The Like Economy: How Businesses Make Money with Facebook / Edition 2

by Brian Carter

Overview

The #1 Plan for Profiting from Facebook: Now Updated with New Tools, Techniques, & Strategies!

Brian Carter’s complete, step-by-step Facebook sales and marketing plan has helped thousands of companies supercharge their online sales and profits. Now, he’s completely updated it to reflect new Facebook features and tools, share all-new examples and experiences, and deliver actionable new insights about Facebook’s users…your customers! Carter focuses on techniques proven to pay off and steers you away from expensive techniques that no longer work. You’ll discover today’s best ways to attract more prospects at lower cost, convert more of them into profitable buyers, repel “brand-bashers,” and attract fans who’ll help you sell. This is a book for doers, not talkers: entrepreneurs and marketers who want results, fast!

• Compare Facebook’s five routes to profit, and choose your best strategies
• Craft a Facebook program that reflects your unique offerings and customers
• Avoid eight key mistakes that kill Facebook profitability
• Continuously optimize your presence to reflect your experience and performance
• Sell the dream: Go beyond benefits to arouse your fans’ desires
• Attract super-affordable, targeted visitors and fans with Facebook ads
• Deepen engagement by applying new insights about Facebook users
• Improve branding, positioning, and customer service along with revenue
• Master 13 proven influence tactics for transforming casual visitors into buyers
• Employ time-tested sales tactics, including testimonials and upselling
• Build a community you can translate into profits
• Create a cost-effective B2B marketing program that works

Product Details

ISBN-13:	9780789751362
Publisher:	Que
Publication date:	08/21/2013
Series:	Que Biz-Tech Series
Pages:	312
Product dimensions:	5.90(w) x 8.90(h) x 0.80(d)

About the Author

Brian Carter delivers entertaining, motivational talks on how top-performing organizations can generate more revenue. Brian’s 18 years of business success, plus a background in stand-up comedy, produce presentations that are both entertaining and enlightening for attendees. Brian is the internationally bestselling author of The Like Economy, LinkedIn for Business, and Facebook Marketing. His books have been translated into Spanish, Chinese, and Portuguese. Brian has also written for Salesforce, Marketo, Mashable, The Search Engine Journal, AllFacebook, The Next Web, and The Huffington Post.

He has more than 200,000 online fans, and his content is viewed by more than 8 million times a month. He develops strategies and builds search visibility and social marketing fanbases for companies of all sizes, including well-known entities such as The World Health Organization, Universal Studios, The U.S. Army, Hardee’s, and Carl’s Jr.

Brian has been quoted and profiled by Information Week, ABC News, U.S. News & World Report, Mashable, The Wall Street Journal, Forbes, Inc. Magazine, and Entrepreneur Magazine, and is a regular presenter for top marketing conferences such as SEOmoz, SMX, Pubcon, The AllFacebook Expo, Socialize, The South Carolina Society of Association Executives, and The American Marketing Association.

Table of Contents

Introduction 1
Chapter 1 The Like Effect: The Power of Positive Marketing 3
Likes Decrease Costs and Increase Profits 4
Likes Increase Sales 5
Likes Give You Control of the Customer Conversation 5
Likes Prove People Are Paying Attention 6
Likes Solidify Loyalty 7
Likes Create Evangelistic Customers 8
There’s No Dislike Button 8
Can You Do Fear-Based Marketing on Facebook? 9
Google “Likes” the Like Button 10
Facebook Is About Passions and Interests 10
How Often Do Facebookers Like Things? 11
Facebook Users Are More Trusting 12
Facebook Groups: Off-the-Charts Positivity 12
Facebook Page Brag Boards 13
Easy Testimonials 14
Emotions on Facebook Are Contagious 14
Gross National Happiness 15

