With nearly 1 billion users, Facebook is an ever-present in most of our lives and it is now being utilised by businesses just as much as the everyday user.

Businesses have learnt to harness the incredible possibilities of connecting with their customers through Social Media, and the power of advertising to new prospects by means of heavily targeted advertising campaigns and promotions.

However, perhaps the single greatest element of Facebook for businesses is the use of the 'Like' button which can be linked to a company page/website and used to promote blogs and content.

The beauty of a 'Like' is that because a user has chosen to 'Like' a particular product and/or business as a demostration of their support and a public expression of something that they 'Like' – it has given businesses the power to advertise and communicate with a selective and sometimes passionate user-base.

It is assumed that those that have 'Liked' the page/product/company will be most likely to buy the products offered, respond to adverts, intereact with promotions and importantly – share the content with others. These 'Likers' are connected to you in a way that feels personal because they have stated that they 'like' you.

Who are “Likers”? (according to Facebook)

People who click the Facebook Like button are more engaged, active and connected than the average Facebook user. The average “liker” has 2.4x the amount of friends than that of a typical Facebook user. They are also more interested in exploring content they discover on Facebook -- they click on 5.3x more links to external sites than the typical Facebook user.

Therefore, we can now start to see the value a 'Like' has for a business. With the ability to put products, logos, trademarks and promotions in front of consumers, the potential for boosting brand awareness is endless and one that cannot be ignored.

The monetary value of a like can be linked to the number of sales and the new business created directly through Facebook. For example, if a company page has 1000 likes and they sell £2000 worth of products directly through a Facebook advertising campaign, then the average value of a 'like' would be £2. You then of course, need to take away the advertising costs from this.

However – the real beauty of a company page is that there are possibilities for 'free' advertising. Once a 'Liker' or fan has associated themselves with your company then any messages or announcements made through the page will potentially be seen by all of the members. Thus, there is potential to increase sales and run promotions without even spending a single penny.

The value of a 'Like' is arguably priceless seeing as the potential is endless and largely depends on how effectively you are able to communicate with your user-base. We will be covering this issue, 'How to communicate effectively with your Fans/Likers' next week.

Until then, make sure you start building up your number of 'Likes' and be amazed at how it can transform your fortunes!

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