As digital marketers, we spend on average up to 20 hours a week maintaining social media profiles for our business and those of our clients. So how do you measure ROI (return on investment) on such a intangible thing as a Facebook Like? In part 1 of The Value of Social Media, we take a look at how to measure ROI on Facebook.
Not to be confused with an individual post like, Facebook Likes have long been the metric for evaluating and justifying the time, work and money putting into creating and maintaining an engaging Facebook presence. As businesses began to adapt to Facebook the value of a like grew and held weight when comparing one business to another. At a time this was supported by the Facebook algorithm, giving pages with large numbers of likes, more visibility than those with fewer likes. The drive to put a monetary value to social media likes ensued, with marketing managers calculating ROI to justify budget spend.
Facebook Like Value Equation
Total Likes (L) divided by Unlikes Per Month (UpM) multiplied by (30 days of Likes per Day) times Average Clicks (C) divided by Total Likes (L) multiplied by the Conversion Rate (CR) multiplied by the Average Conversion Value (ACV) will equal to the Value of a Like.
This equation puts a dollars and cents value to your Likes. By adjusting the variables of total likes, engagement, post frequency, etc., you are given an estimate that represents your business's Facebook presence. To test this out for yourself and simplify the process, Hubspot have created a handy calculator.
However you should note that ‘like-farming’ will skew your like value results. Black Hat ‘like-farming’ or purchasing of likes will increase your total number of Facebook Likes, however these will not add to your engagement. Often the accounts associated with ‘like-farming’ are stagnant and do not interact beyond that initial page like. Remember, in the HubSpot calculator, engagement levels on your page is a key variable in the individual value of your likes.
Legit likes is what it's all about! Some tips for nurturing and growing Likes include:
- Go like and follow pages/people/brands/organisations that relate to your business or that will give you timely and relevant content to repurpose for your social feed.
- Create shareable content - It only takes a few followers to share your content that allows a few hundred extra people to see and engage with it.
- Stay active - even when business is booming, maintain your presence.
- If your likes are drying up, try some promoted posts or Facebook advertising to boost your business's presence.
Check back for part 2 of The Value of Social Media, when we take a look at Twitter and the value of a follower.
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