Here are some more tips for monetizing Facebook:

• Facebook’s core value proposition is connecting and communicating with friends. While word-of-mouth, or “earned” media, helps brands gain Facebook fans, it can only go so far. Companies also need to contemplate using paid advertising to develop their Facebook fan-base.
• Create engaging content. The simplicity of the “like” button means that there may be no actual engagement beyond the fleeting moment of the click. To be successful in this post-“like” phase of Facebook marketing, businesses need to excite their fan-base with compelling posts, interactions that spur a sense of community, and rewards for their ongoing support.
• Give people a reason to become fans. Apps are a good way for any business to have engaging interactions with fans. Everyone wants the latest app, and you can place it for download on your page. The process of sharing will increase your business awareness and deliver good returns on your investment.
• Use innovative apps to help monetize Facebook fan pages. For example, create apps that enable your business to post coupons for promotional discounts on your Facebook page. After clicking on the promotion, fans are prompted to provide their email addresses before receiving the coupon. Thus, you have not only increased the likelihood of a fan becoming a paying customer, but also gained a potential customer’s email address, which you can use for future marketing endeavours.
• Incorporate e-commerce directly into your Facebook page. A Facebook storefront application will enable users to make purchases directly. You can also offer promotional deals to fans, but the storefront app offers the additional advantage of publishing a fan’s purchase on the Facebook news feed. This further promotes the item to your fan’s friends who can then make comments about the item.

Attracting new customers to your brand is a great benefit of Facebook fan pages; but if you have not monetised your Facebook page, then you are missing out on an easy way to generate revenue!

WSI can help create an effective online sales process to convert fans into buyers, get better conversions and increase sales.