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The Whar­ton School recently asked what a social media “like” was worth. The response, derived from a recent sur­vey of 2,000 social media users that “liked” some­thing, was found to have a value of $174.17. Sound like a lot? Not your expe­ri­ence? Here’s why that won’t be the social media result for everyone.

That value only applies to big brands employ­ing active, strate­gic social media man­age­ment. Coke. Boe­ing. Dis­ney. The Whar­ton School’s David Reib­stein com­pares the use of the “friends” yard­stick of mea­sure­ment to that of count­ing peo­ple who walk past your bricks and mor­tar store. Will they stop? Will they con­sider? Will they buy?

Reib­stein and I are in com­plete agree­ment: if you are not going to effec­tively tie friends to rev­enue, you are prob­a­bly not doing it right. Par­tic­i­pat­ing in a social media cam­paign just because you are afraid not to, or because every­one else is doing it, is not justification.

Social media entry is a no brainer at first blush. Free or low-cost sites seem like a bar­gain, but they can be mis­lead­ing doors to the rather large room hous­ing con­tent, cre­ative, and ana­lyt­ics. That said, the Victoria’s Secrets, MTVs, and Red Bulls of the world use strate­gies that even small busi­nesses can turn into value:

  • Earn your friends: gain likes through infor­ma­tion, engage­ment, and fun
  • Know your audi­ence: not just yes­ter­day, but today, and tomor­row: http://​bit​.ly/​1​2​S​N​SzJ
  • Deliver con­tent of value: give read­ers infor­ma­tion they find impor­tant to share
  • Be socially respon­sive: honor likes, tweets, and com­ments with a response

Lastly, use ana­lyt­ics, cus­tomized with your company’s mar­ket­ing goals and bud­get in mind, to arrive at a num­ber that accu­rately reflects your social media par­tic­i­pa­tion. What is a social media “like” worth to you?

1 comments
Williams Brown
Williams Brown

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