How Much is a Facebook LIKE Worth?

What is the Motive?

What are you looking to gain by having your brand on Facebook/Instagram? This is the most important question you need to ask your team and get a few good reasons once you have this sorted out you are ready.

Types of Brands on Facebook

When it comes to brands there are what I call brands for the Masses  a good example is  Coca Cola and brands for the few  Rolls Royce is a perfect example these two categories of brands only share one goal in their Social Media Strategy, creating brand awareness.
I can tell you without doubt that Rolls-Royce Holdings plc objective is not to get buyers from  Facebook however it does not hurt if someone happens to buy due to what the company posts they just want to increase their brand awareness and that’s it,  because anybody who wants to buy a Rolls Royce already knows about them.
Although Coca Cola has a larger Market Cap of 194 Billion Dollars more than ten times that of Rolls Royce when they join Facebook (or Social Media in general) their aim is to increase brand awareness and also trigger a purchase by reminding the social media users who come across their post to buy some Coke at anytime of day lunch, dinner and so on. You may have noticed by now that Coca Cola  has two goals to sell more Coke and increase brand awareness.
The Venn Diagram Above Displays where the interests of all brands intersect i.e Brand Awareness
The Venn Diagram Above Displays where the interests of all brands intersect on Social Media i.e Brand Awareness

What is a Like really Worth?

For Coca Cola a Facebook like is very valuable to them because each like is a person and that person no matter how poor can in the worst case scenario drink a Coke in their lifetime therefore each like in Coca Cola’s case is a potential customer or a customer already.
On the other hand no matter how many likes Rolls Royce has on their Facebook page each like cannot be equated to a potential customer because  their products (Cars) are not intended to be bought by everyone thus out of for instance 4,000,000 people who like their page you might be shocked to find that 1% can afford to buy a Rolls Royce and about 0.2% actually own a Rolls Royce.
Okay enough examples let’s zoom out and come back to you.
First you need to know your products and the characteristics of your ideal customer, I shall assume you know that.
According to me a Facebook like is worth something to a brand if one of the following conditions or all of them are met.

1.Geographic Specific

If your business is a Bakery for instance based along Waiyaki Way, Nairobi a Facebook like by someone who lives in Nigeria does not help you in anyway and I can authoritatively say that that the Like is worth $0. A valuable like should be within the geographic area of your business operation otherwise it’s worth $0 or less.

2.Demographic

This is where you ask yourself who are these people liking my Facebook page do they qualify to be my clients for example this might be due to their age, lets say you have a Kindergarten Called Cuties the people you would prefer liking your Facebook Page are Parents with Kindergarten going kids or soon to be and they should also be within your area of operation, See!

3.Engament

You now have the Facebook likes that you wanted and life has never been better until you write a post and realise 3 people liked it out 40,000 peolpe who like your page. So what’s wrong? This tells you three things either your Geo Targeting was wrong or the Demographic was not right or both.
If the people who already like your page do not engage with the posts that you put out by either commenting or liking them then all 40,000 page likes cannot be said to be worth anything.
You may also ask yourself are Facebook Likes overrated probably yeah, can Facebook Likes cure a bad business probably no are they worth anything yeah you bet.
Check out your competitors and see how many they have try to have the same  number while keeping everything we have said in mind that way you will have more success and you will enjoy doing it. Good Luck!

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