Chapter 2 You Can’t Tell a Facebook by its Cover: The Case for Facebook Marketing 17
Why Facebook Marketing Is So Important 19
Facebook Is the Biggest Thing Since Google and Might Be Bigger Than Google 19
The Facebook Ad Platform Is the Most Powerful Marketing Tool in History 21
Google Dooms You to Price Wars, Whereas Facebook Creates Loyalty and Increases Your Value 21
Are Facebook Fans the New Email Subscribers? 22
Facebook Is Heir to the Browsing Empire Yahoo! Lost 22
Myths and Misconceptions About Facebook for Business 23
Social Media Users Don’t Buy Products 24
Social Media Users Don’t Buy Soon Enough and the Sales Cycle Is Too Long 28
Twitter Is the Only Social Media Channel Worth Using? 30
Facebook Is Just for College Students/Kids? 33
People Don’t Click On Ads? 35
Who Harbors These Misconceptions and Why? 36
Some Businesses Profit on Facebook, and Some Don’t 36
Common Mistakes 37
Success Stories 37
Here’s What Facebook Marketing Successes and Failures Do Differently 38
Facebook’s Strengths: Advantages for Your Business 38

Chapter 3 FaceFirst: How Facebook Fits into Your Business and Other Marketing Efforts 41
How Is Social Media Supposedly Changing Business? 42
Conversation 42
Transparency, Honesty, and Trust 44
Availability and Responsiveness 45
Marketing 46
Evaluating Social Media Experts 47
What Businesses That Profit from Facebook Do 48
Can Facebook Change Your Business? 48
How Can Facebook Fit In to Businesses in Different Ways? 48
How Do You Synch Up Your Other Marketing Efforts with Your Facebook Campaigns? 49
Facebook + Print, Web, and Email 49
Facebook + Google Marketing 50
Facebook + PR 51
Facebook + Email Marketing 51
Facebook + TV 52
Facebook for Radio Station Promotion 52

Chapter 4 FaceBucks: Five Ways Businesses Achieve Profits with Facebook 55
How Facebook Advertising Helps All Five Revenue Models 56
Reaching Potential Buyers 56
Positive Alignment 57
Cheap Clicks, Cheap Fans, and Profits 57
Should You Try Facebook Marketing Without Fans First? 58
Five Facebook Revenue Strategies 59
Strategy #1: Advertising Direct to e-Commerce 59
Strategy #2: Advertising and Email Marketing 60
Strategy #3: Fan Marketing for e-Commerce 64
Strategy #4: Fans for Blogging and Advertising Revenue 66
Strategy #5: Fans and Affiliate Marketing 68

Chapter 5 How Not to Fall on Your Face: Eight Mistakes That Block Facebook Profitability 71
1. Is Your Business Viable Online? Is Profitability Likely? 72
The New Online Business 72
The Successful Online Business Now Testing Facebook Marketing 76
Figuring Out Facebook Marketing Profitability 77
2. Do You Have the Facts? Are You Looking at Them? 78
3. Are You Making It Easy for Them to Buy? 78
The 1% Rule: Only 1% Of People Will Do What You Ask Them to Do Online 79
The Effect of the 1% Rule on Internet Sales Processes 80
4. Are You Making Them Care? 80
Why Should They Care? 80
WIIFM? 81
Incentives 81
Facebook-Specific Landing Pages on Your Website 82
5. Do You Have the Right Fans? 82
6. Are You Reaching Enough of Them? 83
7. Are You Reaching Them Repeatedly? 84
8. Are You Warming Them Up? 85
Start with Generosity 85
Warming It Up on the Web 85
Warming It Up on Facebook 86

Chapter 6 Facing the Facts: How to Continuously Get Better Results with the Five Steps of Optimization 87
How Digital Marketing Is Shifting Marketing Cultures 88
The Five Steps of Optimization 88
Step One: Establish One Clear Goal 92
Facebook Marketing Goals 92
Prioritizing Goals and Reconciling Conflicts 93
Step Two: Quantify the Goal with a Key Metric 94
Balancing Metrics 95
Estimating the Likelihood of Success 96
Tracking 96
Facebook Marketing Metrics 96
Step Three: Look at Where You’re Starting 98
Resources 98
Obstacles 98
Capabilities 100
Step Four: Choose Tactics to Test 100
Ad Copy Tests 100
Ad Image Tests 101
Facebook Post Tests 101
Testing Post Types 102
Landing Pages 103
Step Five: Optimize Based on Results 103

