What if I told you a Facebook Like is worth $2.50 to your brand. Would you be ecstatic? Or would you be sorely disappointed?
What if that number was, say, $250? Would that change your perception?
It’s all relative, of course, to what others in your industry are achieving with their social efforts, but when you think about it…why are we trying so hard to find out exactly what the value of a Like, fan, or follower is in the first place?
What Value is Considered "Good" Anyway?
So you’re researching all you can about how much a Facebook Like is worth so you can make sure your brand is up to par with its own campaigns. The problem is measuring the relationship you are developing with your fans. How do you put a dollar value on that?
You don’t.
Your job is to make that Like worth whatever you can make it worth to the fan. This isn’t something to be quantified by crunching numbers. This is a long-term relationship you are creating by offering great experiences to your community, and learning from the feedback and reactions you receive.
Turn the statement around and you’ll see it’s not really about the value of the Like -
How much value do you add to the fan’s experience?
And how do you know if you're creating value? What can you measure? At Moontoast, we use the DITE Methodology to track the reach and relevancy of social campaigns. DITE (discovery, interaction, transaction, endorsement) is a reflection of the love your content gets from fans. How many people are finding it? Is there a boost in discovery that tells you an influencer shared your post? How are people interacting with your post? Are they playing a video, listening to music, or clicking any other clickable plaything within your post? Are they entering your sweepstakes? Are they Liking what you're saying? That's value.
It’s liberating, really, to know that you can add an infinite amount of value, enhance the relationship, and help mold the perception of your brand. That’s how you create ambassadors who will tell their friends, family, and co-workers about their experiences.