Don't be surprised if you start to see a "buy" button on Facebook in the coming weeks.
That's not a prediction, but it is an educated guess. The social giant has been testing the buy button since mid-summer, and with recent research pointing to a big holiday season for shopping through Facebook it would only make sense, if the tests have been positive so far.
If you haven't already planned or begun your company's Facebook marketing campaign for this holiday season, here's why you should get things in gear right away.
The Gang's All There
It's common knowledge that Facebook has a much larger user base than any other social network. It may not be as well known that despite growing competition from the likes of Pinterest and Twitter (who is also testing a buy button), Facebook still holds a significant edge when it comes to social-driven sales.
In the U.S., 71% of adults use the site, according to Microsoft Social Listening. Marketers are well aware. 92% of them will put the bulk of their holiday social spending into Facebook, and 67% are increasing their budgets for Facebook ads from last year, according to research from Offerpop.
Cost Effective, Pinpoint Targeting
Facebook ads cost less than 10% of what a Google AdWords campaign would cost. At US$.25 per 1000 ad impressions, marketers really can't afford not to put some of their budget into them. And most marketers expect to be spending up to 20% of their total advertising budgets on social media in the next five years according to Duke University.
For such an inexpensive rate, you might not expect much in the way of targeting, but you'd be very wrong. Facebook is considered to be one of the best places to reach specific, targeted demographics.
And why wouldn't it? They know your likes and dislikes, income range, education level, gender, age, and so much more that you willingly tell them every time you post, share or like something.
Act Now, Don't Delay
Great, you think, I'll have to get on that before mid-December. That would be another mistake. While most marketers have followed exactly that route in years past, recent data shows that the most viewing and clicking of ads on Facebook happens in the two weeks leading up to Thanksgiving. So if it's possible, you should reschedule something else and work this in quickly.
If you miss that window, don't despair. Social buying will be up this year, particularly on Facebook, so there will still be plenty of buyers browsing through Christmas Eve.
Another piece of insight that is worth considering is that gift cards have become a staple of holiday giving in the last decade. That means that after Christmas, particularly after Jan. 1st when most of the traveling and visiting will be over and done, there will be another spending surge as people get online to use the gift cards they received.
Online shopping will be up this year. Facebook shopping will be up this year. The only question is whether your company will share in any of the spoils.