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Good information, Michael. Respectfully, though, I disagree with posting content more frequently as a general rule of thumb. Depending on your business, the type of content you post can be very specific to your audience and generating that content can take considerable time and man hours. For example, a local bank posting four times per day would mean posting at least 20 times per week. Curating that content, writing the messages, optimizing photos, etc. takes time and resources ... and 20 pieces of original content that are relevant for a local bank to share with customers in a local market every week is a daunting task itself.
I've found that using Facebook's targeting features to hit our fans and target audience with as little as $5 can pay much bigger dividends than spending additional hours creating other pieces of content and getting mixed results. For us, it's about sharing quality of the content over the quantity of the content and being strategic with our budget -- even if it is very limited. Obviously, not every small business has the luxury of having extra budget laying around but sharing relevant/valuable content should be the main goal. It's easy to lose that sight of that when you feel the need to post something seemingly every other hour.