There’s been a lot of noise about the value of a Facebook ‘like’ this week – the latest figure being $10 according to social-media agency SocialCode. The agency looked at more than 5 million Facebook ads placed by over 50 clients between May & September this year to get to the $10 figure.
What they found was that it’s easier to prompt ‘fans’ to take an action (install a branded app or vote in a contest) than ‘non fans’. Which isn’t that surprising really. Of course your advocates will be more willing to engage in your brand than your neutrals or detractors.
There have been several other claims in the past concerning the $ value of a Facebook fan and they are all pretty diverse (Virtue; $3.60 per fan compared to SynCapse at $136.38 per fan) leading me to wonder; will there ever be a benchmark value that makes sense, and isn’t it all relative to what you’re selling anyway? Jim Edwards from Business Insider agrees and has recently been quoted as saying “calculating the ‘value’ of a Facebook fan to an advertiser has become the social media equivalent of asking how many angels can dance on the head of a pin?”. While his opinion may be deemed harsh by some, he certainly has a point.
All of this talk about the value of ‘likes’ is interesting – but begs the question – shouldn’t we be more concerned with measuring the engagement of fans? A brand might have 100,000 fans but if they don’t engage on the page then what use are they really?
Edgerank checker released some new research at the end of November that analyzed the value of both a ‘like’ and a ‘comment’ on posts within branded Facebook pages. They examined a random sample of 5,500 Facebook pages and then examined over 80,000 posts to determine exactly what impact ‘likes’ and ‘comments’ have on Facebook posts by brands.
The results were interesting with each ‘like’ equating to just over 3 clicks. Comments had even more impact with a massive 14 clicks per comment. This jump isn’t really surprising as a unique and personal comment is definitely a stronger form of advocacy.
These stats do seem pretty high to me initially though – I wonder how much the average increases as the no. of likes/comments increase? I can’t imagine a single like would still equate to 3 clicks – it feels like there has to be a bit of momentum involved here and perhaps this would explain what appear to be relatively high numbers.
Either way, engagement by both like & comment clearly have a tangible result in terms of clicks – which will see many marketers and agencies alike jumping for joy at the prospect of having some (relatively) hard numbers to add into their social media reporting.
Here’s the full stats from the report:
Avg Clicks Per Like: 3.103
Avg Clicks Per Comment: 14.678
Avg Clicks Per Impression: 0.005
Another interesting finding from this report was that Wednesday was the best performer when it came to engagement on a whole (both share rates and clicks).
Edgerank believe that this is because more users are on facebook mid-week than on the weekend. Interestingly Friday showed the lowest engagement figures – perhaps due to saturation of entertaining email messages (trend to send a ‘Friday funny’ among office workers).
So, we may be no closer to finding an accurate $ measure of a like, however we now know that a Facebook comment is 4 times more valuable than a like, plus we have a ‘click to comment/post’ ratio that can be used when demonstrating Facebook engagement value to clients.
Measuring social media in a way that makes sense to clients who have come from a TVC-biased TARPs mentality isn’t the easiest of tasks – in my opinion every attempt is edging us one step closer to nailing it.