With the explosion of social media and companies from small to multinational rushing to utilize various platforms for their marketing goals, it’s important to know that it’s not free for all. While Facebook, Twitter, LinkedIn, YouTube, Pinterest, Instagram, Google+, etc. are free to use, it does cost some money to acquire followers. The key is how to better understand and calculate social ROI. Cost is one thing, but what is the value we receive in return? Quantifying Social Value is the next important step.
Builditz has created an interesting infographic about the Value of Social Following. Some of its highlights are:
- 63% of Companies say Social Media has increased the effectiveness of their marketing efforts
- 47% of customers are somewhat more likely to purchase from a Brand that they follow or Like
- A share on Facebook is the most highly-prized action in Social Media, with a value of $14, a Facebook Like ($8), a Twitter tweet ($5) and Twitter follow ($2)
- Facebook fans are cheaper to recruit via a promotional campaign, with an average cost per Like (a Very key metric, as opposed to CPC) of $1.07
- Cost per follower on Twitter is a hefty $2.50-4.00
You can view the full infographic here. There is a need, of course, to drill further down in the data and see correlations between different factors, but that’s the topic for another discussion.
What do you think is the Social Value of your social media efforts and how do you quantify it?
