One of social marketing’s greatest feats is calculating the amount of money spent on Facebook – not only can it be confusing, it’s just plain difficult.
Fret no more, Facebook marketers because there is a firm that feels your pain. Syncapse has developed a free calculator tool for walking brand managers through the mathematical maze of Facebook advertising.
How does it work?
The tool begins by gathering information from you regarding your target market i.e. what is the size of your market and what interests (out of Facebook’s database of about 8 million interests) represent that market.
Marketers are then asked to specify their market conditions. This is done by entering a percentage in a “Customer/Fan Percentage” field, choosing from a scroll of percentages in net to “Market Share” and “Average Net Margin per Sale”, and specifying a “Buying Frequency”.
Next up: “Always On” Variables: users are asked how frequently they wish to hit a target audience with messages, including “Messages per week per fan” and “Messages per week per friends of fan”.
Finally, there are “Campaign” Variables where users enter the number of campaigns planned for launch in the upcoming year and the average duration of time for which the campaign will last.
From here, the Syncapse calculator spits out suggestions on how much to spend and where to delineate the funds in order to execute the most effective social marketing strategy via Facebook. Percentages and pie graphs are displayed to demonstrate the best way to practice Fan Communication, Friends of Fans Communication, Facebook Budget Allocation, Campaign Lifts and more.
For example, in regards to Campaign Lift, the tool might tell you:
“Budget $0.02 to reach each member of your target audience of 165,083, 400 people on an average of 8 times in 2013 to drive additional reach and frequency for your promotional campaigns.”
WHEW! Social marketers rejoice!
Michael Scissons, President and CEO of Syncapse says:
“There are a lot of agencies on the market that are trying to buy cheap fansâ€¦We are trying to educated the market that they should be thinking of reach and frequency.”
Scissons also explains that Syncapse provides estimates of budgets and variables. He also explains the fine line that exists between target markets and the social network. For example, a man who is interested in Eastern Mountain Sports hiking boots may not be as enthralled with toying around with the brand on Facebook. But, provided that man is delivered the right number of messages at an appropriate rate, the brand will get to him precisely when he is ready to purchase the hiking boots.
Janice Bevilacqua is a writer specializing in the latest tech trends including gadget reviews, breaking news, social media marketing and more. She is a prime contributor to Consumer Priority Service, a service plan provider for technology products.