What Facebook’s New “Want” Button Could Mean for Your Business

by on October 12, 2012

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As some of you may have heard, Facebook has recently decided to begin allowing a select few Facebook-Want-Buttonretailers to test a new “want” button feature on the popular social media website.  Though the importance of businesses using Facebook (and other social media sites) has been questioned by some traditional marketers, this new feature may, at the very least, lead many to reconsider that view. And here’s why:  

Buy What You “Want” on Facebook:  a Win-Win for Sellers and Buyers

Anything that can be done to make it easier for me – the buyer – to buy what a seller sells online, the better it is for both of us.  Every extra step in a purchase process adds additional friction, an opportunity to exit, abandon that cart. The more direct the path from interest to sale, the greater the likelihood of a successful conversion.  

Or to look at it another way, if you are investing resources into digital marketing, you better make sure your customers are able to easily purchase your products online, or all that valiant effort will not produce the ROI you’re looking for.  Once you have an interested customer, they should be able to quickly and easily place an order. 

By allowing customers to purchase products directly through their Facebook pages, sellers are now able to take out an unnecessary step in the buying cycle.  

Sharing Purchase Information with Network

Not only will this new “want” button allow customers to purchase products and services directly through Facebook, customers will also be sharing that information with their network.  Businesses are constantly begging their customers to talk about their products, because they recognize the growing importance of social signals, the “want” button could potentially become the most valuable social signal in “real time” and possibly generate new sales almost immediately.  

Picture this scenario… Sally buys a cool frock on Facebook, it posts to her page. Her friend Amy sees it… “wow, that’s a cool frock, I wonder if they make it in green…”  Boom.

Right Strategy, Wrong Platform?

Before we start making predictions and drawing conclusions based primarily on the popularity and reach of Facebook, we must consider that this feature could potentially fail.  It’s no secret that Facebook has a community that in many ways has deliberately (and loudly) resisted advertising on the social platform, causing some bigger companies to abandon advertising on Facebook altogether.  Only time will tell what affect Facebook’s “want” button will have on the Facebook and eCommerce communities.  We will keep you posted as we learn more about this exciting new feature!  

What do you think of this new feature?  What impact do you think it will have in both the Facebook and eCommerce communities?

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