As business people, we all know that the number of Facebook fans we have can absolutely influence brand popularity and sales. Many businesses choose to focus a majority of their social media marketing efforts on the ever-growing social giant. Facebook has made a huge impact on our business landscape, it’s undeniable. If you’re not using Facebook, then you’re falling behind and you should refer to these 10 tips for marketing your company Facebook page.
But until now, I had never seen the worth of a Facebook fan presented in a quantifiable way. Most of the time, we just talk about more fans equaling more people seeing our brands. But an article published by Mashable presents a study that actually gives a dollar amount to each Facebook fan that a business has.
Syncapse, a social media marketing firm, teamed up with research company Hotspex to collect data from 2,000 U.S. citizens in January/February. The survey and corresponding results covered things such as whether or not they were the fan of a particular brand on Facebook, what their spending on that brand was, how likely they were to recommend the brand, cost of fan acquisition, and a few others.
A Facebook Fan Is Worth What??
The average value of a Facebook fan is $174. While that may not seem like a huge number, it really is quite significant when it comes to a fan vs. a non-fan. Considering that becoming a Facebook fan is free and easy, this jump in spending when someone joins a fan page is quite impressive. The $174 number is merely an average, an article published on Mashable shows a bar graph of the study results for 20 brands. For some of them, the number is much higher, with the highest value fan being one for the BMW Corporation. A BMW Facebook fan is valued at $1613 over a non-fan. That’s huge.
My only question about the study is if the researchers thought about all of the ways that people become fans of pages for businesses that they like. I’m not sure the numbers would always be accurate, if they only consider people who fan the business page and subsequently become customers. I actually went to a small, locally owned grocery store today that I frequent about once a week. I also just noticed today that they have a Facebook fan page, so when I got home from the store, I became a fan of the page. Would a study like this allow for people who are already customers and then become fans? Because I am not going to spend more money than I did previously at this particular store, just because I became a fan.
Overall, this study does show, to me at least, that having social media fans/followers is going to help your business, period, end of story. Businesses should make the most out of their Facebook pages – if they do, they’ll see good results. Yes, some negativity may present itself on your page (happens to us all) but the increased worth of people who are fans of your page will make any headaches that appear worthwhile.
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