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Is There Any Value in Facebook Likes?.
15 Nov 2011
The famous Facebook Like logo seems to be appearing everywhere at the moment, but is there any value beyond letting your friends know which bands, dress, shoes, snacks etc. you like?? Social marketers would argue that it is a great way to build your brand’s reputation by offering responsive customer services, enriching customer engagement and tailoring contextual messaging. However this does not identify the monetary value of these activities. Can we really put a price on Facebook Likes? Apparently so…
Back in May, Adobe released a product called SocialAnaltyics. This tool aggregated activity from all social networks and online communities, and identified how that activity impacted brand perception and other key business metrics. However, there wasn’t a monetary value associated with the activity. This is where Facebook enters. A recent collaboration between Facebook and Adobe has resulted in Facebook providing Adobe with their API. This will allow marketers to measure metrics such as the specific monetary value of each click of the Like button against specific content. Marketers can also analyse the impact of brand awareness by determining which fans of the brand are the biggest influencers to others and have driven the most revenue to the company. As a result, this collaboration enables marketers to assess the business value of social media campaigns. The SocialAnalytics tool also has the ability to measure the influence of other platforms like Twitter and WordPress. Currently businesses use social dashboards to identify trends; however, these do not identify how consumers make a purchase decision. This collaboration will now provide marketers with a ‘causation’ metric rather than correlation. A best practice guide, produced by Facebook and Adobe, will help marketers measure and optimise the Facebook Like button on their brand pages. This guide will also provide guidance on where the optimum place for the button should be placed and how to measure the ROI from the consumers clicking on the button. Contrary to the above efforts, a recent report from TNS identified 61% of Britons do not even want to engage with brands via social media. What are your thoughts on businesses engaging with customers through the Facebook Like button? Let me know your thoughts below!