Would you be surprised if I told you that companies put a dollar value on you for your whole life? Well, you shouldn’t be because companies do this all the time. I hear the saying “You can’t a number on people” all the time. From my experience, all people are, are numbers. From the moment you purchase a company’s product they calculate how much you’re worth to them from then until the day you die. When Facebook came along it presented marketers with a new problem: how do you put a dollar value on a Facebook fan? Well fear not fellow marketers because the social media company Syncapse has finally figured out a way to put a number on those Facebook likes.
According to this article, Syncapse has managed to come up with a calculation that takes into account six criteria’s:
- Product spending within 12 months
- Loyalty and purchase intent in the future
- Tendency to recommend the brand to others
- Messaging and media value that comes with fan membership
- Natural tendency to get create more fans for the product
- Emotional affiliation with the brand.
So according to Syncapse a single Facebook fan is worth approximately $174.17. That’s right folks, our presence on Facebook amounts to that much. I thought it was really cool that they actually managed to pinpoint a dollar value on Facebook likes.
I mean, there have always been metrics that marketers used to measure ROI and Facebook likes, but they only gave a rough estimates of how much you were spending for the time spent marketing on social media and from there one could determine if the cost was worth the time spent. With this new breakthrough it changes the way marketers measure ROI. It also changes the way social media is done because marketers aren’t working in the dark anymore. They don’t have to beat around the bush anymore and hope that whatever number of likes they get on the page is actually worth the time and money spent.
I think the best thing about this is that whatever formula these guys came up with it doesn’t just work for Facebook, you can use across a multitude of social media mediums. So now people can even measure their ROI on Twitter, LinkedIn, and Pinterest! This is one of those breakthroughs that no one really notices in time it’ll slowly creep its way into the system and change the way social media marketing works. I have high expectations for this research.