How Much Is A Facebook Like Worth To My Business
How much is a Facebook Like worth? Well, it depends on who you ask. Not only that, but it depends on what type of products & services you sell. There are a myriad of dependencies when it comes to figuring out the value of a Facebook Like. That said, what we can tell you, is that figuring out how much a Facebook Like is worth to YOUR business, is critical to your success with social media marketing.
Dependencies to Figuring Out How Much Is A Facebook Like Worth
When it comes to figuring out how much a Facebook Like is worth to your business, it truly depends on a number of factors. The value of a Facebook Like to a car brand like Cadillac is probably more than a spa service. Why? Well because the cost to by a car vs. a massage is much higher. Here are some of the biggest dependencies that you should consider when answering the all important question, “how much is a Facebook Like worth to my business”.
- Product & Service costs – The higher the cost for your product or service, the more money a quality Facebook Like is worth to your business.
- Quality of the Like – This is a HUGE one, but one that many don’t consider. Far too often companies focus on the QUANTITY of Likes, as opposed to, the QUALITY OF THE FACEBOOK LIKE. If you’re running an in-store marketing campaign to capture Facebook Likes then you can be pretty sure you’re getting high quality Likes because you’re capturing people who visit your store. If you’re running an online campaign and giving away free gift cards, you’re going to attract a bunch of consumers who are only in it for the offer. The quality of those Facebook Likes are less, and thus the value is less for your business.
- Social Media Marketing Plan – Do you have one? Businesses who start collecting Facebook Likes without a creative plan for engaging your Facebook community are going to find the value of their Facebook Likes is close to $0. You need to engage your Facebook community if you ever want to get them to buy your products and services.
Is A Facebook Like Worth Enough To Keep Me Using Facebook For Business?
In order for you to decide, is a Facebook Like worth the time and money I’m investing, you must go through an exercise in figuring out the value of your Likes. That said, one thing that everyone should keep in mind is that there are other factors in play here, other things that add value to a business which can be obtained through your Facebook community. Facebook generates traffic to your website. That’s a good thing. An active and engaged Facebook community shares your brand, products, and services, with their own Facebook community, which gets your business in front of new prospects. That’s a good thing. Hopefully your Facebook community is sharing feedback on your Facebook Business Page, good and constructive, which can help you evolve your products, services, strategies, etc. That too is a good thing. All of this is a bit hard to put a price on, but they are huge benefits to your business. So before you go jumping to conclusions solely based on the value of a Facebook Like, make sure you keep these factors in mind as well.
What Others Are Saying A Facebook Like Is Worth
Over the past few years a number of companies have done studies to answer the question, “how much is a Facebook Like worth”. Depending on which study you put stock in, you will probably come up with a different answer each time. Again, it all depends on which factors that we mentioned above, along with others not on our list, that the company considered when coming up with their number. This is why it’s important for you to do your own research. Come up with your own list of dependencies, consider your own business, and figure out a number for your business. Back in 2011 a company by the name of “SocialCode claimed in 2011 that a Facebook fan was worth $10“. In 2013 “a social intelligence company called Synacapse has valued each Facebook Like that a brand page receives at $174.17“. These are VASTLY different numbers. It’s up to you to go through the exercise to figure out the value of a Facebook Like for your business. That said, don’t forget the value that a Facebook community brings which cannot be measured with dollars and cents.