What Facebook’s New “Buy Button” Means for Your Business
You know that guy with the bagel cart rolling by your office in the morning? You were busy getting started on your business of the day, then this guy rolls up and well, now you’re hungry. “Ok,” you think to yourself. “I’ll grab a bagel.”
The convenience of the impulse buy is hard to ignore. And more often than not, it doesn’t feel like we’re being sold or marketed to. We usually feel pretty confident that this is our decision. Yes, we didn’t know we were about to make this purchase, but we are totally in control and definitely want it. Right?
Recently Facebook announced their new Buy Button which will allow your customers to purchase products from businesses without ever having to leave Facebook, mobile included. Your customers will be able to complete their entire order process (even shipping settings and payment) all in one cozy nook of the world’s favorite social media home away from home. Whether this sounds scary or convenient, it’s time to start planning how your business will adapt. Here are 3 things to consider when examining the new Facebook Buy Button, and what it means to you and your business.
1. Say Goodbye to distracting ads and hello to engaging content.
If you’ve ever tried Facebook ads to promote your company or goods and services, the buy button is a good thing. Buying online ads are hard to quantify from a success point of view. Sure you can track clicks and click throughs, even track where purchases came from. But these efforts typically work better in concept than application. Here’s the next step. Stop buying traditional Facebook Ads. With the buy button you no longer have to throw money at distracting your customers. You can, instead, connect with them via your content. Content that they’d be choosing to engage with anyway. Have a cool new product you want to get out to market, or even test? This could be where you do that.
It’s a fact of life that many content owners are now looking to their “readers’ offers” initiatives to build e-commerce into their content sites. – Forbes (http://www.forbes.com/sites/haydnshaughnessy/2014/07/18/facebook-shopping-button-could-be-amazon-reviews-on-steroids/)
2. The impulse buy: The next generation.
This is certainly a whole new (more impulsive) impulse buy. The genius of it is basically this: Remember why that bagel cart concept works? Similarly, imagine a group of yourself and your closest colleagues and friends chatting around the water cooler about the things you collectively are interested in. Coffee, technology, low calorie drinks, impressively sharp knives, a new hybrid car. Now imagine while casually talking with your friends about these subjects, one of them said something like, “Well, if you’re interested I can get you a box of those knives for $20 less than the store.” They don’t have to earn your trust. They already have it. You don’t have to drive out to the store, or search prices online. You don’t have to do anything really. It’s organic digital content for sale. You’re seeing it in your news feed because you’ve already established, digitally, that it’s something of interest to you. This is the benefit of the Facebook Buy Button concept. And this will be the primary reason why it will work.
Don’t forget to consider when you post also. Since these aren’t traditional social media ads running automatically, you must be conscious of when you post content with the ability to buy. Read our recent blog post on The Perfect Time to Post on Social Media.
3. The power of viral reviews
According to Convert With Content 87% of consumers are influenced by positive reviews, and trust customer reviews 12x more than manufacturers’ descriptions. With the new Facebook Buy Button capability, customer reviews will come first and the product second. In a way, customers have already been trained to reverse engineer their purchases online. It’s been going on for years and the new Facebook Buy Button will only sharpen this modern consumer skill.
You need to understand how this will bring on competition for your sales. Facebook won’t be alone. Already, Twitter has announced it purchased a payments start up for integration in it’s ever-growing platform. Don’t be surprised if more join soon. The time to plan accordingly and add some grey area to your direct and indirect competition matrices is now. Wondering why your customers stopped buying sunglasses from you? Have they evolved where you haven’t?
The future of online retail may be upon us. LIKE it? Don’t buy it? Tell us what you think with your comments below or let us know on Facebook!