27 Nov Measuring the worth of a Facebook like
As this blog has reported, social media is quickly becoming a mainstay in every business's marketing strategies. But, this platform is still relatively young, compared to traditional print and broadcast advertisements, and many marketing departments are unsure how to properly gauge the worth of every of retweet on Twitter or like on Facebook.
But, according to Harvard Business Review (HBR), this form of mathematics is going to become critical in the near future as social media continues to expand in its influence – regardless of the lack of hard data available to marketers. As such, a method of measuring influence needs to be developed.
The source goes on to explain how, through a complicated formula consisting of likes, unlikes, links, clicks and conversion rates, businesses can calculate a rough approximation of just how much a single like on Facebook is actually worth to the company.
But, no two businesses are exactly alike. The metrics and formulas that may work for one company might not be viable for another and, therefore, business may need to adjust their formulas or data points to adhere specifically to what's relevant for them.
As such, by consulting FileMaker developers, businesses can create custom database software that can store and analyze the algorithms described by HBR while also maintaining other pertinent information.
Furthermore, companies can use this technology to share the data to other workers and important personnel members. For example, if every employee of a marketing company knew exactly what one Facebook like was worth to the business, they could keep that in mind when planning campaigns and posts. With custom database software, business can even develop projections on whether an advertisement will reap a return on investment, either through clicks, likes or conversions.