Not very much. People like all sorts of junk without any intention of buying anything. As an example, I might like Coca-cola (along with millions of others). It doesn't make me buy more coke, I'm not even really that interested in the stuff they publish on my news feed. So my liking has zero value.
I was reading an markeitng article they suggests the brands moving back to traditional marketing as the ROI on social media isn't very good. Good old emails are up to 5 times more effective than a news feed post or a tweet.
I was reading an markeitng article they suggests the brands moving back to traditional marketing as the ROI on social media isn't very good. Good old emails are up to 5 times more effective than a news feed post or a tweet.
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Completely depends on your product or service and the way you use the likes as part of your marketing strategy. I've read different articles placing the figure at £1 and then as the OP said way above £100. Have to agree with fisicx, overall email is probably a much better strategy for sales.
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V
valueinmarketing
- Original Poster
- #8
Depends on what they offer your company in the future? what do you sell of what service do you offer? again the ROI can only be measured on a case by case basis and I am sure to many businesses to secure a couple of k contract seeded by a like costing £1xx amount thats a winner, if you sell items worth £1 each then obviously not
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I'm not sure how you can really put a figure on it. So many people seem to just do reciprocal likes without even really looking at the pages they're liking. Plus Facebook only shows a very small number of likers posts from your pages now so it's very hard to interact/sell to them.
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For me a like is worth nothing as i do not sell on facebook, I only post fun stuff and very rarely try and sell anything, my facebook page is just for awareness and i have had a few links to the site from it
If an add is worth $174 then i have done well as i promoted my page and the cost of each like i have been getting is 17p (Yes 17 Pence)
If it were worth anything like the figures bantered around i would be extremely rich by now
If an add is worth $174 then i have done well as i promoted my page and the cost of each like i have been getting is 17p (Yes 17 Pence)
If it were worth anything like the figures bantered around i would be extremely rich by now
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As mentioned above, it all depends on your business model.
A like is only as useful as your Facebook strategy. For example, you may find it cheaper when you advertise directly to people who have liked your page.
But overall, it's much more profitable to focus on building a relationship with your customers.
Here is a fact: Facebook shows your content to only a minutes section of people who have liked your page.
However...
If your content gets responses from you audience - such as likes, click, shares, and comments - you will then an increase in the number of people who see your post.
Otherwise, paid advertising is your best shot. Even then, if your content doesn't engage your audience, Facebook will either stop your campaigns, or make your ads incredibly expensive (or both).
A like is only as useful as your Facebook strategy. For example, you may find it cheaper when you advertise directly to people who have liked your page.
But overall, it's much more profitable to focus on building a relationship with your customers.
Here is a fact: Facebook shows your content to only a minutes section of people who have liked your page.
However...
If your content gets responses from you audience - such as likes, click, shares, and comments - you will then an increase in the number of people who see your post.
Otherwise, paid advertising is your best shot. Even then, if your content doesn't engage your audience, Facebook will either stop your campaigns, or make your ads incredibly expensive (or both).
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I've just run a quick calculation and can confidently say that a Facebook like is worth seven tenths of a euro cent.
I attended a conference at the beginning of the year where the organiser boasted of having 55 000 likes for the event. He took us through a painful powerpoint presentation on exactly how he got those likes, which times of the day were best, whether pictures with text got more likes and shares than pictures without text. He analysed the social media campaign he and his minions had spent months working on in every possible way and concluded it a success.
When asked how many tickets he'd sold from this Herculean effort he mumbled 'two'.
2 tickets at 200 euros each from the social media campaign. So 400 / 55000 = 0.007 euros - or about the same as a politician's promise.
I attended a conference at the beginning of the year where the organiser boasted of having 55 000 likes for the event. He took us through a painful powerpoint presentation on exactly how he got those likes, which times of the day were best, whether pictures with text got more likes and shares than pictures without text. He analysed the social media campaign he and his minions had spent months working on in every possible way and concluded it a success.
When asked how many tickets he'd sold from this Herculean effort he mumbled 'two'.
2 tickets at 200 euros each from the social media campaign. So 400 / 55000 = 0.007 euros - or about the same as a politician's promise.