Chapter 7 Selling the Dream: Going Beyond Benefits to Arouse Your Fans’ Desire for What You Offer 105
Cure the “Me Me Me” Epidemic 106
Use Your Customer’s Language 106
Who Is Your Customer? 107
Why You Are Never the Best Example of Your Target Customer 109
Don’t Get Obsessed with Art 109
Measure Results and Adjust Your Course to Improve 110
Facebook Is Their Playground, Not Yours 110
Do Pushy Sales Messages Turn People Off? 111
Facebook Is Like a Conference: How Do You Sell at a Conference? 111
Sales Is a Journey of Four Steps 112
What Is AIDA? 112
“Hot Donuts Now” 112
“I’m on a Horse” 113
Social Media Selling Is So Romantic 113
How AIDA Works on Facebook 114
How to “Sell the Dream” 115
The Desire Phase Is Critical in Fan Marketing 115
The Features Versus the Benefits 115
The Benefits Versus the Customer’s Dream 116
Examples of Selling the Dream 117
12 Things People Dream About 119
How to Figure Out Your Customer’s Dream 120
How to Get Fans Thinking and Talking About the Dream 121

Chapter 8 Putting Your Best Face Forward: Setting Up Your Facebook Page to Get More Fans and Sales 123
Pages, Groups, and Profiles: The Mad, Mad World of Facebook 124
Other Facebook Opportunities 128
Can You Market with a Personal Profile? 128
What’s Better, Pages or Groups? 128
Understanding Admins for Pages and Groups 130
How Do Pages and Groups Work Together? 131
Why Are Facebook Groups So Powerful? 132
Critical Mistakes to Avoid in Page Setup 133
What to Put in Your Page’s Cover Photo 133
How to Get a Vanity URL (Username) 134
Are Custom Tabs Overhyped? 134
Most People Never See Your Tabs 135
Why Most People Will Never See Your Tabs 135

Chapter 9 The Face of Advertising: How to Capitalize on the Most Powerful Marketing Tool 137
Why Facebook Advertising Is Critically Important 138
Comparing Google Search Marketing with Facebook Marketing 139
How Ready Are They to Buy Now? 139
Cost of Permission Marketing 139
Facebook Ads for Different-Sized Businesses 140
Mistakes and Misconceptions 141
How to Do Facebook Advertising 142
1. Analyze Your Business and Customers 143
2. Target Your Audiences 145
3. Create Your Advertisements 150
4. Optimizing Your Campaigns and Ads 162
Advertising to Existing Fans 169
How to Be a (Boring) Rock Star for Just $30 per Month 170

Chapter 10 FaceHook: Capturing Qualified Prospects as Fans and Group Members 173
Why Fan Marketing Can Be So Profitable 174
Paid Media Versus Owned Media on Google 174
Paid Media Versus Owned Media on Facebook 174
Unwise Ways to Get Fans 176
The Contest and Giveaway Trap 176
Buying Fans from Companies That Get Fans for You 177
Marketing 101: Targeting and Return on Investment 177
Wrong Fans? Bad Return on Investment 178
A Few Fan Growth Campaign Case Studies 180
How to Get Low Cost, Targeted Fans 182
The Best Ad Settings for Affordable Fan Acquisition 183
Target-Ad Consistency: Tightly Grouping Targets with Image and Message 183
An Alternative Targeting Approach 184
No-Brainer Marketing: Simplicity Gets Results 184
Ad Copy Formulas 185
Ad Copy Grammar, Punctuation, and Capitalization 185
How to Choose Images for Fan Acquisition Ads 185
The Key Metric for Fan Generation and How to Find It 186
Notes on Business-to-Business Fan Acquisition 190
Business-to-Business Fan Generation Advertising Tips 190

