Show Me the Money: How to Measure the Monetary Value of the Facebook Like Tool
No matter if you love or hate the the Facebook Like feature, it’s become an essential tool for promoting services and products around the world.
Plus, it provides business owners with a way to measure network growth, customer preference and sentiment, product value and relevancy, and content value and relevancy. Therefore, companies that want to stay relevant need to start loving this like button, A.S.A.P!
If it’s not making you money then what’s the point?
So, maybe you’ve figured out that having a Facebook Like Campaign is important for your business, and now you’ve got fans liking your posts left and right. Congratulations! But, how do you know if your Facebooking efforts are producing true ROI?
4 Steps to measuring & optimizing the monetary value of your Facebook Like Campaigns:
- Use analytic resources to collect essential consumer data. Tip: Facebook has a easy to use analytics software already in place.
- Use a unique tracking code appended to every post on each Facebook Like Campaign. This is essential for tracking clicks and conversions.
- Analyze the data you receive from both these tools to identify the following:
- growth of specific channels
- growth of fan base
- where fans are generated from
- popular topics
- common behaviors
- unpopular topics
- how many conversions were made
- specific products/services sold
- overall figure of how much money each campaign generated
- Use the data above to determine how much an individual like is worth to you (ex: 20 cent value/like). This information is essential for creating future campaigns with more success. Also, once you can identify revenue per fan you will know how much money you’ll need to invest in order to accomplish true ROI.
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