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Peter
The best answer yet
My answer would be I walk past lots of shops in a shopping mail or high street and can probably tell a stranger where each shop is located, but I never venture into any without a reason, if i spend money on PPC then the customer is looking for either my shop or my goods a much better spend on my behalf
Do Social media people take their time into consideration in keeping up the tweets or replies etc at market costs,
The best answer yet
My answer would be I walk past lots of shops in a shopping mail or high street and can probably tell a stranger where each shop is located, but I never venture into any without a reason, if i spend money on PPC then the customer is looking for either my shop or my goods a much better spend on my behalf
Do Social media people take their time into consideration in keeping up the tweets or replies etc at market costs,
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Why not try crunching the numbers the other way around? What potential "likers" see in your numbers?
Whether you pay for ads or get them organically, the weight of a single like varies.
For example from 10 to 11 - the difference is 10% for you and none for the person who visits your page next. From 100 to 101 - 1% and still no difference for the next in line. The same logic applies for every other comparison, only the pond gets bigger.
But
The difference from 100 to 1000 is "progress" - not for the company but for the next person to consider joining the "popular children"..
In other words - having more likes encourages people to join you - the basics of "fame".
A perfect example for this was mentioned here earlier - you neither like Coke, nor have interest in it's news feed, why did you like their page then?? The short answer: to be a unique snowflake, like everybody else
Whether you pay for ads or get them organically, the weight of a single like varies.
For example from 10 to 11 - the difference is 10% for you and none for the person who visits your page next. From 100 to 101 - 1% and still no difference for the next in line. The same logic applies for every other comparison, only the pond gets bigger.
But
The difference from 100 to 1000 is "progress" - not for the company but for the next person to consider joining the "popular children"..
In other words - having more likes encourages people to join you - the basics of "fame".
A perfect example for this was mentioned here earlier - you neither like Coke, nor have interest in it's news feed, why did you like their page then?? The short answer: to be a unique snowflake, like everybody else
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Forgive me for being skeptical here but I think "Awareness" is something advertising agencies invented so they didn't get fired when their efforts didn't bring in any new sales. Awareness might be useful to Coke but it's not going to put food on the table for us smaller outfits.
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I couldn't agree more. In fact I suspect a lot of the time spent on branding, awareness and the rest of the bizniz buzzwords is displacement activity: a way of kidding yourself that you are working when you aren't.
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It generally is a major factor in whatever type of business you own, as it is tied to the individual market shares.
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Disagree, I have not one sales item on my business facebook page and i still get sales from it, I share something people like it or share it and if their frends are looking for my product they some times get in touch
to me that's awareness of my products, not that i need that as an excuse its just the truth, I am not a big brand I am a small business and sometimes the product i am offering shows up when the person is looking
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@Mystro that is interesting.
I have heard one or two isolated stories about smaller businesses making a couple of sales off their Facebook efforts. They have stood out because most of what I've heard directly and read suggests that this is not a very effective medium for smaller businesses.
Among those who have reported success (admittedly a small sample) not one has been able to adequately explain to me why they have made sales. They haven't been able to tell me what they did to trigger the sale. And more importantly they’ve not been able to replicate it at will to generate a reliable flow of new business.
I guess perhaps I am spoiled by having worked in PPC for so long. Once a campaign is up and running, it's easy to understand what is working and generate a steady stream of prospects. There is a close correlation between inputs (money) and the output (sales leads).
The other theme that shines through is that it takes an awful lot of time and effort to make those few sales.
I'd value your thoughts on these questions.
I have heard one or two isolated stories about smaller businesses making a couple of sales off their Facebook efforts. They have stood out because most of what I've heard directly and read suggests that this is not a very effective medium for smaller businesses.
Among those who have reported success (admittedly a small sample) not one has been able to adequately explain to me why they have made sales. They haven't been able to tell me what they did to trigger the sale. And more importantly they’ve not been able to replicate it at will to generate a reliable flow of new business.
