How Can I Measure The Value Of A Like?

Calculating the value of a Facebook like, milkshake-factoryAs a Melbourne Marketing Manager, it’s natural to want to put an inherent value on a Facebook Like. A like is the most common interaction we encounter on Facebook. With understanding that social media can be measured, measuring social media can be done smarter. There are various metrics available to us on Facebook, we can’t measure them all, and we certainly don’t want to spend our valuable time measuring junk. There are also quick measures such as The Value of a Click calculator at valueofalike.com. However, before you go ahead and start plugging figures into the blanks, we really need to understand that if a fan likes the status of your profile today, it doesn’t mean that they will buy from your brand today.

A Facebook Like, in the sense of a new fan liking your page, the “value” in any fan can vary widely from another. One fan may be a very active brand advocate who contributes to discussions, refers new fans, and makes your page a vibrant community. Another may be an influencer with a large audience (such as a popular blogger), who enjoys your products or services and occasionally shares your messaging with his audience, multiplying your reach for free. Still another fan may be a lurker who never engages with your brand and may not even see your posts in his or her newsfeed. As with any other measurement, there’s no one size fits all solution.

As a Marketing Manager, we need to understand that the value of a like is in fact indicative. For a fan to leave a meaningful comment, they must first click-through to a link, read the text of the post, or read other comments before they contribute. To share, they must feel something is valuable or interesting enough to want to share it with others. To like something, they don’t really have to do anything but click a button.

If we measure the value of the like, why not measure the value of a comment, the comment’s share or the viral spread? If we determine the value of a like only, our stats become flawed if we dont counter the ways people engage with your brand. There is a right way and a wrong way to measure the ROI of Social Media. Setting goals that are valuable to your business and using the available metrics to understand how well you are achieving those goals and using that data to work out how you can do better is the right way.

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