Sunday, October 16, 2011

5 Ways Merchants Can Start Utilizing Facebook Credits

1. Sell Digital, Not Physical Goods
Facebook Credits can be used to purchase virtual goods, digital goods and Facebook Deals. They still cannot be used to directly purchase physical goods or redeem anything outside of Facebook. Now, however, there are a variety of digital goods and content available (Skype calls, music, movies, additional ammunition for game battles, etc.). There is an endless list of opportunities to monetize.

2. Incentivize Fan Engagement

While the real value of a Facebook Credit is 10 cents, the perceived value is much more. As little as 30 Facebook Credits can give users access to movies, live concerts, dozens of games and more. Additionally, there are some events and entertainment where Facebook Credits may be the only currency accepted. Credits are a lot like “airline miles” that fans will seek out and accumulate from issuing companies.

3. Think Globally

Facebook Credits are an international mode of payment available in more than 47 currencies. Whenever possible, incorporate the global community in your promotional efforts. While the U.S. still makes up a large portion of the Facebook population, there is significant growth in other countries. Live concerts on Facebook, for example, have drawn participants from more than 25 countries. Recent success stories include concerts by Widespread Panic, David Gray, and even new bands like The Parlotones.

4. Deploy Digital Content

Over time, users accumulate Facebook Credits from many different brands. Think about simple ways to offer fans valuable digital content. Why not host the launch of a new music video or movie release to reward existing fans and recruit new ones? While the average Credit balance may be low today for Facebook users, expect it to grow significantly as Facebook Credits become more mainstream as the social currency of choice.

5. Be a Sponsor

If your app is consuming Facebook Credits, seek out brands and partners that will sponsor or promote your app and offer Facebook Credits to their fan base as an incentive. If you are planning on offering Facebook Credits to entice new fans, consider finding a relevant movie, concert or other credit-based event that you can promote alongside it to make the offer more appealing.

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