It’s a question social media marketers get all the time: How much is a Facebook “like” actually worth? There is no easy answer, but a “social intelligence company” called Syncapse is trying to put a number on it.
$174.17, to be exact.
Syncapse’s latest numbers for 2013 found each like for a company or brand is worth the equivalent of $174. The study examined brands like BMW, Coca-Cola, Nike, Victoria’s Secret and McDonald’s, among others. The final calculation of fan value was determined by six factors: Product spending, loyalty, propensity to recommend, media value, acquisition cost and brand affinity.
It is worth noting the fan value for brands with more expensive products is much greater than brands with less expensive products. For instance, BMW’s fan value was $1,613.11. Coca-Cola’s was $70.16. That makes sense when you think about it. If BMW converts one “like” into an automobile sale, it stands to gain a lot more than Coca-Cola convincing someone to go drink a bottle of soda.
Those numbers are all good and well. But, as Augie Ray pointed out for Forrester, Facebook likes are worthless if you do nothing with them. So rather than worrying non-stop about the number of fans your brand has, worry about the content you’re providing, the customer service you’re providing and the brand you’re building on Facebook. Like Field of Dreams, if you build it, the value will come.