Facebook launched a Marketplace two years ago, giving users a centralized place to buy and sell. In total, Facebook has opened up over 35 different Facebook Stores within Marketplace, so if you were looking to buy and sell items on your own, it would be a new and different discovery experience to start with some shop-like experience.
Shopping on Facebook is fast, easy, and has a lot of options, so here are some tips for when your site starts offering Facebook-like shopping.
Seek Industry Expertise
Before diving in and assuming the bigger task of setting up a Facebook-like shop, know what the nuances of the experience will be.
Sellers love the variety of search, but you also should consider what influencers in the market place you’ll be dealing with. Will you be competing against 20-year-old millennials looking to buy random trinkets to “be cute” (and the majority of them will be the ones with social media following) or will you be competing with fashion magazines, high-end retailers, and fashion followers that spend hundreds of dollars a month?
You want to create a distinct experience that brings Facebook shopping to a new level while using an existing business’ infrastructure. You may find yourself competing with only fashion bloggers like my tiiiiiiying.
It is important to take into account your competitors and what they bring to the table. After all, it’s all about smart marketing, doesn’t it?
Once you’ve decided you want to create a Facebook Store, make sure you’re using the tools and resources they have available.
The first step is to find a market place where the content is relevant to your brand. Look for a marketplace with a high volume of posts but not so popular that you’re going to create spam in one platform. Next, do a search of the marketplace for brand keywords you’ll be using to promote your store.
Second, make sure your content matches the marketplace. Finally, look for locations that are good for monetizing your store — anywhere where you have a brand reputation. If you can’t find the right market place for you, look at a number of other things that include Twitter Direct Message about a local market.
Once you’ve found a market where you want to sell, you’ll want to setup and keep it running smoothly. Good automation plays a huge role in the success of your store. It can help you follow your brand’s social-emotion, manage the campaign, and create a targeted audience.
Translate Customer Markups
The expense of marketing your own Facebook store is going to be hard to predict when the user has 60 different ads and 30 posts a day. If the bottom line is the only way your business is going to make money, you’ll have to plan to set up a user monetization strategy from the start.
This strategy should be at the center of every Facebook Store, and it should work like coupon codes. You’ll be able to see how your users are choosing to monetize your content with multiple additional offers when you perform the conversions, so you’ll have an idea of where the user is in terms of engagement on your post. Just think about how this will benefit your users.
If they are coming back more often, it’s more likely that they’ll purchase your product in your store. If they convert, you’ll see a higher advertising budget.
When you are spending thousands of dollars to advertise, you’re constantly battling with users who don’t like ads, especially if you are trying to get them to buy something. Consider adding a cost per live engagement into your strategy. This will take into account the cost of lifetime value (LTV) of a user and how much money the user is spending in a day or week.
You want to be able to predict how much money your users are spending and monetize it accordingly. Most of the ads you’ll run in your Facebook Store will require clicking or even the ability to install an app. That means you’ll want to spend more money. Look at your targeted audience and decide how much this will cost. If your percentage is higher than your customer lifetime value, you’ll want to price your ad differently.
When you launch your store on Facebook, do you want to be hit with a spam barrage? Most people love the shopping experience and want nothing more than the chance to find anything in their dream store and get into the habit of clicking “shop” or “buy”. If you were to make money selling items on your own, it would have to be a serious financial commitment, so you’ll want to spend a lots of money.