What Is A Facebook “Like” Worth For Your Business?

Written by Jeff Bullas - View Comments
Categories: Facebook, Facebook Marketing, Social Media, Social Media Marketing


I have recently integrated and optimized my blog with my Facebook page with a social plugin for Facebook with a “like” feature at the top right hand corner of the blog and I have already seen positive results with traffic increasing by over 60% in the last 2 months. The reality is that traffic is great but at the end of the day the real objective is to turn a dollar.

Eventbrite has just unveiled a new report that measures what a Facebook “like” is worth in real hard cash after analyzing over 11 million tickets that the company sold in 2010.

Eventbrite is a new digital age social commerce event ticketing company and the social business concept is very strong especially for this type of industry, because when you are going to or planning to attend an event, you are very likely to tell your friends online and offline.

They leverage social media centric tools to tap into the world’s overlapping social graphs to spread event news and purchase behavior and demonstrate maybe one of the best practice examples of  a social business.

If you visit their site you will notice that they are encouraging not just buying the tickets but sharing them on social media channels.

Last year they released a study that revealed that sharing on Facebook is worth 6 times more than a Twitter tweet.

This new report delves deeper into the numbers.

The 7 Key Findings

General

  • Over the last six months, 40% of sharing through Facebook occurred on the event page (pre-purchase) vs. 60% of sharing which occurred on the order confirmation page (post-purchase). This shows that the motivation to share is higher once the purchase is made and the attendee is committed.
  • The BSR (browsing share rate), is 1% — meaning that of the people who look at an event page before purchasing a ticket, 1% of them share that event. Conversely, the TSR (transcation share rate) is 10%, which means 10 times more people share an event from the order confirmation page.
  • Not only is the motivation to share post-purchase higher, that share is more meaningful than a pre-purchase one. A post-purchase share on Facebook drives 20% more ticket sales per share than a pre-purchase one.

How much is a Facebook like worth Eventbrite study

Facebook vs Twitter

  • Sharing activity on Facebook equaled almost 4 times the amount of sharing on Twitter. This is attributed to Facebook’s reach (right now there are simply more people that use Facebook than Twitter (600 million vs 225 million) and the fact that connections on Facebook more closely mirror real-world, personal relationships.
  • A Facebook “Like” (the closest comparison to a tweet) drives on average $1.34 in ticket sales, compared with a tweet that drives on average $.80.

Sharing by Event Type

  • Networking events had the highest share rate, followed by business events and conferences and seminars.
  • When they look at dollars per share by type of event, they found that shares are most valuable for music events and concerts, at over $12 per share. Next most valuable are shares for fundraisers, social events and mixers, and food/wine events. When we look at the bottom line of social commerce, it’s social events that represent the highest DPS (dollars per share). So while people are more likely to share business-related events, sharing information about social events drives the most sales.

How much is a Facebook like worth event type Eventbrite study

So the value of the Facebook “Like” is steadily increasing as adoption of it has taken off and I am seeing its value for my blog. Facebook has recently changed the way “Likes” display in the news feed, and I’ll be watching closely to see the impact of this new presentation of “Like.”

So there you have it, for Eventbrite a Facebook like is worth a $1.34 a ticket. What is a Facebook “like” worth for your business?

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  • http://www.constructionmarketinguk.co.uk Peter L Masters MCIM

    A very good post Jeff, thanks as always! Facebook certainly seems to be making the effort to stay topical & stay the name on everyones lips. I did a little PR via Facebook recently and the results were staggering. Various business sectors are now learning that Social Media really is a golden idea, my concern is that they don’t try and use their traditional tactics, because they just won’t work. People like permission marketing, that’s one of the attractions of Social Media, choice and the ability to make informed decisions. The corporations might blow it by taking the wrong approach and then blaming their bad response on Social Media, rather than realizing that to get the best out of Social Media, they’ve got to change their business dynamic. Interesting times!!

  • http://twitter.com/realestateHants Larry Matthews

    Great information. Interesting enough I follow you on twitter and that’s how I got to read your informative blog.
    Thanks
    Larry

  • http://twitter.com/realestateHants Larry Matthews

    Hey great information. Thanks

  • http://www.kelie.com Keli

    Do you see *Likes* as the *new* PR? Not that I ever put much stock into PR (link builders sure do it seems!) I’ve read a few articles regarding the *new PR*. what’s your take?

  • Scottpaul2

    This is good info. I am trying to find out a way to use an ipad kiosk like these http://www.ipadenclosures.com and an app or point of sale software that allows users to share their purchase right when they buy it in the store, or even buy it over this kiosk. Any ideas?

  • http://blog.esimplestudios.com Gabriele Maidecchi

    The big mistake lots of people do is considering a “Like” granted money no matter what.
    If you don’t have a solid way to monetize that, like in the example you provide, there’s not much point in integrating Facebook in your business, unless you’re looking for something else apart direct income from it.

  • http://twitter.com/GaryAwesome Gary Peeples

    Jeff, it’s funny you post this, just yesterday I noticed hip-hop star Lil Wayne got over 17,000 likes for simply posting the word “what” followed by a question mark in his status. It was fantastic. Not trying to plug anything, but I have a screen grab on my blog if you want to see it: http://bit.ly/h5kRiR

  • http://www.solomonturner.com Sturner

    Thanks. Very interesting. Good research.

  • Jan

    Jeff,
    We’re seeing and using a lot more FB pages in the medical industry and it’s building their brands and credibility in the market. Patients are reaching out, customers are engaging, connections are growing.
    Great post. Thanks for sharing

  • jeffbullas

    Facebook is still more effective for B2C but it certainly is not to be ignored for a B2b business for engaging and spreading its influence and brand

  • jeffbullas

    Thanks for your comment and I intend to keep you posted on other FB case studies

  • jeffbullas

    It sounds like he was messing with his fans which makes it real and also “Fun”

  • jeffbullas

    Thanks for the comment. For some groups it is about influence and spreading their content so the the “like” in the end is monetized. In this case study it has just been very well tracked due to the nature of their business

  • http://www.gigastence.ie/ Anthony Phillips

    Liking what you do, sharing old and new techniques. Keep it up, not everyone is a guru and we all have to start somwhere. Credit to you and those who take the time to help all and not just the elite.

  • http://jeffbullas.com Jeff Bullas

    Thanks for your comment Anthony. I hope to keep providing content that informs, educates and maybe entertains :)

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  • http://twitter.com/StoneSculptorJN The Stone Sculptor

    Regarding the respective “reach” of these two giants… facebook has 600 million users and twitter has 250 million, but, it is even more lop-sided when you consider the number of users that are active on a daily basis. I believe that I read a few weeks go that it is around 300 million verses 40 million.

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  • http://www.facebook.com/people/Machimanda-Appaiah-Deviah/543665139 Machimanda Appaiah Deviah

    Very interesting. Thanks for providing consistently relevant information and advice for the benefit of start-ups such as ours. I have linked to this article from our website http://www.sprysocial.com. Thanks.

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