Facebook Business Model Overview
The business of facebook is the business of attention. It’s not about posting, sharing. But ATTENTION – It’s about grabbing our collective attention
Currently, on average – we spend 54% of our time on mobile – on social media. And it’s not stopping. It is going to get worst as the day goes by.
One thing you must understand about Facebook is that the users have no intent to buy. Think about it! There is nobody that signup for Facebook to buy. Or say tomorrow I’m going to buy on Facebook. There is none.
So, what then is Facebook about?
Facebook is about three things:
- Share and
So, as a business owner, your aim should be how to get some if not all of that. But most importantly, COMMENTS.
The fact is, Facebook will promote what we collectively like. In essence, as a business owner with a Facebook presence, the more people like your post, especially comments, the better for you. And that should be your top priority.
2018 Facebook made an announcement that the most important thing to boost your post is engagement – literally, comments.
Another thing you should be aware of is that Facebook Algorithm is designed to hide boring post. They want its users to have good experience; they don’t want to bore me and you with post we may not like. Because if the post we are seeing is always boring, we may be forced to quit Facebook for other social media. Facebook don’t want that. So it hides boring post (without comments, like and share) And you don’t want that to happen to your post as a business person. Because when your post get most of these things, you are more likely to get new clients, drive sales and build relationship.
Facebook Business Contents
A recent survey was done on all the most popular content on social media and the result shows that;
- 25% of what we share is Inspiring and Educational
- 17% of what we share is Funny
- 15% of what we share is Entertaining
Why is this statics important to you as a business owner? Your post should align with the three categories as revealed above if you don’t want Facebook to hide your post.
You must avoid posting sales copy all the time. Whenever I go to a Facebook community and all I see is – BUY, BUY AND BUY. I simply click away. It’s so boring you know.
Don’t like your post. And if you must, don’t be the first. I see most people do this a lot. Instead, you can like it after 10 persons have, if you must.
Facebook is not about posting stuffs and disappearing. It’s about posting and engaging.
Facebook Busines: VOLUME vs. ENGAGEMENT
Most brands focus on volume – the number of post they make daily. Some brands have made it a priority to post morning, afternoon and evening (3 contents) not minding the engagement. They believe that is what Facebook is about. The number of post you have on your Facebook wall does not determine your success. It doesn’t mean you business will succeed on facebook.
Also, you need to rethink quantity in terms of quality. Facebook pays more attention to quality than quantity. Instead of 7 posts a week, ask yourself – what is that one post that will make a huge difference. What is that one post that will get people talking about you, your brand?
So, what should you do to make that huge difference?
You need to ask yourself three questions. And you need to have a YES in one of those questions before you post on Facebook. The first question is:
- Does this post make me smile?
- Does this post add value to me? (Teach, Inform)
- Does this post make me want to participate? To like, comment or share?
If the answer to the above questions is NO, delete the post. Don’t hit the PUBLISH button.
Here is what you need to start doing:
Facebook Business; BE AUTHENTIC – Be You:
People want to know about you. They want to know that you’re human, how you feel. If you have problems talk about it. You will be surprised at the number of people that will engage in the post. Post as if you’re talking to your friends.
E’s To Facebook Business
There are three “E” to Facebook business strategy you need to equip yourself with to scale your business, whether as a personal or corporate brand. They should be a must do if you need your post to have likes, comments and shares. They are;
The key to Facebook and business is engagement. But the problem most brands have is how to engage people. But here is how to do it.
The question Facebook users are asking should be in your post.
Imagine you have 100 Facebook followers, either as friend, group members or page likes and 20 of them want to know who the founder of Tecno phone is. And you develop a content titled: “How A Nigerian Man Founded Tecno Phone “. What do you think will happen when eventually the 20 persons get to see this post? Of cause they will be interested in the post and will diligently go through the post to see their inner question answered. And when they eventually find out the answer, what do you think they will do? They will respond to your post by likes, comment or share. And once you get 5 shares, other persons on their Facebook walls that have similar curiosity will also engaged on the post.
