When we talk about measuring the effects of digital marketing efforts, some companies wonder how we can put a $ or € monetary value on it. Whether that be through a blog post like this, Pay-per-click ads or a Facebook “LIKE”. Let’s look at the “LIKE”, hitting that big Facebook button!
Us humans are social beings; we like to like, share and talk about stuff that our friends or family have also liked or enjoyed. And I’m not even talking about social media or online yet! In real life, we all like to gossip and spread good and bad news. We’re sheep.
In the online digital realm, if my friend shares a picture of a pizza, he’s just eaten and enjoyed, chances are that I’ll try out that pizza joint and maybe share my experience with another friend, and so on. Then BOOM – all of a sudden everyone is talking about and visiting this Whopper Pizza Joint* and sales are through the roof!
So how does Whopper Pizza Joint* measure this??? (*this is a hypothetical name obviously!)
Well, taking a Facebook “LIKE” for example, it really depends on a few variables, some of which are easily measurable and some of which are more qualitative and difficult to measure. Get more LIKES, but at what cost? And what is more LIKES worth in sales or new customers?
Depending on the company, the product, the brand, the marketing campaign budget, the time and effort put in and obviously the person’s perception of value, we can begin to put € value on a “LIKE”. Curiosity begs us to explore this, a Facebook-like.
We can measure sales that were converted through Facebook, by tracking a person who liked your company on Facebook then went and clicked on purchase on one of your product pages on your website OR maybe by asking people who physically bought in-store to “LIKE” your Facebook page. After gathering the data we can approximate a € value per “LIKE” or per “Follow” or “SHARE” OR WHATEVER. This makes the whole idea of ROI for digital marketing a more tangible and more meaningful thing….possibly even food for thought for an interesting Ted Talk (pun acknowledged and intended)? It could make you millions!
It’s all in a “LIKE”.
By Iñaki Castellet Hernández
By Jeff Sheridan
By Matrix Internet