The other day I had cause to Google: “What’s the value of a Facebook fan?”
This because some colleagues were evaluating a recent campaign for a client; a campaign that over a month or so had attracted nearly 4,000 Facebook fans. The client wanted to know how much these fans were worth. My initial reaction was that their worth was difficult to calculate, as it would (should) potentially increase over time as they became more engaged, bigger advocates and, hopefully, valuable lifelong customers. But no. We needed to put a value on them. Hence my search.
One of the first results returned highlighted the problem. This article in Advertising Age from June last year references two different studies that tried to answer the question. The studies – by social media companies Syncapse and Vitrue – both used highly complicated and sophisticated formulas. Syncapse put a value on a Facebook fan of $136. Vitrue’s value was $3.60. Perhaps an average of the two might work?
It’s a bit ironic that we’re armed with any number of buzz monitoring and sentiment tracking tools – applications which can help measure the outcome of not only digital and social media but all marketing activities – that we’re being driven to measure the outputs of social media activity: Facebook fans, tweets, blog posts and check-ins. And not only to count the mere numbers, but to stick a precise value on them too.
But clients we have, and clients we serve, so I’m thinking that we should at least have a stab while we’re also trying to educate them…
So earlier today I tweeted that I was thinking about pulling a cross-industry group together to put a value on social media outcomes and that if anyone was interested in getting involved to drop me a line. I’ve already had a great response – the more the merrier as far as I’m concerned. If you fancy it then drop me an @ reply on Twitter, or leave a comment here. I’ll try and get a meeting organised.