You might have some idea, or perhaps none at all, about how valuable your station’s Facebook fans are. Certainly some of their impact on your station’s success depends on how you manage your Facebook relationship with them, but a recent study by Syncapse puts a dollar value on the fans of twenty different products or brands. While much of the analysis relates to purchasing behavior (and the assignment of values of each brand’s fans), it is reasonable to compare purchasing behavior in this study to listening behavior for a radio station.
New format or market mainstay?
If your station is a new brand, your Facebook friends are more valuable than the fans of a market mainstay. The study says that fan value is relative to non-fan value. For example, consider “the fan value of BlackBerry ($83.98) versus Nokia ($180.87). BlackBerry (has a lower fan value) because the strength of their product among non-fans is much higher compared to Nokia. For Nokia, fans are intense stalwarts but less enthusiasm is evident with non-fans.”
Consider the perception of a market mainstay versus a new station or morning show. The mainstay’s fans might not be as valuable as the new station’s fans because the value of the mainstay’s non-fans (as a result of longevity, etc) might be higher than that of the new station’s non-fans. This does not imply that a mainstay’s fans aren’t valuable, but it might imply that a new station’s fans could be much more valuable to the new station.
How do we peg the value of a Facebook fan for radio?
Fan participation: Listening occasions, website visits, contest participation, event attendance. The study shows that “an average fan may participate with a brand ten times a year and will make one recommendation. But, an active fan may participate thirty times and make ten recommendations.”
Brand loyalty: On average, Facebook fans “are 28% more likely to continue using a brand than are non-fan consumers.”
The all-important recommendation: On average, Facebook fans “were 41% more likely to recommend a product than their non-fan counterparts.”
Something else to consider: Just fanning a station’s page is a de facto recommendation to other potential fans. The Syncapse study found that “38% of respondents reported that they would likely become a fan of a brand if they saw a family member or close friend do so. This influence surprisingly is only reduced to 34% if it is a person known through Facebook rather than a family member. Likelihood to try a product if somebody else became a fan is 44% if it was a close family member or friend, moderating to 36% for a Facebook friend.”
Think about that as you strategize how to build and engage your Facebook fan base.
— Fletcher Keyes*
*Fletcher Keyes is a long-time morning show personality, radio programmer and new contributor to dmr’s The End Result.