How can you measure the value of your Facebook fans?

By on October 15th, 2012

October 15, 2012 in

How much is a fan worth?

Social media may be viewed as an indispensable small business marketing tool by some companies. However, monetizing the venture continues to prove difficult.

Answers to how much a Facebook fan is worth diverge widely, with some estimating they could be valuable to the tune of $100 while others have a much lower estimation at around $1. This can be extremely frustrating for small business owners.

Fortunately, Jason Keith offers an alternative way to think about fans’ worth in a blog post for The Boston Globe. One methodology companies can adopt is looking at engagement numbers. This means measuring what is seen by fans as well as tracking the conversions from Facebook ads to sales.

Additionally, businesses can investigate the number of offline sales being spurred by Facebook. They will have to do this in-store by asking paying customers how they heard about the business, its products or services, Keith advises.

Finally, Facebook may not be the correct channel for every businesses. However, there are a number of social media networks from which to choose, including microblogging platform Twitter, professional networking site LinkedIn, pinboarding service Pinterest and Google venture Google+.

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