The value of a social media connection for your business is a slippery asset to value.
That hasn’t stopped online analysis experts Hitwise from publishing a formula for the value of a Facebook fan.
The company claims that one Facebook fan is equal to 20 additional visits to your non-Facebook external website over the period of a year. So 1,000 Facebook fans equate to 20,000 hits to your site.
If your site is transactional that means powerful dollars.
Using the retail sector as a model the analysis Hitwise took the top 100 retailers ranked in the Shopping and Classifieds category and benchmarked visits to those websites against the number of fans those brands had on their Facebook page.
It then looked at the propensity for people to search for those retail brands after a visit to Facebook using its new Search Sequence tool and arrived at the formula.
“Our data shows that for the top retailers, even if they have no Facebook fans they can still expect to receive on average 62,000 visits from Facebook each month, “ say Hitwise UK Research Director, Robin Goad.
Hitwise partnered with Techlightenment on the project and has also launched a Social Attribution System tool which allows brands to attribute social interactions to actual revenue.
The platform analyses how both anonymous users and those logged-in through a social platform share, convert and acquire products.
“With more and more brands and agencies continuing to invest in social media, our Social Attribution System promises to provide unprecedented and in-depth analysis on how content travels through various social networks and the monetary value of those social interactions,” said Ankur Shah, Co-founder and CEO of Techlightenment.
Meanwhile Hitwise has also launched the Facebook Fan Acquisition and Analysis service, both platforms are part of an armory of tools targeting SMEs to help them make meaningful use of their social media outreach activities.