Consumer Psychology for a Digital Age

Speed Summary | New Moontoast eBook on Facebook Commerce for Brands (Infographic)

Moontoast, one of the leading social commerce platforms working with retailers, publishers, musicians and celebrities has just published a new, useful and insightful e-book on Facebook commerce for brands.

It’s most definitely worth a download – from here (free) – as it contains some of the smartest advice we’ve found on f-commerce to date.  We think the smartest way for brands to understand Facebook and Facebook Commerce is as fan-media and fan-sales; Moontoast’s e-book provides invaluable insight for doing precisely that – and for creating an army of ‘super fans‘ (brilliant concept) who buy and advocate more and more often.

For the time-squeezed, here’s a quick speed summary of our top takeouts of Moontoast’s The Fan Brand’s Guide to Facebook Commerce – including a natty infographic on the Anatomy of a Fan

  • F-commerce allows you to find and serve your most valuable customers – your fans – and is useful as a platform for managing fan-rewards
  • Success in Facebook commerce requires integrating commerce with a solid social media strategy – just opening up shop won’t work
  • The first step in any Facebook commerce strategy should be to listen to your fans – what do your fans want from you, what could you do for them?
    • Success in Facebook commerce is like any other business – solving people’s problems at a profit – what problems do your fans have, that you could solve with f-commerce?
  • Four key drivers determine social commerce success – keep it simple and focus on these key drivers
    • Audience (Size and Quality)
    • Offer (Excitement and Experience)
    • Placement (Find-ability, Relevance)
    • Virality (Share-ability, Talk-ability)
  • Facebook commerce has its own conversion funnel and certain tactics can be used drive people through the Facebook commerce conversion funnel
    • Liking with Limited – use scarcity, limited availability, limited editions, limited time to drive likes, shares and purchases
    • Quality over Quantity – don’t collect random likes but build a loyal community of genuine fans using authenticity, consistency, and great content
    • Getting Direct – your fans trust you and want to buy from you, so make Facebook a privileged VIP fan-sales channel
    • Friends get Benefits – use f-commerce to reward your fans for being loyal to your brand; get creative – beyond special fan-pricing with fan-first/fan-exclsuives
    • Be Regular – yep, “eighty percent of success is showing up.” (Woody Allen) – make fan-management a priority, and keep your fans engaged
  • Facebook fans can be segmented into different groups along a “Facebook Fan Engagement Spectrum” from “potential fans” up to “super fans”
    • Super Fans
    • Purchasing Fans
    • Advocate Fans
    • Engaged Fans
    • Potential Fans
  • Turning “potential fans” into “super fans” involves not only quality news and interaction, but using the set of engagement tools in Facebook
    • Surveys
    • Photos
    • Videos
    • Comments
    • Downloads
    • Commerce
  • The health of your fan-base can be measured in terms of
    • Reach – monthly active users, total fans, total fan network size
    • Interaction –  share-like-comment count, plays, page loads
    • Sales – conversion rate (from impression, in cart), cart size, purchase frequency, sales/fan
    • Referrals – referred members by fan, referred buyers by fan
  • The health of your content (whether you appear in your fans news feeds depends on Facebook’s EdgeRank algorithm and is influenced by three variables (see image)
    • Affinity (home much interaction you have with fans)
    • Weight (how much other fans interact with a post)
    • Time (how new the post is)
  • Success with Facebook commerce means realising you are in the content business – you need to create content that is
    • Fun
    • Engaging
    • Authentic
    • Responsive
    • Regular
    • Rich (Video/Photo)
    • Consistent
How to Get into a Fan’s Feed
The Anatomy of a Fan (click for full size)

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