I Collect Fans. Therefore, I Invest.
July 19, 2010 – 4:52 pmAs social media websites like Facebook gain over hundreds of thousands of users, business principles must be assessed. Corporate entrants onto Facebook have created fan pages to inform members of their brand, its qualities, and promotional opportunities. Some brands have entered social media with widgets on the home site, with ambitions to gain a new generation of followers. The value is in the volume. Unfortunately, those fans remain static due to the misconception that Facebook users do not seek engagement from brands. Therefore, product development loses a golden opportunity to leverage new customers, due to anxiety and false predications.
Some corporations move with the opposite mindset. As genuine investors, they cultivate fans that are secured into an digital source for assets. Chris Perry of Advertising Age comes up with ten fundamental principles for brands to leverage their social media fans and become an online investor. I’ll draw out a few key statements.
1) What “Like” Means – Understand what an individual “liking” your brand says about them today, and set goals for what it should say about them tomorrow. Your core base will come easily. They were already fans of the brand and this is why they have “liked” your page – the brand has not added these fans, it’s simply assembled them. It’s expanding and winning new audiences that pays dividends.
2) Put your fans to work – The sheer numbers of fans have clout only when put to use. Powerful investor brands activate their audience as advocates. Put those who like you to work by giving them reasons to interact with the brand and provide a platform where their enthusiastic support is amplified to their networks. Facebook is a great place for activities. Give your audience things to “like”, to use, to share, to post, to comment on. Reward them as appropriate for your industry, segment, restrictions, budget and product – with applications, activities, social currency, exposure, affirmation, discounts, access, entertainment, responsiveness and respect.
3) Listen to your fans and respond to what you hear – Your Facebook community is a great source of research, product innovation ideas, consumer advocacy, customer service, and validation. Monitor consistently and seriously, and be willing to stop and listen at every point and to change and respond and reset expectations when you identify new challenges and opportunities. Understand that outside forces can impact your standing online so keep an eye out to mitigate risk and to anticipate if activities have impact on your perceived value. Pay close attention to audience responses and be nimble in your response. Be mindful of privacy and transparent with marketing.
Click the “Like” button for more insight.

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