Study: What Is A Facebook Like Worth To Your Brand?

With so many brands flocking to Facebook to try and capture some of its social media magic and connect with consumers, market research firm Lab42 revealed some data today that helps identify the value of a Facebook “Like” to brands.  The company conducted survey’s with 1,000 social media users about how they interact with brands on Facebook. The majority surveyed shared that they feel connected to brands they “Like” on Facebook, but that relationship can end just as swiftly as it started: 48% have “Unliked” a brand if it posts too often.

“A common social media goal for companies is to increase their number of Facebook Likes. Our study sheds lights on the ever-present question increasingly considered by brands: What is a Facebook Like worth?” said Gauri Sharma, CEO, Lab42. “Companies have devoted significant time, money and marketing resources in an attempt to answer this very question. Rather than guessing, we decided to go straight to the source and ask consumers about their Facebook-Liking habits and opinions.”

Should My Brand Have A Facebook Page Or Website?

The survey data also revealed that fifty percent of consumers think a brand’s Facebook page is more useful than a brand’s website, and 82% feel a brand’s Facebook page is a good place for customers to interact with the brand.  With over one billion people on Facebook marketers must first make sure that they audience they are trying to reaching is actually a Facebook users, as well keep in mind that as big as Facebook is, even they have had outages where the site did not work for a period of time.

Has Facebook Become The New Matchmaker For Brands?

With millions of users sharing with friends which products they Like, Facebook is the ultimate matchmaker for brands: 69% of those surveyed said they “Liked” a brand on Facebook because a friend “Liked” the brand.

Other revealing insights from the survey include:

Top Three Ways People Interact with Brands on Facebook:

  • Print off coupons/discounts
  • “Like” a comment on posts on brand’s page
  • Learn about new product

Reasons Why 73% Have “Unliked” Brands

  • Brand posted too frequently and cluttered newsfeeds
  • Stopped liking the brand
  • Bad customer experience

The “Like” Button as a Money-Saver

  • 77% have saved money as a result of “Liking” brands on Facebook
  • 66% have saved $20 or more in the past 12 months
  • 17% have saved more than $100

About 35% of consumers also reported they feel brands listen to them more on Facebook than anywhere else.

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