Tags: facebook | friend | 174.17 | value

Facebook Friend $174.17 Value: Study Estimates Benefit of Likes to Business

Friday, 26 Apr 2013 12:51 PM

By Alexandra Ward

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Every time a Facebook user "likes" or becomes "friends" with a business, the click is worth $174.17 to that brand, a new study reveals.

The value of a Facebook fan's actions — "liking" and "friending" — has increased 28 percent since 2010, according to the study by social intelligence company Syncapse titled "The Value of a Facebook Fan in 2013: Revisiting Consumer Brand Currency in Social Media."

By surveying more than 2,000 Facebook users who have become online fans of a brand, the study measured product spending, loyalty, propensity to recommend, media value, acquisition cost, and brand affinity.

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According to the study, Facebook users spend more money not only on brands they fan ($116 more per year than nonfans), but also within the brand's business sector — 43 percent more, despite not having a higher income than nonfans, the study found.

Those fans are also 18 percent more satisfied with their brands than nonfriends, and 11 percent more likely to continue using the brand than nonfriends.

"The increase in average fan value is driven by fans' tendencies to be super consumers," the report says. "Not only do they tend to be brand users first, they spend more, engage more, advocate more, and are more loyal. The significant and increasing value of a Facebook brand fan affirms past social marketing investment and mandates deeper commitment and accountability in the future."

To attract these Facebook fans, brand mangers should aim to interact with customers on social media to understand what they're passionate about, solicit their input, and enable a feeling of ownership, the report advises. Conversely, they should avoid chasing people who are unfamiliar with the brand, have no vested interest, are skeptical, and are far from being converted, it says.

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