Sunday, April 28, 2013

Dollar Figure Put on Facebook Followers

If your social media manager isnt harping on you already to get your friends, collegues, peers and others to follow the firm on Facebook, they will soon enough.  Mnay times I get asked, (as I am the one using doing the harping) why does this matter to you so much?  Because it means money- how much? If you ask Syncapse and Hotspex, $174.17, to be exact. That’s a $28 boost since 2010, they found.

The companies sought to quantify how much fans were worth based on the following criteria:

1. Product spending
2. Loyalty
3. Propensity to recommend
4. Media value
5. Acquisition cost
6. Brand affinity
The study looks at nearly 20 brands, most of which have more than 15 million fans. So some smaller brands may have a hard time seeing how these numbers correlate.

The study includes several key findings, but drives home a point that many firms consistently reiterate to clients:
“Facebook fans and social media intelligence must be at the center of a brand’s overall marketing strategy. The key to smarter marketing – including better planning, execution and measurement—lies in social marketing and big data expertise, tools and infrastructure, and new marketing models that embrace social. Business now is social.”
Click here to download the study for yourself.

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