Likeonomics increases your brand’s believability. The most direct connection of Likeonomics is seen on Facebook every day, where 'liking' something drops it into your news feed and in front of all of your friends, where they in turn can 'like' whatever it is, if they see fit.
The immediate benefit is that it turns individuals from passive consumers into advocates for your brand. How’s that for exponential coverage? One 'like' equals 200 impressions (or however many Facebook Friends or Fans you may have). That’s not too shabby, and the fact that it is free means the price is right.
Paid advertising, whether print or digital, is obviously a self-fulfilling opinion of the manufacturer. Traditional advertising might be influential, but not nearly as much as it used to be. There are some marketing soothsayers who even predict product placement and Likeonomics will replace old-fashioned paid advertising because it’s more real, more transparent and more honest.
While there is still a cost associated with strategically placing products appropriately, it will allegedly be without the interruptive claims and clamor. Wouldn’t you rather hear the opinion of your peers who paid full retail price for a product rather than someone who is himself paid to pimp a product? Now you understand the power of Likeonomics.
Conveying the right message is no longer a slam-dunk brought about by paid advertising. Instead of the mega-influencers, the purchasing process is increasingly motivated by the micro-influencers. That is good news for dealers looking to get the most bang for their marketing buck these days.
So how does one go about acing the subject of Likeonomics?
You can start by asking some of your diehard customers out there to 'like' your social media presence. Use the power of social capital with online users to spread the word about who you really are. Begin by building your brand from the outside and then convert that social capital into money in the till.
Ultimately your business view and your brand view will begin to see eye-to-eye as your Likeonomics credit rating and your bank statement both go into the black.