What Is Facebook Marketplace?

What Is Facebook Marketplace? Facebook Marketplace is a literal marketplace. It’s an open exchange, where you can post stuff for sale or buy new and used items from people within your local area.

There have already been over 18 million new items in the Marketplace, ranging from cars to video games to rental houses to clothes.

The premise is super simple. And the buying experience is, too. When you find something of interest, just click to message the seller and you can work it out from there.

Each item might have a few pictures and a short description.

But otherwise, it’s up to you and the seller (or buyer) to figure out the transaction details. It also works flawlessly on the mobile app, with a button conveniently located directly in the middle.

Just tap it to bring up Facebook Marketplace, and the app will use your GPS to start displaying products right around you.

The promise for Facebook Marketplace has always been massive. However, the reality often failed to live up to it.

How To Use Facebook Marketplace For Business 
Here’s how your business can take advantage of Facebook Marketplace and capitalize on it — before the competition catches on.

1. Increase awareness and ‘discoverability’.
Increasing brand awareness is the fastest, easiest way to increase sales. Because people won’t buy if they don’t know or trust you (more on this in the next section).

That means you need to increase the number of people who know who you are.

You need more people to recognize your name. And you need to make it easy for them to discover you when they’ve never heard of you before.

According to Adespresso.com, Facebook Marketplace is an excellent place to do just that. It further started thus:

“Facebook added that the buying and selling experiences triggered by Marketplace have led to a growth of 77 percent in users who may not have otherwise connected.” 

You know what that means? The Marketplace gives you an easy way to almost double the number of interactions you have with potential customers right now.

2. Build trust prior to purchase 
Trust makes all the difference in a transaction. It’s literally the difference between a sale and a pass.

That’s why people look for known brand names when deciding to purchase — even over price. Most of Facebook Marketplace sales will come through an individual’s profile.

Believe it or not, that’s a good thing. It helps people see exactly who they’re doing business with. It helps them answer that nagging question without ever having to call you or step foot in your store.

3. Conduct market research to see what sells 
So far, you just want people to know your name. You want to get them into your store. How would you do this with ads?

You’d probably pick a few different products and see which gets the most attention.

You figure out which products are in the most demand. Then, after you have their attention and trust, you can sell them anything.

The trick is to figure out how to get their attention. Or more specifically, which products get the most eyeballs.

4. Sell more products 
The entire goal of Facebook Marketplace is to sell products. You post products. People click and buy.
However, it’s not always that simple in reality.

HOW TO LEVERAGE FACEBOOK MARKETPLACE FOR BUSINESS 
So what exactly is the recipe for accelerating your business through Facebook Marketplace?

As with all new communication channels, the best results come from thorough testing. Here are five steps to get started with:

Step 1: Start by setting up a Facebook page that helps narrate your brand story. Personalize your profile to include important information such as Address, Products or Services, Promotions, and Cover Videos.

Step 2: Boost Your reach with a content strategy. Keep in mind that posts with images receive 2.3X more engagement than those without.

Step 3: Present quality images of your products or services to the Facebook Marketplace. Remember that you are presenting your brand, and you want the images to convey the quality of the product of your service.

Step 4: Build trust. Add trust signals with your audience wherever possible, including Store Name, Address, and a Message Seller option, so potential clients can see you are dependable and discuss specifics.

Step 5: Follow Up. Clients are grateful to sellers who are responsive and attentive. By engaging your audience, you build the foundation of a successful relationship.

That is it on What Is Facebook Marketplace?