Don’t understand what they need to do to make it successful. B) They are not willing to put the work or time in to do it well.

    If being successful in business was easy, everyone would be the boss.

    The social media gurus need a good spanking for raising expectations to fever pitch, the same for SEO and Adwords proponents for doing the same for their industries.

    It remains that social media is one avenue available to SME’s and it’s not a silver bullet.

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