I have always had trouble understanding what the fuss is about concerning Facebook’s “likes” for brands. Those brands spend an inordinate amount of time on their social media, but our research has never suggested that it creates any kind of preference. It just demonstrates preference brands already have.
Now comes a study by Syncapse that rates each like as being worth $174.17 to your brand. The social intelligence company bases that number on research that shows those who like a brand spend more money on that brand and are more likely to continue buying that brand.
The Facebook Likes
That’s all fine and dandy, but it speaks to a larger problem for brands that’s far too common. They are still speaking to those who have already chosen them. The art of stealing share is in stealing the customers of your competition. I don’t see where liking a brand on Facebook does that.
To be fair, being on Facebook is something you have to do as a brand. But don’t confuse it with the reasons why target audiences choose.
Worth $174.17? Maybe. To grow, however, it must attract new money, not just count the money it has already has.