In the newest part of Syncapse’s Value of a Facebook Fan 2013 report (read about the first part here), you can learn Why Consumers Become Brand Fans. The 9-page report provides the results of Syncapse’s research into 20 major brands, which included putting each brand through its fan valuation model. The report delves deeper into the data released in April 2013, which revealed that the average value of a Facebook Like is $174 (up from $136 in 2010).
The new report explains that 78% of people who are fans of a brand on Facebook are also current users of the brand. With that information in hand, Syncapse advises brands to focus on converting existing customers to Facebook fans in order to build a community of loyal brand advocates before trying to bring new customers into the community. Syncapse notes that focusing on current customers first, “creates powerful opportunities for lookalike profile modeling,” which can help in all aspects of targeting.
It’s also interesting to note that the majority of brands chase consumers on Facebook by offering discounts in exchange for Likes, but Syncapse suggests that prioritizing emotional motivators will attract higher quality fans. Looking at the distribution of consumer survey respondents, the reasons why people become a fan of a brand on Facebook are as follows:
- To support the brand I like = 49%
- To get a coupon or discount = 42%
- To receive regular updates from brands I like = 41%
- To participate in contests = 35%
- To share my personal good experiences = 31%
- To share my interests and lifestyle with others = 27%
- To research brands when I was looking for specific products or services = 21%
- Seeing my friends are already a fan or Liked the brand page = 20%
- A brand advertisement on television, online, or in a magazine led me to fan the brand = 18%
- Someone recommended me to fan the brand = 15%
The research found that brands like Disney, Coca-Cola, and Nike are attracting a large number of fans who like the brand’s Facebook Page to support a brand that they like. These are great brands to benchmark as you develop your own Facebook fan acquisition strategy.
Bottom-line, Syncapse recommends that brands, “calibrate fan acquisition strategies based on the reasons consumers actually convert.” Don’t assume you know what those reasons are, because it’s very likely that you don’t.
The power of social media comes from building relationships. Relationship brands are the most powerful brands in the world. It makes sense to give consumers what they want if you want them to start a “relationship” with your brand by liking its Facebook Page.
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Image: Laura Leavell