What's a Facebook Follower Really Worth?




Todd Meier for The Wall Street Journal Richard Bishop,
a caterer, estimates he would need to spend at least

$9,100 a year in Facebook fees.

Figuring out the value of a Facebook fan has become more complex for many small-business owners, ever since the social-media giant began asking businesses to pay to "promote" their posts.

 

Under a program rolled out in May, businesses pay Facebook Inc. anywhere from $5 to hundreds of dollars to promote a post to the news feeds of users who have "liked" their page, plus Facebook friends of those users. The price depends on how many users a business wants to reach. 

 

The giant social network, which has to balance users' desire to broadcast messages against the need to keep the ecosystem tidy, has always limited the number of posts users receives via their news feeds. According to the company, the average business post reaches 16% of its fans. The Promoted Post program is supposed to make it possible to increase that reach. 

 

Richard Bishop, of Mountain Home, Idaho, is among the many entrepreneurs who are irked about being asked to pay to reach a larger percentage of their Facebook fan base, which they have spent  ime and money building.

 

Mr. Bishop says he puts out an average of 35 posts a week, and estimates that he would need to spend a minimum of $9,100 a year if he opted to pay fees to promote each one of them to his more than 1,500 followers.

 

Facebook "lured us in with free Facebook pages," says the 35-year-old caterer, referring to small-business owners like himself who have built marketing programs around Facebook. "Now all of a sudden they're saying a minimal percentage of your fans will see your posts unless you pay. They devalued the value of a fan."

 

Using social media has long been a particular challenge for many small-business owners, who often don't have a large staff or the free time to manage Facebook, as well as the other outlets.

 

A July survey of 400 U.S. businesses with between $5 million and $50 million in annual revenue found that 77% spend a quarter or more of their marketing efforts on social media. Slightly fewer, 73%, said they have added social-media management to the duties of at least one employee in recent years. The survey was conducted by Edge Research and commissioned by software company Vocus Inc.

 

Facebook's expanding menu of fees has rankled some small-business owners who say they were initially drawn to the social-networking site because it is free to join and has a massive user base, now one billion monthly active users.

 

Many have come to rely on Facebook as their main marketing vehicle to keep their operating costs low. And some even use its business pages in lieu of a company website.

 

Having to pay for social media puts small businesses at a disadvantage over larger rivals, says Eric Yaverbaum, co-founder of SocialMediaMags.com, a magazine publisher in New York. "They don't have the same amount of money to compete with the big companies," he says. "They're going to have to reshape their online sales strategy or bow out if they can't afford it."

 

According to Facebook, Promoted Posts are gaining considerable traction. In an emailed statement Tuesday, it said the program "has significantly increased over the past three months." The company declined to provide specific data.

 

Among those using the feature is Joe Sorge, co-owner of four casual restaurants in Milwaukee and one in Madison, Wis. Since the Promoted Posts launched, he has been spending about $1,000 a month on it, mainly to highlight new menu items and special events. He says he is seeing results in the form of higher sales. "Before I didn't have as much control over whose feed (a post) showed up in," he adds.

 

In its efforts to educate wary businesses, Facebook has compared Promoted Posts to search advertising, where organic search results are free but companies pay extra to show up in sponsored search results. The company is also providing businesses with data on how many people have seen their posts and what percentage of this group came through the Promoted Post program.

 

The initiative is just one example of recent moves by Facebook to prop up its sagging stock price with new money-making products. In late September, the social network debuted a gift service that lets users send real-world presents such as cupcakes or flowers to friends. And earlier this month, it rolled out a version of promoted posts for individuals, which charges users $7 to amplify a personal announcement, like an engagement or the birth of a newborn.

 

Other social-media outlets have also recently begun adding fees for businesses, including Foursquare Labs Inc., of New York. Since July the location-based social-networking service has been testing a pilot program called Promoted Updates in which businesses pay to be listed high in search results on its mobile app.

 

Foursquare hasn't yet disclosed the price of Promoted Updates, which is the company's first advertising product, says spokeswoman Laura Covington. It will be accessible by all users "in the not-too-distant future," she adds.

