The Like Economy

Media Supposedly Changing Business? ...34 Conversation ...34 Transparency, Honesty, and Trust ...35 Availability and Responsiveness ...36 Marketing ...37 Evaluating Social Media Experts ...38 What Businesses That Profit from Facebook Do ...38 Can Facebook Change Your Business? ...38 How Can Facebook Fit In to Businesses in Different Ways? ...39 How Do You Synch Up Your Other Marketing Efforts with Your Facebook Campaigns? ...39 Facebook + Print, Web, and Email ...40 Facebook + Google Marketing ...40 Facebook + PR ...41 Facebook + Email Marketing ...41 Facebook + TV ...42 Facebook + Radio ...43 4 FaceBucks: Five Ways Businesses Achieve Profits with Facebook ... 45 How Facebook Advertising Helps All Five Revenue Models ...46 Reaching Potential Buyers ...46 Positive Alignment ...47 Cheap Clicks, Cheap Fans, and Profits ...47 Should You Try Facebook Marketing Without Fans First? ...48 Five Facebook Revenue Strategies ...49 Strategy #1: Advertising Direct to e-Commerce ...49 Strategy #2: Advertising and Email Marketing ...50 Strategy #3: Fan Marketing for e-Commerce ...53 Strategy #4: Fans for Blogging and Advertising Revenue .55 Strategy #5: Fans and Affiliate Marketing ...57 5 How Not to Fall on Your Face: Six Mistakes That Block Facebook Profitability... 61 1. Viability and Profitability ...62 The New Online Business ...62 The Successful Online Business Now Testing Facebook Marketing ...66 Figuring Out Facebook Marketing Profitability ...67 2. Head in the Sand: No Analytics ...67 3. Too Many Hoops: The Arduous Conversion Funnel ...68 The 1% Rule: Only 1% Of People Will Do What You Ask Them to Do Online ...68 The Effect of the 1% Rule on Internet Sales Processes ...69 4. Why Should I Care? Unmotivated Customers ...70 Why Should They Care? ...70 WIIFM? ...70 Incentives ...70 Facebook-Specific Landing Pages on Your Website ...71 5. You've Got the Wrong Guy: Unqualified Fan Base ...72 6. Let's Get It On: No Warm-up ...73 Start with Generosity ...73 Warming It Up on the Web ...73 Warming It Up on Facebook ...74 6 Facing the Facts: How to Continuously Get Better Results with the Five Steps of Optimization ... 75 The Five Steps of Optimization ...76 Step One: Establish One Clear Goal ...79 Facebook Marketing Goals ...80 Prioritizing Goals and Reconciling Conflicts ...81 Step Two: Quantify the Goal with a Key Metric ...82 Balancing Metrics ...83 Estimating the Likelihood of Success ...83 Tracking ...84 Facebook Marketing Metrics ...84 Step Three: Look at Where You're Starting ...85 Resources ...86 Obstacles ...86 Capabilities ...87 Step Four: Choose Tactics to Test ...88 Ad Copy Tests ...88 Ad Image Tests ...88 Facebook Post Tests ...89 Testing Post Types ...90 Landing Pages ...90 Step Five: Optimize Based on Results ...90 7 Selling the Dream: Going Beyond Benefits to Arouse Your Fans' Desire for What You Offer... 93 Facebook Is Not About You: Curing the "Me Me Me" Epidemic ...94 Your Favorite Words Versus the Customers' ...94 Disinclination to Better Understand the Potential Customer ...95 Can You Really Say, "I Am the Best Example of Our Target Customer"? ...97 Obsession with the Artistic Parts of the Marketing Process, to the Detriment of Other Aspects ...97 Lack of Interest in Measuring Results and Changing Strategies and Tactics to Get Better Results ...98 Facebook Is the Consumer's Playground: So Play by the Rules ...98 Do Pushy Sales Messages Turn People Off? ...99 Facebook Is Like a Conference: How Do You Sell at a Conference? ...99 Sales Is a Journey of Four Steps ...100 What Is AIDA? ...100 "Hot Donuts Now" ...100 "I'm on a Horse" ...101 Social Media Selling Is So Romantic ...101 How AIDA Works on Facebook ...102 How to "Sell the Dream" ...103 The Desire Phase Is Critical in Fan Marketing ...103 The Features Versus the Benefits ...103 The Benefits Versus the Customer's Dream ...104 Examples of Selling the Dream ...105 12 Things People Dream About ...107 How to Figure Out Your Customer's Dream ...107 How to Get Fans Thinking and Talking About the Dream ...108 8 Putting Your Best Face Forward: Setting Up Your Facebook Page to Get More Fans and Sales... 109 Pages, Groups, and Profiles: The Mad, Mad World of Facebook ...110 Other Facebook Opportunities ...113 Can You Market with a Personal Profile? ...114 What's Better, Pages or Groups? ...114 Understanding Admins for Pages and Groups ...116 How Do Pages and Groups Work Together? ...116 Why Are Facebook Groups So Powerful? ...117 Critical Mistakes to Avoid in Page Setup ...118 What to Put in Your Page's Main Picture ...119 How to Get a Vanity URL ...119 Are Custom Tabs Overhyped? ...120 Most People Never See Your Welcome Tab ...120 Why Most People Will Never See Your Tabs ...121 Easiest Ways to Create Welcome Tabs ...121 Other Great Uses of Custom Tabs ...123 9 The Face of Advertising: How to Capitalize on the Most Powerful Marketing Tool ... 