Virtual cash – it can’t buy you food, clothes or cars, but it can buy you fun and, to a certain extent, technology. At least that’s how it works on Facebook.
Facebook credits, Facebook’s exclusive, virtual currency, allows Facebook users to instantly purchase virtual goods. Although these virtual goods are typically associated with Facebook’s social gaming platform, now, more and more businesses outside the realm of social game development have begun to explore ways to benefit from this digital currency.
earn some interest
So if Facebook credits only work on Facebook can your business actually benefit from them? The short answer is, “Yes,” but long answer demands a little more detail.
Unlike the dollar, yen or euro, Facebook credits are a universal currency. Users in any Facebook friendly country have access to this social coinage. Although the revenue of Facebook’s pennies may not fall directly into your pocketbook, your business can still use Facebook credits to drive market growth:
- Ad Conversion Rewards – Buy one get one free offers typically increase purchasing activity across the board. If your marketing budget cannot handle offering a mass, Facebook fan buy one get one free incentive, then consider another approach. Instead, offer fans a number of Facebook credits as a reward with purchase.
- Engagement Rewards – Offers like the one mentioned have the potential to increase both your revenue and the effectiveness of your Facebook advertisements and fan engagement. To build online visibility and strengthen Facebook fan engagement, offer fans Facebook credits in exchange for “Like”s, mentions, tweets, retweets or repostings of your deals or campaign messages.
- Credit-Product Tie-Ins – If your app has enhanced tech abilities like streaming music or video, consider offering users access to these products via Facebook credits. Then, during Facebook high traffic times, offer discounts to fans who use your credited services for repostings or to recruit friends to your page or activity.
Facebook credits are still a fairly new concept to most businesses, which makes for an even better marketing opportunity for early adopting companies.
Even the most die hard Farmville addicts can still have trouble justifying purchasing virtual money, with real money, to buy a virtual cow or intangible good. However, when simply “Like”ing your post or purchasing your product through a Facebook ad landing page earns them 10 “free” Facebook credits, you give them the extra incentive they need to convert to a deeper level of engagement.
Campaigns like these work best when integrated as one component of a larger, overarching social media engagement or social media marketing strategy. Before beginning yours, make sure you have a clear Facebook credit campaign laid out and the expert research, engagement monitoring and social media responders in place to handle the gold rush of conversation your credit giveaway will bring in.