Recently I answered a question on Quora that I wanted to share as a post as well.
“What is the best way to measure ROI for increasing the number of fans for a Facebook Page?”
Since this question is focused primarily on success metrics tied to acquisition, I will forego discussions around engagement metrics and jump into 5 KPI’s that I reference as part of an acquisition plan.
1 – % growth over a period of time | As I have mentioned before, on average the top 50 (US) Facebook pages growth rate is 5% per month. Using this as a baseline you can track & project your growth % and track the % increase as a core KPI.
E.g. AllFacebook.com has a good resource to track against the last 30 days of growth.
2 – Like acquisition rate | When executing a promotional program or simply tracking ROI against the % increase, I look at the total cost of the program to acquire the Like. Based on my research over multiple campaigns (including media) a good baseline average Like acquisition rate is ~$5.00 per like. We have experienced below $1 acquisition rate on highly successful campaigns but you should be tracking the Like acquisition rate in order to set realistic expectations with projected Likes vs. budget allocated.
E.g. Brand A recently increased Likes by 125,000 and spent 200K to execute the program/media, etc… the Like acquisition rate for this initiative would have been $1.60 per Like well below average thus a great value for the brand.
3 – Earned Media Value | Vitrue had an interesting study determining the value of a Like at 3.60 using the $3.60 as a potential baseline number it is a quick calculation to determine the current earned media value of a brand page.
E.g. Nerf With 420,093 Facebook fans has an earned media value of $1,512,334.80
4 – Facebook Like = 20 | In a recent discussion with Carolyn Everson of Facebook, she referenced that based on their data a Facebook “like” is equivalent to 20 unique visits to a brands web site.
5 – Facebook Media Reach | One additional KPI to review is media performance in terms of both Impressions & # of Likes generated with & without media support. Using the Facebook self-service platform, or a platform such as Adapt.ly are essential to support your growth initiatives.
There are many other metrics that you can track and platforms such as PageLever & Edgerank Checker to go further than Facebook insights but these are a few that I like to use when tracking success metrics on Facebook growth initiatives.
What are some additional metrics that you deploy to track against ROI for growth strategies?
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6 Replies to “5 Facebook Growth Success Metrics”
Very straight forward and easy for a brand to understand the “cost”, I often have discussions with partners around CPM, or Cost Per Engagement(CPE) and Cost per “LIKE”, we ask?
1. What is the campaign “Viral Coefficient”
2. What is the Cost Per Like
3. What is the Value/Revenue per Like
More and more it’s a questions of how does a LIKE fit into the traditional media model?
Brand =Fan= Friend of Fan.
I am interested in your interpretation the Viral Coefficient. Will definitely call to discuss further.
Hope all is well.
I thought fidnnig this would be so arduous but it’s a breeze!
Super exctied to see more of this kind of stuff online.
That’s really srehwd! Good to see the logic set out so well.
If my problem was a Death Star, this article is a phtoon torpedo.