125 Why Facebook Advertising Is Critically Important ...126 Comparing Google Search Marketing with Facebook Marketing ...127 How Ready Are They to Buy Now? ...127 Cost of Permission Marketing ...127 Facebook Ads for Different-Sized Businesses ...128 Mistakes and Misconceptions ...129 How to Do Facebook Advertising ...130 1. Analyze Your Business and Customers ...131 2. Target Your Audiences ...132 3. Create Your Advertisements ...136 4. Optimizing Your Campaigns and Ads ...144 Advertising to Existing Fans ...151 How to Be a (Boring) Rock Star for Just $30 per Month ...152 10 FaceHook: Capturing Qualified Prospects as Fans and Group Members... 155 Why Fan Marketing Can Be So Profitable ...156 Paid Media Versus Owned Media on Google ...156 Paid Media Versus Owned Media on Facebook ...156 Unwise Ways to Get Fans ...158 The Contest and Giveaway Trap ...158 Buying Fans from Companies That Get Fans for You ...159 Marketing 101: Targeting and Return on Investment ...159 Wrong Fans? Bad Return on Investment ...160 A Few Fan Growth Campaign Case Studies ...161 How to Get Cheap, Targeted Fans ...163 The Best Ad Settings for Cheap Fan Acquisition ...163 Target-Ad Consistency: Tightly Grouping Targets with Image and Message ...164 An Alternative Targeting Approach ...165 No-Brainer Marketing: Simplicity Gets Results ...165 Ad Copy Formulas ...165 Ad Copy Grammar, Punctuation, and Capitalization ...166 Ad Headline Issues ...166 How to Choose Images for Fan Acquisition Ads ...167 The Key Metric for Fan Generation and How to Find It 167 Notes on Business-to-Business Fan Acquisition ...171 Business-to-Business Fan Generation Advertising Tips .171 11 Talking Till You're Blue in the Face: How to Get More Likes and Comments... 173 How People Use Facebook ...174 Your Fans See the People and Pages They Interact With . .174 The Average Page's Posts Are Seen by Less Than 10% of Its Fans ...175 The Mysterious EdgeRank Algorithm ...177 Post Metrics and Benchmarks ...177 Dancing on the EdgeRank: Increasing Response and Visibility ...179 What the Heck Is Web 2.0? ...179 Leading the Community You Create ...181 Formulas for Posts ...181 Incorporating Selling the Dream ...184 Learning from Your Previous Posts ...185 Engagement Milestones ...186 Guiding Your Community ...186 Balancing Engagement and Selling Types of Posts ...188 Ratio and Frequency ...188 Ideas for Posting ...189 Feedback Rate and Sales Posts ...190 12 FaceMessage: Achieving Other Corporate Goals on Facebook... 191 Non--Revenue-Oriented Facebook Goals ...192 Branding and Positioning ...192 Customer Service ...194 Public Relations ...196 Journalistic Best Practices for Interaction ...200 13 Face-alytics: Analyzing Your Facebook Results... 203 Which Web Analytics Package Should You Use? ...204 Google Analytics Overview ...205 Taking Analytics with a Grain of Salt ...207 The Untrackables ...208 Uneven Accountability ...210 Last-Click Bias ...211 Inconsistencies and Inaccuracies ...211 Tracking Facebook Visitors with Google Analytics ...212 Tracking Visitors from Facebook Posts ...213 Tracking Visitors from Facebook Ads ...214 How to Get Advanced Facebook Page Insights ...216 1. How Often Should You Post on Your Facebook Page? ...217 2. What If the Demographics of Your Most Engaged Fans Is Different from Your Average Fan? ...217 3. What Types of Posts and Post Content Get You the Best Feedback Rates? Which Get the Worst? ...218 4. What's the Best Time to Post to Your Fans? ...218 5. Which Sources Get You Fans Who Will Ultimately Unlike Your Page? ...218 How to Use These Tips to Get Better Results from Your Posts ...219 14 FaceFluence: Turning FaceBrowsers into FaceBuyers--13 Sales and Influence Tactics... 221 When Influence Comes into Play ...221 Sales and Influence Tactics for Increased Facebook Profits ...222 Applying Influence Principles to Facebook Marketing ...223 Reciprocity ...223 Commitment and Consistency ...230 Social Proof ...232 Liking ...233 Authority ...234 Scarcity ...235 Applying Time-Tested Sales Tactics to Facebook Marketing ...237 Discounts ...237 Bonuses ...238 Upsells ...238 Selling the Value ...238 Testimonials ...239 Truth and Consequences ...240 15 FaceBusiness: Seven Principles for Success... 243 Harness the Power of Positive Marketing ...245 Embrace the Entire Sales Funnel ...246 Leverage the Facebook Advertising Platform Now ...246 Know Your Customers Much More Deeply ...247 Test, Track, and Optimize Your Marketing ...248 Start Fascinating Conversations ...248