Brands, politicians and non-profits have rushed to social media. Yet, all face the same desperate struggle: determining the value of a Facebook fan, Twitter follower or [insert next big thing here]. A Google search for “how much is a Facebook like [or fan] worth” yields 330,000,000 results. More astonishing than the number of people trying to answer this question is the discrepancy in their answers. In just the first couple of pages of this Google search, you can find answers that range from $3.60 - $616.00.
Who is right!? None of them. There is no set value of a social media follower that applies to all organizations. However, there is a way to determine with absolute certainty how much these individuals are worth to your organization through the powerful data provided to you by Multiply.
Quantify with Multiply
Each organization has unique objectives and assigns different values to actions. Some organizations place a premium on fundraising, while others simply value social media to spread news or generate buzz. The core objectives determine what your organization should measure as “valuable” on Facebook and Twitter.
Multiply scores the actions your advocates are taking wherever they are online or offline and allows you to place a premium on the actions most important to you by skewing the point scale in favor of those actions.
That’s really the core of Multiply.
Last month, we announced an extension of Multiply’s Everywhere Integration that includes the ability to award points for likes to your Facebook page, likes to Facebook page posts and tweets with certain terms (hashtags, usernames, etc.) on Twitter. These new features make the Multiply experience more valuable to the user, but the real value comes from Multiply’s ability to record these actions as data points. With these features, you can now answer the question that has been plaguing you for years: How much is a Facebook fan or Twitter follower worth?
How Multiply can be used to quantify social media
Let’s say you are a political candidate who has a website collecting email addresses and donations, a Facebook page and a Twitter account. Multiply goes beyond the simple email signup form; users are incentivized to connect their Facebook and Twitter accounts. Within the Multiply backend, all of this data is connected to a user’s profile. Now, you have the ability to track the positive actions your supporters are taking for your campaign on Facebook and Twitter.
This is the holy grail of social CRM.
Let’s say John Doe clicks on a Google search ad for your campaign, signs up on your website and connects his Facebook account. Multiply automatically recognizes that John already “likes” your campaign on Facebook, and awards him retroactive points for being a fan. A week after John signs up on your website, you post a message to your Facebook page about your stance on the issue of illegal immigration. Within the Multiply backend, you see that John and 153 other individuals who have signed up on your website have “liked” that message about your stance on illegal immigration on Facebook. Obviously, this is an important issue to these 154 supporters. Within the Multiply backend, you know that those 154 individuals have a total of 80,234 friends on Facebook (this multiple is based on data from an actual Multiply customer) who potentially could see the “likes” of their friend in their Facebook news streams. Not only do you know the aggregate number of friends of your supporters, but you also know that John Doe has an above average number of Facebook friends with 1,003, making him a more valuable supporter to you in spreading news about your candidacy.
Because the 154 individuals who liked your post on illegal immigration have signed-up on your website, you have an e-mail address for each of them allowing you to send an extremely targeted fundraising plea to them focusing on the illegal immigration issue. Through this fundraising plea, you raise $8,085 from 49 donors, one of them being John Doe who donates $100 to your campaign.
What does this mean?
Not only do you know exactly how valuable your Facebook fans are as measured by the total amount of money raised, but you also know the value of each individual supporter of your campaign. This incredibly powerful data allows you to micro-market in mass to your supporters to inspire them to take more action for your campaign. And it’s not just social media data that Multiply tracks.
Want to learn more about how other outreach efforts are driving action? Multiply data helps determine whether the person who first came to your organization via a Google search ad is more valuable than a contact from an old list or someone who came in from your Facebook page. Imagine the possibilities of having this data at your fingertips!
Looking at action taken for your brand, candidate or cause on Facebook and Twitter as data points is something truly revolutionary. Multiply is allowing organizations to define the value of each supporter throughout the lifetime of their engagement with a brand, candidate or cause. Want to see how Multiply might allow you to define the value of your individual supporters? Request a demo today and we would be happy to show you!
