It’s a no-brainer that the more likes on a brand’s Facebook page, the better. When it comes to your brand, Facebook fans are a valuable asset as they account for $174 in revenue each. Syncapse published the study Why Do Consumers Become Facebook Fans? to better understand the motive behind consumers clicking the “Like” button in the first place. Each like is valuable, but the reasoning behind the like is what you really want to focus on.
Syncapse found 78% of all fans are already brand customers, reported Search Engine Watch. The report states, ”Since being a brand user is usually a prerequisite to becoming a Fan in consumer goods categories, marketers should prioritize their Fan acquisition investments on converting existing customers. Not only is acquisition cost and conversion friction lower, but the investment in a higher quality Fan base will reap rewards down the line, and this is true for both lower-cost and higher-cost consumer brands.” Syncapse warns against using discounts to lure new customers in since it can lead to a lower overall brand value. The best way to to increase the value of your brand through Facebook likes is to understand the reason consumers become fans in the first place.
While reports back in 2010 stated the top reason for liking a brand was to receive discounts and coupons, the study found that there is actually no dominant reason as to why a consumer likes a brand, reported MarketingLand. Instead, there is a varied spectrum of answers topped off with 49% liking a page to support their favorite brand. In fact, the biggest drivers to liking a brand depend on the brand itself. Receiving discounts and coupons averaged 42% as to why consumers like a brand, but it accrued 61% for Victoria’s Secret and a mere 17% for BMW. The true value of a fan lies in the motivation behind them liking the brand. ”Marketers must compare actual reasons for becoming a Fan, and the hard tactics (and often expensive investments) they often deploy to acquire Fans – sometimes they match up, sometimes they don’t. There may be more effective and efficient strategies to acquire more of the right types of Fans,” states Syncapse’s report.
A like is valuable, but the reason for the like is even more so. By understanding why your fans decided to like you, you can better target your content towards them and see the results. Fans like you for a reason, but they also expect to see something in return states Business 2 Community. The key is to keep fans engaged with your brand on Facebook, aside from discount offers. Make sure your consumers feel valued in one way or another. While their motives behind their likes are varied, you can still make consumers feel important with a variety of marketing tactics.
The “Like” button is a superficial gesture in the long run. What really matters is why consumers clicked it in the first place.