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