The question that has been debated and trashed about for years since the boom in social media marketing is about the real dollar value of a Facebook like. According to social media marketer Syncapse, the value of a single Facebook like has gone up from $136 in 2010 to $174 as the years have gone by. But this figure varies from research to research. Blackburn NTEN and Common Knowledge have pegged this value to $214.81 per like. Syncapse also found out that a single recommendation from any one of the influencers can earn as much as $22.95 from a brand on social media.
There is an interesting formula to calculate the ROI on a Facebook campaign. It is as follows.
- L = The total number of Facebook likes before launching your Facebook campaign
- UpM = Unlike per month, this is the average number of people who unlike your page month on month. Since the number can fluctuate, we recommend collecting few months of data. This can be found on the insight page of Facebook.
- C = Average clicks, this is the average number of clicks your social media post gets.
- CR = Website conversion rate. If your website gets 10 leads, CR is the number that gets converted into a sale.
- ACV = This is the average retainer value of a client who has made a purchase.
- Lpd = Number of likes your page receives per day.
For some, a Facebook like cannot be quantified as marketing efforts on social media as it is very different to traditional marketing and they feel the whole exercise is futile as Facebook is very secretive about its algorithms and the impact it has on its newsfeed. A larger number of likes should lead to higher engagements, that is what common sense tells us. Well, according to Derick Muller, it does not, especially if the likes are paid likes. With the numerous click farms scattered around the world, bought likes give you no result at all as your fan base is fake and it does not lead to genuine conversions. The only way to improve likes and increase stickiness on your page is to improve the quality of your posts and excite and enthral your audience with engaging content.
These are more authentic and genuine in nature as here, the likes have not been bought and it is a measure of the emotional response of your fans. Likes is an emotional response that has to be earned over and over again. So think very hard at every level before you engage with your customer and remember to separate the chaff with the grain. True gems are always found after a great deal of effort and polishing.