Chapter 11 Talking Till You’re Blue in the Face: How to Get More Likes and Comments 193
The Surprising Truth About How People Use Facebook 194
Your Fans See the People and Pages They Interact With 195
The Average Page’s Posts Are Seen by Less Than 10% of Its Fans 195
The Mysterious EdgeRank Algorithm 197
Post Metrics and Benchmarks 198
Reach 199
Engaged Users 199
People Talking About This (PTAT) 199
Feedback Rate 200
Reach/Fan Count = Visibility 200
Feedback Rate’s Effect on Reach 200
Are Some of Your Fans Unreachable Forever? 201
Dancing on the EdgeRank: Increasing Response and Visibility 201
What the Heck Is Web 2.0? 201
Leading the Community You Create 203
Facebook Users Are Bored: Entertain Them! 203
Formulas for Posts 204
Incorporating Selling the Dream 207
Learning from Your Previous Posts 209
Engagement Milestones 210
Guiding Your Community 211
Balancing Engagement and Selling Types of Posts 212
Ratio and Frequency 213
Ideas for Posting 214
Feedback Rate and Sales Posts 215

Chapter 12 FaceMessage: Achieving Other Corporate Goals on Facebook 217
Nonrevenue-Oriented Facebook Goals 218
Branding and Positioning 219
Customer Service 221
Public Relations 222
Journalistic Best Practices for Interaction 226

Chapter 13 Face-alytics: Analyzing Your Facebook Results 229
Which Web Analytics Package Should You Use? 230
Google Analytics Overview 231
Taking Analytics with a Grain of Salt 233
The Untrackables 234
Uneven Accountability 236
Last-Click Bias 237
Inconsistencies and Inaccuracies 237
Tracking Facebook Visitors with Google Analytics 238
Tracking Visitors from Facebook Posts 240
Tracking Visitors from Facebook Ads 241
How to Get Advanced Facebook Page Insights 243
1. How Often Should You Post on Your Facebook Page? 243
2. What If the Demographics of Your Most Engaged Fans Are Different from Your Average Fan? 244
3. What Types of Posts and Post Content Get You the Best Feedback Rates? Which Get the Worst? 244
4. What’s the Best Time to Post to Your Fans? 244
5. Which Sources Get You Fans Who Will Ultimately Unlike Your Page? 245
How to Use These Tips to Get Better Results from Your Posts 246
Competitive Intelligence Analytics 246
Keyword Monitoring and Sentiment Analysis 246
Content Engagement Analysis 247

Chapter 14 Influence: 13 Tactics for Turning Browsers into Buyers 249
Sales and Influence Tactics for Increased Facebook Profits 250
Applying Influence Principles to Facebook Marketing 251
Reciprocity 251
Commitment and Consistency 258
Social Proof 260
Liking 261
Authority 262
Scarcity 263
Applying Time-Tested Sales Tactics to Facebook Marketing 265
Discounts 265
Bonuses 266
Upsells 266
Selling the Value 266
Testimonials 267
Truth and Consequences 268

Chapter 15 B2B Facebook Marketing 271
Facebook B2B Marketing Success Stories 272
InfiniGraph: Competitive Social Intelligence 272
Harrison Agate, Attorney 272
Marketo: Marketing Automation 273
Zurvita: Wellness Product Sales Through Independent Consultants 273
Comparing Facebook, Google & LinkedIn for B2B 274
Allocating B2B Advertising Funds 275
The Sales Funnel 276
Beyond Professionalism? 277
Facebook B2B Marketing Tactics 277
Whitepapers 278
Infographics 278
Memes 278
Think Outside the Box with a Ukulele 278
Ebooks 279
Facebook Advertising 279
Facebook Posts 282
Conclusion 283

Chapter 16 FaceBusiness: Seven Principles for Success 285
Harness the Power of Positive Marketing 287
Embrace the Entire Sales Funnel 288
Leverage the Facebook Advertising Platform Now 290
Map Out and Optimize Your Revenue Model 291
Know Your Customers Much More Deeply 292
Test, Track, and Optimize Your Marketing 293
Start Fascinating Conversations 294

Index 295