The total number of Facebook likes since its launch is 1.13 trillion. Of that, the average number of likes happening daily is 4.5 billion. Be one of those 4.5 billion likes.
Why is gaining a like so important? Let me count the ways.
80 percent of people who use social media reported that Facebook is their preferred method of connecting with brands.
Whether it is a like on your page (aka a Fan) or a like on one of your news feed posts, both provide an opportunity to connect, engage, and monetize. The type of content you are putting out there and different levels of engagement required from a consumer provide different benefits for your brand. Posts that include a photo or video may get more likes than comments whereas posing a question to your fans will get them to think and communicate with you and hopefully provide valuable consumer insight. Posting about a new product, savings offer, or brand update may lead to offline purchases. Brands should consider a mix of these types of posts so their content doesn’t become predictable and boring.
Lastly, your page is now a common place for consumers to go to get answers back from you. Fans will ask you questions, report dissatisfaction, and post product reviews. These are two-way relationships that need attention. You are “friends” now after all.
Recent internet polling shows that a friend’s recommendation is the most reliable driver behind purchasing decisions.
With the current average number of friends per user being 141.5, that is a big opportunity. Encouraging your fans to share content will expand your social reach and potentially gain you new fans or even new customers. The key is giving your current fans something valuable to share otherwise what is the benefit to them? Make sure you are rewarding them in addition to your new acquisitions to ensure customer retention.
The spending difference between someone who “Likes” a given brand on Facebook vs. someone who does not can be as much as $200 per year.
This image shows one example of Best Buy Facebook Fans spending habits over the course of 12 months vs. how much their customers who do NOT “Like” them over the same time frame.
While there is no exact science to determine how much your fans are each “worth” to your brand, this clearly shows there is a correlation between being a fan and spending habits. One way some marketers are roughly measuring the conversion rate of fans to purchase is through tracking of links (in their Facebook posts) to their online stores. While this will not give you an exact worth for each person, it could help you gauge the overall value of your Facebook community by using this conversion rate along with how much money you are putting into maintaining your social media activity.
Another tactic for coming up with a monetary value is running a Facebook specific trial offer. Be sure that the code is trackable so you can analyze the data after.
The true value of a like or a fan is many things. It’s not how many Facebook fans you have—it’s all in how you engage them and capitalize on it. Research is showing that your fans tend to be your best customers, your heavy users, your brand advocates. And that is really were the value lies.
Resources:
http://investor.fb.com/releasedetail.cfm?ReleaseID=780093
http://expandedramblings.com/index.php/by-the-numbers-17-amazing-facebook-stats/
http://www.mastermindssocial.com/the-real-value-of-a-facebook-like/
