5 Facebook Growth Success Metrics

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?

Follow Tom Edwards @BlackFin360

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Facebook Is Still Priority #1 for Brands

While a lot of buzz and attention has been placed on Google+ over the past few weeks it is too soon for brands to divert attention & dollars away from Facebook. While there is a lot of speculation on how Google+ will enable brands, one thing is still very clear. The #1 option for brands focused on B2C interaction & engagement is still Facebook.

Facebook is the number one seller of display advertising in the US now according to eMarketer and has surpassed both Google & Yahoo. While Google+ has gained momentum quickly, analysis still shows there is a lot of duplication across networks with a majority of new Google+ users maintaining accounts and engaging across both Facebook & Google+.

From a brand perspective no other social platform is as well equipped to support brands both domestically and internationally than Facebook. With the breadth of reach available and the lack of brand support on Google+ (For the time being) it’s important to note that Facebook is where the remainder of your 2011/2012 $$$ should be allocated.

To support this statement look at the recent rollout of Facebook’s sponsored stories and how their usage of social context drives interaction. If you have yet to use this type of ad unit you should consider it as a part of your next Facebook media buy. This ad unit presents interactions with pages into dynamic ads that are shared throughout users newsfeeds and due to the personal & social nature of the unit they grab user’s attention quickly.

The results have been impressive with 1.6x lift in brand recall, 2x lift in message awareness and 4x lift in purchase intent according to Facebook. This is a key differentiator between Facebook & Google+ at the present time. The social context that Facebook provides to brands and support with a variety of programs still makes it the primary choice to execute a Paid, Owned & Earned strategy.

I have found the following graphical representation of Facebook’s Sponsored Story types to be extremely useful.

Time will tell who eventually wins the highly coveted ad dollars. But as it stands today it is still no contest when it comes to where to spend your brands social advertising dollars.

Follow Tom Edwards @BlackFin360

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