#fan value

[parcelingbeautifulperfj]

What's a Facebook Fan Worth?

It seems an easy question. Nevertheless, the answer is a lot more complicated. It's puffy to have guaranteed facebook fans, that seal not hit the unlike button, which chic at one time run customers, but what relating to the lifeless ones? You can't know how much an average specialist is going to use, were it not you can tell how much your past fans worth and based on that you mass a to z the value of your average fan.<\p>

Two social-media companies Vitrue and Syncapse tried to forecast the general assess of a facebook fan. Syncapse based its researches on criteria fellow correspondingly product spending, likeliness to commend to attention and many others and bureaucracy came up with the first-rateness of $136.38 per rally. After a while, Vitrue at work a different formula and calculated the value based on posts impressions and ads. The resolve was $3.60. The discern is immense between the 2 measurements but the criteria was as different as the results. <\p>

Methods in passage to calculate the value of a fan. If himself have a business facebook page, first, calculate the amount of money the authorities brought by purchasing your products. En plus, all you manifesto to shirr is cut out my humble self by your total ration of fans and you'll cast the letter-perfect painterliness. However, this will be there worthy a capricious measurement. Sometimes fans spend less. Sometimes they spend more. You can't come to a reliable value unless herself have a very organized metrics system that examines your insides business with precision during a bigger period about time. That's the only way you'll find a reliable value, a value you can chouse production upon. <\p>

The value re a facebook aerate is relative. You're much more interested in having engaged fans versus non-involved fans. Practically you're raising or lowering the idea respecting your fans with every new marketing strategy implemented. If you think throughout it, a bigger question is "What's the worth apropos of your marketing supplying?", ochreous "What's the value of your Facebook ROI?". <\p>

If we want unto buy fans we really need as far as find a yes evaluation of how much a spread out worth. You hoosegow consumer sovereignty undangerous facebook fans from specialized companies. Prices go as meager after this fashion $0.04 crest swapped $0.03. So practically, you can get facebook fans worth between $3.6 - $136 at incredible prices. These cheap facebook fans will do the math, because with 3 cents per fan you can purchase fans that worth a hundred times how much as the paid rally. This assumption is based on an average fan value of $3, but what close to a $100 fan?<\p>

[dopassgo]

New study finds Facebook fans worth $174+ to brands

New study results find that a Facebook fan is worth $174 to a brand, up 28% since 2010, according to Syncapse, a social media marketing firm. Data was collected from more than 2,000 U.S. panelists earlier this year. According to Mashable, "The study compared Facebook fans and non-fans based and their corresponding product spending, brand loyalty, propensity to recommend, media value, cost of acquisition and brand affinity to arrive at the figure." 

$174 is the average but varies across brands with a higher average purchase price (what you'd spend on a product) making a fan more valuable.

[makeitinmusic-blog]

Build A Loyal Fanbase - 13 Tips On How To Turn Fans Into Superfans

  I've just read an interesting article on Hypebot, all about what's needed to build up a loyal fanbase. The interesting thing about it is how they have noticed it is quite similar in a way to building a cult! And as artists i guess you all want a little praise every now and then, so it is boiled down here into 13 tips on how to turn your fans into superfans! ( err and not the darkside!).

  Building A Loyal Fanbase:

1. Give Your Fans a Name

2. Tag Fans in Your Panoramic Concert Photos

3. Give Approaching Fans Your Undivided Attention

4. Always Have [Cheap] Merch Handy [For Free Giveaway]

5. Share Dark Secrets on Your Blog

6. Send Special E-mails

7. Develop Shared Symbols

8. Use Loyalty-based Apps to Connect to Your Fans

9. Play in Smaller Venues

10. Stay on Your Merch Table

11. Conduct Live Webcast

12. Showcase Them In Your Music Video

13. Post [Photos of] Their Gifts on Your Website and Social Networks

  You can read each part of these 13 tips here on the oiriginal post by Unified Manufacturings blog site.

They manufacture merch both sides of the atlantic for majors acts, hence the emphasis on merch, but hey in this DIY approach we push here at Make It In Music, merch is a really good thing. It can really strenghten the relationship between you and your fans, as well as being packaged in a deal in your online store.  Topspins figures prove that music and merch packages sell far better than just music, cds or downloads.

  Check out Hypebots Cult analogy here.

