We are often asked how clients can put a revenue number on their social media efforts. In other words, people want to know, "is this social media thing really making me money?" Our answer is always a resounding "Yes!"
For many clients a simple log of "check-ins" will show you the buying power of your social audience, but for others, especially our casino clients, we tend to match up their players against Facebook profiles. The value that those Facebook fans represent, as well as what percentage of revenue they account for, is often times staggering.
Recently Forrester Research put out a research report with some rather stunning results. Their research clearly shows how valuable social media contacts can be for your business. The bottom line is that your fans are more likely to recommend your product. Check out these three examples:
Blackberry Blackberry Facebook fans are four times more likely to recommend the Blackberry to their friends and family.
Coca-Cola Coca Cola Facebook fans are nearly 50% more likely to purchase Coke than their competitors' products.
Best Buy Best Buy's fans on Facebook are twice as likely to have purchased an item from Best Buy in the last 12 months. Remember the value of your Facebook fans!