What is Facebook Marketplace, and How Can You Leverage it to Grow Your Business?
Smart businesses leverage Facebook Marketplace to promote their businesses to a wider audience. This enables them to make more sales without spending a fortune on advertising.
If you’re wondering how Facebook Marketplace can help grow your business, this is an article that discusses Facebook Marketplace, its benefits for businesses, and how to leverage it for business growth.
What is Facebook Marketplace?
Facebook Marketplace is a feature on Facebook that connects buyers and sellers. It enables sellers to place their goods for sale in a store-like format, with pictures, titles, descriptions, and prices.
Since its introduction in 2016, Facebook Marketplace has become most people’s preferred platform for facilitating local transactions. Whether new or old items, you can find people within your location who are interested in them.
One thing that makes Facebook Marketplace effective and preferable to people is that it leverages Facebook’s huge user base to give sellers and buyers wider visibility and options. Vendors can advertise their goods to the over 3 billion people on the platform. Similarly, buyers have thousands of different sellers for a particular product.
How Does Facebook Marketplace Work?
Facebook Marketplace works like other online marketplaces like Jiji, Jumia, Amazon, etc. It lets sellers list products or services with titles, descriptions, pictures, and prices.
These detailed listings allow buyers to easily search for or browse through items they want on the platform. Once they see what they want, they can send the seller a direct message (DM) to discuss further the terms of the offer. They also discuss and agree on the price, payment, and delivery method, as Facebook Marketplace doesn’t incorporate payment and logistics services.
The good thing about Facebook Marketplace is that it connects you to users in your location. The algorithm determines your location from your profile and ensures your goods are more visible to people within that environment.
What are the Benefits of Facebook Marketplace for Businesses?
Here are the benefits of Facebook Marketplace to your business:
- Large Audience Reach
Facebook has a monthly user base of over 3.03 billion, and the marketplace allows you to reach all these people easily. With the increased reach, you are guaranteed to make more sales than you would have done offline or on a marketplace with a smaller user base.
- Local Targeting
While Facebook Marketplace allows you to reach global users, it, by default, makes your products available to those within your location. This is a good thing if you have a physical storefront where these people can come in and pick up their orders. You can also target nearby locations to reach potential customers in those areas.
- Free Product Listings
Listings on Facebook Marketplace are free. No charges are required for creating listings or using the marketplace. This is a cost-effective way of promoting your business, as you can reach a wider audience without spending a dime on advertising.
- Improved Credibility
Facebook Marketplace incorporates reviews and ratings into its system, allowing buyers to update others on their experience with your business. This can be a great way to build credibility, as potential customers will trust you more and won’t be reluctant to do business with you if they see you have many positive ratings and reviews.
- Brand Exposure
Another benefit of Facebook Marketplace for your business is that it gives your brand much-needed exposure. Even when some people don’t buy from you, they’ve already recognized you as a brand that deals in specific items. This can be useful when they or someone close to them needs a product or service you offer.
- Customer Insights
Facebook Marketplace provides businesses with insights into the performance of their listings, allowing them to refine their strategy and align their products or services to meet customer expectations.
How You Can Leverage Facebook Marketplace to Grow Your Business
Here are ways you can leverage Facebook Marketplace to grow your business:
- Create a Business Page
To effectively leverage Facebook Marketplace, you must create a business page on Facebook. This will help build your credibility and visibility, as people can visit your page from your Facebook Marketplace store to learn more about your brand and services.
- List Products or Services
Facebook Marketplace allows you to list as many goods and services as possible. This is an excellent opportunity to showcase your goods and services to a wider audience. Make the most of it by creating detailed listings, including vital information such as your product descriptions, prices, location, delivery method, and quality images.
- Activate Location Targeting
When creating your Facebook Marketplace account, you’ll be required to indicate your location. This location will help the Facebook algorithm display your products and services to people more likely to patronize you due to their proximity.
You can choose your store or any nearby location to reach people in that environment or target people in other countries if you can make international deliveries or offer a virtual service.
- Engage with Potential Customers
Interested buyers will message you directly from Facebook Marketplace. Ensure to respond promptly and be willing to provide answers to every question they might have. This increases your credibility and helps you build a solid relationship with your potential customers.
- Use Unique Images
Using unique images for your listings increases your conversion rate, as people will get exactly what they saw in your store when they order. This enables them to make payments without many questions when they come to your store or your agreed meeting point.
- Set a Reasonable Price
Price is one essential factor that determines the number of inquiries or orders you get from your listings. Since other vendors offer the same products or services, your potential customers will most likely know the cost before coming across your store. Placing your products or services at extremely high prices will scare people away. Same with using prices far below the expected cost, as it would make them see you as a scammer.
Can Small Businesses Use Facebook Marketplace?
Yes, small businesses can use Facebook Marketplace to promote their products and services to their target audience. In fact, the platform provides more benefits to small businesses, as it allows them to advertise to a wider audience for free. This also enables them to build their brand and get recognized by a wider audience.
What are the Most Profitable Items to Sell on Facebook Marketplace?
You can sell anything on Facebook Marketplace, provided the items or services are in good demand. However, the most popular items on the platform are clothes, kid’s items, furniture, and other household items.
Conclusion
Facebook Marketplace is an amazing place to promote your goods and services, reach a wider audience, and increase the credibility of your brand. However, people are always skeptical of buying on Facebook Marketplace, especially when the distance isn’t close. This requires adopting a reliable escrow service to guarantee potential customers a safe and transparent transaction.
Peppa.io is a reliable escrow service company that facilitates transactions between buyers and sellers on social media and online marketplaces.
