The question of “ how much is a Facebook Like worth ” comes up time and again, when we sit down with a client for a Facebook campaign. The client, and even our co-workers ask this very legitimate question – “how much is a Facebook Like worth?” Or how much should you pay for a campaign and what can you expect for that money.
It’s a very hard question and there are many opinionated “answers”. An objective assessment should be based on facts. We have done some testing on Facebook and Twitter to evaluate follower behavior. According to PC World, a Facebook Like worth can range from nothing at all, or as little as $3.60, to as much as $22.93 for a running business or an astonishing $214.81 for a nonprofit organization. (http://www.pcworld.com/article/2011309/whats-a-facebook-like-worth.html)
So how do you decide how much your Facebook Likes are worth? How much money should you spend and what does your return on investment look like?
Here are some questions you should ask yourself.
- How many Facebook Likes did your page generate so far?
- How many of your Facebook Likes are paid Likes and how many are irrelevant (friends, family, people not part of your target audience)?
- What is your niche and how much competition does your niche have?
- What is the purpose of your Facebook page?
If your answer to question 1 is “I try every day to ask people to like my page”, are they coming from your products or services? Chances are they will not necessarily buy a product/service that you are offering. And by speaking to the wrong audience, you may be seen as bother when you post updates on their Facebook feeds.
If you are paying for your Likes, are the right people liking your Facebook page? Again, if your products and services or your great content surrounding them can attract a following and Facebook Likes, then you are speaking to the right audience. People attracted by your content are more likely to engage with you, which can mean they may buy from you or recommend you.
If your niche is small and focused or your Facebook page does not have much competition, the value of your Facebook Likes goes up drastically. Your Facebook Likes are an indicator of your reach as well as how engaged your audience is. And with an engaged following you will be more likely to attract more qualified prospects.
Last but not least, what is the purpose of your Facebook page?
Is it brand awareness and confidence – a prospect who sees 300,000 Likes for your Facebook page will definitely perceive this as a strong endorsement, or is your Facebook page an additional active venue to promote and sell your products or services?
Despite the obvious difficulty to attach an objective dollar value to each and every Facebook Like, it is definitely possible to estimate a value based on your situation and objectives.