I guess perhaps I am spoiled by having worked in PPC for so long. Once a campaign is up and running, it's easy to understand what is working and generate a steady stream of prospects. There is a close correlation between inputs (money) and the output (sales leads).
The other theme that shines through is that it takes an awful lot of time and effort to make those few sales.
I'd value your thoughts on these questions.
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I think its just the fact of right place right time for the little success we have had
Agreed i could not make a business success for facebook and doubt many could as its just not the place to bore people with your wares, however if you have something to say in what ever medium then you stand a chance of getting the attention of the viewers pretty much in the same way google +1 is not as popular as facebook
but the replys are slowly going off topic from the original question of what a facebook like is worth which to me is pretty much nothing,
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there's a local shop near me & he's got facebook mastered as far as i can see, in the last 2 months or so he's gone from 4,000 likes to over 6,000. i'm talking a tiny, independent local shop. he's only been open 18 months or so & i'd hazard a guess that a vast majority of his business is from facebook 'awareness'. he posts his prices & special offers/quick deals nearly every day of the week & has a huge response. he's gained a very good customer base & a large number of repeat customer's, me included.
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But everyone liking his facebook page is probably already a customer. They keep any eye out for bargains so will naturally follow the shop's posts. But liking something is not the same as buying something. How many of those 6000 actually go into the shop and spend money? How much is that 'like' worth to the shop?
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nope, i liked him because i saw that one of my friends had commented or shared a post of his, then i became a customer too. this is how the vast majority of his likes come about. i couldn't tell you how many of the 6000 actually go to his shop, but i know he can have 100's through his door on a daily basis, which isn't too shabby for a tiny little shop 20 mins travelling distance from where i live (some people do a 2 hour round trip to see him once a month & stock up).
i probably spend £20-£25 each visit, other people in at the same time as me seem to spend at least twice as much. when he does one of his special offer posts, he can have 200 replies with comments like 'see you later, put 2 of those aside for me etc'. he updates when a special offer has gone, 300 lots of one of his offers were sold in around 2 hours (he thought he'd have enough for 2 days!), which is the best yet i think.
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This sounds awfully similar to the debate on another thread about the point of twitter.
It's an argument that can never have a yes or no answer. It works for some businesses and not for others. It's just all about how you implement it.
"probably already a customer"? So what if they were anyway? They may have been just once and didn't necessarily intend to go back, purely because it's not quite the closest store to their house. Then they see a deal posted and go a little out of the way to get that deal and visit again.
Why people think social media is JUST about gaining new customers baffles me. It's all about customer service, brand awareness... just purely creating a relationship with your customers and making them loyal!
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E
Excel Expert
- Original Poster
- #37
My social media likes and follows are valuable to me as they are my existing clients or people who champion my services. I dont chase them, or buy them, I just let them grow normally and organically.
Without social media it would probably be a good couple of years between each time I have contact my clients. I now have almost daily weekly contact with them and I'm constantly in touch with them. When they do eventually need my services again they usually PM on social media. How you put a value on that I dont know.
As for buying likes etc I would say they were valueless and not worth a penny. However, I suppose if I bought a million likes it would have to include some of my target audience and I would get some business. But 1,000,000 at 17p each (using the price above) would cost £170,000. I suspect that much money would fund a far better more powerful and targeted marketing campaign elsewhere.
Are all likes equal though? A like from Joe Blogs is worthless but a like by Stephen Fry could be a totally different story. If you get him following you and sharing your stuff you could be on to a real winner
Without social media it would probably be a good couple of years between each time I have contact my clients. I now have almost daily weekly contact with them and I'm constantly in touch with them. When they do eventually need my services again they usually PM on social media. How you put a value on that I dont know.
As for buying likes etc I would say they were valueless and not worth a penny. However, I suppose if I bought a million likes it would have to include some of my target audience and I would get some business. But 1,000,000 at 17p each (using the price above) would cost £170,000. I suspect that much money would fund a far better more powerful and targeted marketing campaign elsewhere.
Are all likes equal though? A like from Joe Blogs is worthless but a like by Stephen Fry could be a totally different story. If you get him following you and sharing your stuff you could be on to a real winner
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