 

Some small-business owners say they weren't previously aware that their posts to Facebook only land in a small portion of the fan's news feeds. But the discovery hasn't prompted Lindsay Gonzales of Casper, Wyo., to pay a fee to amplify the number of users her two-year-old photography business reaches.

 

"It's a waste of money because even if you pay they still regulate who sees your posts," she says, adding that her business, Making Memories Photography, has about 1,400 Facebook fans.

 

 

By Sarah E. Needleman | Source: The Wall Street Journal

 

Be your own brand today!

By Julailah Wahid

Who says that only celebrities are allowed to shape up their personal image? Mention the words "action hero" and Sylvester Stallone might come to mind. Bring up "sexy" and Angelina Jolie or Megan Fox may breeze through your thoughts. Many celebrities adorn a certain image, which is conveyed in the way that they present themselves. In the highly competitive job market today, it is important to stand out from the crowd if you want to get hired and stay relevant in the industry. How you project yourself will leave an impression on others, even when you've left the room. In short, personal branding is how you market yourself to the world.

If you need help grooming your personal brand, we're here to steer you in the right direction with some easy breezy steps.

Step 1: Cement your values and talents

Zeroing in on your strengths and talents is the essence of personal branding. You can start by listing down the core values that you appreciate most in life, be it loyalty, commitment or perseverance. Next, decide on your talents and highlight the skills you've picked up from previous jobs or experiences. Knowing where your strengths lie in will save you half the battle because it helps you to mould an identity. For instance, a person who is extremely good with numbers can be seen as a fast-thinking and meticulous individual, and might excel in areas like accounting. The better you know yourself, the easier it is to form an identity.

Step 2: Communicate your brand

Once you've decided on the type of image you want to portray, it's time to communicate it in the way you talk, dress and behave.

A strong personal brand can influence people's perceptions of you and attract opportunities that most suit you. The importance of marketing oneself is personified in the most successful people. English entrepreneur Richard Branson is clearly a risk-taker and not the average CEO in a black suit. Unlike many other big bosses who fly high in posh private jets, Richard cruises the world in a hot air balloon. The Virgin Airlines founder even rivaled British Airways, which for a long time had been the only airline from the United Kingdom serving long-haul routes to destinations in North America and the Caribbean. The launch of the colourful and fun Virgin Cola also gave Coca-Cola some stiff competition. Richard Branson clearly brands himself as a courageous individual who is willing to take risks and challenge the norm. His unique image has since attracted plenty of opportunities and like-minded individuals that have helped his businesses to grow.

To apply such marketing strategies in reality, you'll have to start with the little things. If loyalty is a trait that you possess, try highlighting it in your resume. When future employers see that you've stayed with companies for a relatively long time, it might signify that you are loyal and don't have the habit of job-hopping. Highlighting that you've started up your own business also reflects ambition and valour to take risks.

If your aim is to appear professional and thoughtful, dark colours and tailored clothing will suit you much better than dowdy patterns. Looking professional also means that you'll have to act that way, so be tactful with words and avoid goofing around the work environment (hint: The Office). Those in the creative industry can portray their quirky side through emblems and cheery colours, but be sure not to overdo it or people might not take you seriously at first glance.

Step 3: Build an online presence

Enter your name in the Google search engine box and you'll be surprised at what pops up. Chances are that other people, including future employers, are doing the same thing with your name. Utilise social media sites like LinkedIn to create a cogent online presence. LinkedIn, a free online business network, is a platform for you to connect to businesses and other working individuals. When creating a LinkedIn profile, be sure to list down your skill set and previous job experiences with concise descriptions, so that online viewers are much clearer on your career direction and goals. If you're looking to go the extra mile, try engaging yourself in an online community that supports positive social causes. This reflects integrity and a sense of character.

Additionally, online portfolios are really useful as they provide a direct pathway for employers to view what you've done and accomplished. It is also much easier to provide a future employer with a website URL rather than having to lug around a thick stack of your past works to every job interview. Lastly, try your best to eliminate past horrors that may portray you in a negative light. Pay your old blogs and Facebook posts a visit, and get rid of anything that contains profanities or poor language.

Source: http://sg.finance.yahoo.com/news/own-brand-today-060047379--finance.html