We hear this question a lot. What exactly is the value of a facebook fan? Is it qualitative, quantitative, or both?
The best way to determine this is to examine the behaviors of your fans (or ‘likes’) versus non-fans. In a particular study that examined the economical value of a facebook fan, some interesting results were determined:
- Facebook fans reported spending $71.84 more per year than non-fans
- Facebook fans are more loyal to the fanned brand than non-fans
- 68% of Facebook Fans indicate they are very likely to recommend a product
- On average, fans are 28% more likely to continue being a loyal user
- The Average Value of a Fan is $136.38
- Monetary value of fans varies dramatically; some are intensely active while others are totally inactive
Knowing this information, how do you personally assess the value of your fans on Facebook? How do we apply these learnings?
We recommend that you examine the following facets:
- What’s the size of your fan base?
- How actively engaged are your fans?
- Is your fan base always trending upwards, or are you seeing fans opt-out?
- What trends do you see in sales or brand affinity as your facebook fans increase?
Once you’ve noted these trends, evaluate the success of all your social media outlets, and plan strategies based on your analytics. Consider promotions or cause marketing campaigns.
Social media requires monitoring and upkeep, but it’s important not to blur the line between maintenance and insecurity work.
So, what exactly is insecurity work? Scott Belsky explains the term clearly, describing it as work that we revisit repeatedly without a productive outcome.
These things are true of insecurity work:
- It has no intended outcome
- It does not move your priorities forward
- It is quick enough that you can unknowingly do it repeatedly throughout the day
So, what’s the danger of social media distractions? They lack clear boundaries.
[pullquote]Without limits, the things that benefit us can ultimately rob us of valuable time. [/pullquote]
It’s vital to set limits in order to retain your focus. We are advocates of social media interaction and monitoring, but if you’re engaging in social media ‘check-ups’ out of boredom, curiosity, or obsession, it’s time to reassess.
Scott Bansby said, “Creative professionals, entrepreneurs, and anyone else trying to make a name for him or herself has likely spent repeated amounts of time checking their website’s analytics, googling their name, reviewing their email alerts, their twitter search results, and even things like their bank account balance and sales data. Come on, admit it. You know you check some of this stuff a little too often. While all of this information is arguably important, none of it requires such constant review. In fact, much of this information could be revisited every few days or even weekly.”
Here’s a great exercise to help you get honest about your habits when it comes to insecurity work:
- Clear your internet history at the beginning of your work day.
- At the end of your work day, review your browser history and print it out.
- Highlight the websites you visited that weren’t high priority.
- Next to each highlighted site, list how much time you should realistically spend there to remain efficient.
- Next to the amount of time you choose, determine how often you should invest this time (daily/weekly/monthly).
- Schedule out the time you have determined on your calendar – make this a formal commitment, and limit yourself to that time.