How Valuable Is A Facebook Like For Your Brand?
An informative study puts a price tag on Facebook likes for big business brands.
As a company or business that utilizes Facebook as a tool to connect with our audience and build our professional brand, we are constantly told how important it is to share quality content with the end goal of earning likes and shares from our followers. Some brands do this most successfully through running engaging contests and campaigns, others by sharing content that connects with their audience on a personal level. However, while we understand how important it is to get fans to like our Facebook page and are constantly researching the different successful methods for doing so, do we actually know how much these Facebook “likes” are worth in the long run? A study by the “social intelligence company” Syncapse conducted an in-depth study that put a value number on Facebook likes once and for all.
What did they find? According to the latest numbers for 2013, Syncapse found that each individual Facebook like for a company or brand is equal to an average of $174.17―up 28% from previous years.
Determining The Value Of A Facebook LikeFor this study, Syncapse examined successful Facebook brands such as Coca-Cola, Victoria’s Secret, McDonald’s, BMW and more, and looked at six factors specifically:
- Product spending – The difference in spending habits on each brand within the category.
- Loyalty – The consumer intention to keep purchasing from the brand in the future.
- Propensity to recommend – Probability and propensity for word-of-mouth recommendations that lead to future sales.
- Media value – Efficiencies of earned reach and frequency via the Facebook platform.
- Acquisition cost – Efficiency of fans in enticing others to participate and drive organic membership.
- Brand affinity – The perceived personality or the emotional draw felt by fans towards their brand.