You must continuously post things they have interest on. To be on tract with the questions people are always asking, you need to use a tool to get that done.
Hover over to www.AnswerThePublic.com Put in a particular keyword and it will generate you tones of questions that are being asked about that particular subject. Once you have gotten that, develop a Facebook post about it. Because that is what people want to know you will naturally get them engaged to find the answer to their question in your content.
And remember, that Comment is the secret sauce of Facebook.
Another way to get engagement is through Facebook group. Once you have a group, you goal should be to have 30 advocates – persons who are actively engaging on your post. The problem with most persons is when they open a group or a page and they don’t achieve result immediately they tend to back up.
Your must concern should be to provide value to your audience. If you continuously provide trust to your community, you earn trust in them. And they will be more likely to buy your product or services. But what most business owners do on Facebook is that they want to sell, rather than provide value.
On Saturday a prospect chatted me wants to learn digital marketing. He is familiar with Facebook Ad. And as a matter of Fact, the Friday before that Saturday he placed an Ad with N1, 000 to sell his digital product. The Ad was supposed to run for only that Friday. By the time the Ad elapse, he got 5 reach with no sale and spent N34.5.
He was curious as to why Facebook didn’t take all the budget he made.
When he explained this to me and told me he wants me to teach him Digital marketing, I told him the price. But something happened. He only saw my Advert and sent me a message.
I needed to sell my service to him but I haven’t provided him with any value. So he was skeptical paying the money I told him.
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In this instance, he needed just one thing to make that buying decision – value – before payment. Here is what I did.
Because he placed an Ad with an expectation and his budget wasn’t exhausted as he believed should be. I quickly explained what happened, why he didn’t make any sale and why the budget on N1, 000 can’t be exhausted a day. Actually, he did certain things wrong, which I pointed out and he confirmed not doing those things.
Now he is happy, he believed that I know the rules of the game. A minute later, I got an alert from him.
In essence, the amount of trust you earn from your audience is proportionate to the value you provide.
Here is another instance.
Earlier this month, a man sent us a message that he wants to register his business. He asked about the price, I told him. But because he doesn’t know me, never done business with me, he needs me to convince him that I can handle the process for him. I like the man because he very exposed. He asked many intelligent questions about the process and even the legal aspect of running a business and when I was able to provide him the information and even offer more – he was amazed! Still in the process I pitched him about ESY MEDIA Academy, he paid for the registration of his business and still paid to sign up for the academy. Not only that, ESY Media made N65, 000 from him within two weeks. He was happy paying the money because he got value.
Once you provide value and earn their trust, they will be willing to listen to you. The more value you provide the more trust you earn and the more trust you earn, the bigger the audience you will have.
At first this is how it should look. See the image below:
Lots of value to your audience and a little bit of trust. Once you earn their trust and your audience increased, you can then provide less value. Although, not advisable if you can maintain the value.
The second of the 3 “E” is educate.
You should spend your time educating your audience. This you should do more using video. Videos produce 1800% more engagement that text and images.
That is to say that if you get my attention with text and images for 2X using video will produce the result 18X. When I say video, I’m not talking about commercial videos. Most persons don’t like to watch commercial videos. You think about it!
What you should focus your effort on is How To VIDEOS.
Assuming you sell phone. You should do videos on how to make your phone battery last longer, How to…..
For cosmetic brands, How to remove Pimp in 4 simple steps
If you are into Fashion store, how about doing a video on How to match your dress code?
Another thing you may want to consider is educating people about the price. Like how much it cost VIDEOS.
People want to know the price of things. So, you may need to educate people on it. It doesn’t really mean you should give out your price.
The third “E” is entertain.
People like to have fun. Don’t neglect that. Even on your facebook business page, incorporate business with entertainment.
You don’t necessarily need to be a clown to do this. It could simply be asking your followers to make a funny video of them. Maybe with a price attached to it or you making a funny joke.
Some funny images and comedy kits by comedians could be shared just to keep the community lively.
So, hope you have learn something new from this facebook business model? Leave a comment below let me know how you feel.