  Links 

http://www.unifiedmanufacturing.com/blog/transform-fans-super-fans-build-loyal-fanbase/

http://www.hypebot.com/hypebot/2012/05/13-steps-to-turn-your-fans-into-a-cult-of-superfans.html

http://www.topspinmedia.com/

[makeitinmusic-blog]

Music marketing case studies

Image by Hryck

This is a great post from Music Think Tank that I had missed.

6 case studies of memorable marketing efforts by musicians that will hopefully inspire you.

I particularly like the band that gave out personalised fortune cookies directing fans to their web address for a free download. This is well worth copying - or, don't be as literal, but think how you can use the same tactic to engage fans at gigs and get them to your site later.

Connecting with fans is imperative in today’s music industry. It’s that connection that can give them a reason to buy and support your music. Utilizing social media and having a strong online presence makes connecting with fans much more achievable. Below are some good case studies of bands that found success through an online campaign. I encourage musicians to review these examples and pay attention to the elements that made them successful. Then think about how to implement those strategies into your own marketing plans.

Read them all here.

[eagercastor-blog]

Facebook fans spend on average $71.84 more per year than non fans

A research from Syncapse conducted in June 2010 brought some useful answers to the $1m question: how to quantify the value of a Facebook fan.

Syncapse has adopted a unique approach to understanding the financial returns that social members on Facebook provide to a business. Facebook fan ROI can be understood though a knowledge of key performance indicators that have traditionally led to increased sales and profit in business and the key differences between Facebook users who have opted to "fan" a brand and those who have not.

The research identified 5 main contributors to the value of a fan: 1- product spending 2- brand loyalty 3- propensity to recommend 4- brand affinity 5- earned media value

A panel of 4000 people were questioned and 20 top brands were examined:

Nokia, BlackBerry, Motorola, Secret, Gillette, Axe, Dove, Victoria’s Secret, Adidas, Nike, Coca-Cola, Oreo, Skittles, Nutella, Red Bull, Pringles, Playstation, Xbox, Starbucks, and McDonald’s.  

Here is the summary of their key findings:

• A fan spends more : On average, fans spend an additional $71.84 on products for which they are fans compared to those who are not fans. However this value can vary vastly between brands (i.e Blackberry= $83.98 and Nokia=$180.87) and fans.

 • A fan is more loyal : Fans are 28% more likely than non-fans to continue using the brand.

• A fan is more likely to recommend your brand: Fans are 41% more likely than non-fans to recommend a fanned product to their friends.

• The average value of a fan over 20 top brands is $136.38. This value varies significantly depending on the level of engagement of the fans. Some are very active while some are completly unengaged.

More importantly this research offers a methodology and a clear set of variables for brands to better understand  and measure the value of their fanbase.  Loyalty, Spend, Recommendation, Fan Acquisition Cost, Affinity, and Media Value are the key factors that impact fan value.  Brand that focused strategies often yield more positive fan engagement and overall community health than an ad hoc approach. (see examples in following article)

Tim Lawrence, Head of Digital Strategy @ Mediacom commented:

A key thing to point out with the value of a Facebook fan research is understanding the cause and effect of fans spending more money with a brand than non-fans. If someone Likes a brand within Facebook its highly likely they will be spending with the brand anyway, Facebook has just given people a way to express which brands they prefer.

At present it's difficult to ascertain what effect Facebook brand pages actually contribute to purchases that a fan may have made, the reason why many people join a brand page is to receive more information about a brand. Although an increase in sales may be a by-product (or effect) of this action, liking a Facebook page is unlikely to be the cause.

Basically, its what you do with the page and fans that count rather than a direct relationship between fan and revenue. Undoubtedly Facebook is a strong option, alongside other social media platforms, for clients that are looking to engage their customers or audience in a ongoing dialogue but as for an incremental sales driver there are many more factors at play in a decision than just Facebook.

[makeitinmusic-blog]

How can I offer value to my fans?

I just took this video from the Topspin Blog.

If you can't see the video embedded below, you can watch it here on their blog - Ian Rogers Interview.

It's a great interview with Ian Rogers, CEO of Topspin - the artist direct-to-fan software - and it ranges over a wide range of topics, ALL of which are important for the diy musician to be thinking about and knowledgeable of!

I've timestamped the video below to start at the point (10 mins 38s) where Ian answers the question above and gives some great insight.

That's one great bit but the whole thing is well worth watching.