A Facebook ‘Like’, what is the value of it?
Last week I went fencing with some friends and we got a discount of €300,-. This because we promised to like their Facebookpage. We were with a group of 30 people, thus it would mean that every person got a discount of €10,- each. Afterwards I thought by myself, was this discount reasonable or could we have asked for more discount?
You post a photo on Facebook to show your friends what you did that day or maybe to make them jealous. Your friends see your post and like it or not: How many likes do you get on average?
Because of the growing use of Social Media nowadays, companies must have marketing strategies and it is important to look for the social engagement for their brand. The more likes, the more credible it is for their customers and the better a company would perform.
I started researching the internet about the value of a page like and post likes. A page like is in my point a view very valuable for companies, it says something about the reliability of the brand’s content. If you look at the Facebook page of a company with lots of likes you automatically trust the brand more than a unknown company Facebook page. According to the research of Syncapse, one like was $174.17worth in 2013 (what would be about €130). This is concluded after a research in which they looked at two thousand Facebook users, who liked a certain brand, how much money they would spend on this brand, if they would recommend it and if they would purchase at the competition(Lobosco, 2013).
So if this would be true, you could calculate the total company value if you multiply the number of likes by the value of one like? Sadly there are more factors who influence the value of one like. Pages are liked in more than 35 percent of the cases for participate in a contest, to win all sorts of prices. Thus by setting out a contest, companies try to get as many people likes on their page. These kinds of contests calls not loyal ‘fans’ to like a page, they just want to win and are not real customers who are engaged to a brand.
In my opinion the value of one like really depends on in which stage the company is, the size and the interaction. The likers must be active and engaged to your company to be valuble. If a company operates locally and just started it is important to collect ‘likes’ and publicity in their operating segment. Furthermore, because of the importance of social media in our life, and the average time spend on social media we should not underestimate the power of Socail Media and the ‘likes’. I think the discount was too big for the effort and our engagement to like the Fencing page.
‘What is your opinion about the value of likes? And when Facebook would include a ‘Dislike’ button on their site, what do you think will happen’?
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