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The Price Tag of “Like” on Facebook

There is a price tag for almost everything, well, except for those priceless items. According to this Wall Street Journal video, the “Like” button on Facebook also has a price tag. It costs a company approximately $1 to “motivate” Facebook users to like the brand or the company. Is this $1 well spent?

Being the No. 1 visited website and the website on which Americans spend most time, Facebook has 650 million users. 50% of them spend half an hour on Facebook every day. Online retailers see massive draw of traffic from Facebook. Amazon, for example, increased the traffic drawn from Facebook by 300% in one year. Very impressive! In addition, Facebook also creates a two-way communication platform, which can provide a company rich and valuable market research data.

Do you think that $1 is reasonable for the “Like” button on Facebook? How so? What suggestions do you have for helping a company or a brand attract Facebook users’ attention and make them “Like” the company or brand?

Comments

  1. The "Like" botton is great, well worth $1.00, instead of giving a company your email address so they can flood your inbox with sales offers that you'll never even look at. You can simply click "like" on facebook which will allow a user and the company to share contend with one another, such as sales or feedback. This is a great way to stay up to date with the company. Many companies share exclusive news and deals that is only available to facebook fans.

    These fan pages have also become very interactive, companies can update status's to share information about upcoming sales & events. As well as post pictures & videos of products or commercials. Users can comment on anything these companies post which is a great form of costumer feedback.

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  2. I think $1 for the "Like" button is more than reasonable. As was said in the video this form of advertising for a company is worth a lot more and companies are only having to pay a mere dollar. Facebook is a great way to advertise contests, giveaways, new deals and products, without having to flood everyone's inbox. It also allows for customers to leave a comment and receive feedback in a timely manner. Employers can view comments on what they are doing well and what needs improvement. I personally am a fan of the companies Edible Arrangements, Starbucks, 106.7, and A&F and their news always pops-up on my Facebook, which is a great way for me to stay informed. For example, Starbucks promotes when their "buy one get one after 2pm" deal is going on on Facebook, so instead of having to check their website, because I am a fan, it automatically comes up in my newsfeed when this event is going on. Also, right now Edible Arrangements is promoting deals for Valentine's Day, deals that I most likely would have no idea about if I wasn't a fan on Facebook. It keeps me, the customer, up to date, and saves me time from having to go to companies websites and see what's going on/what they are offering. I love that you can go to any companies page and leave a comment and employers can respond, without having to send an annoying email. It's a great informal way for employers and their customers to get in contact with each other and it's EASY. It is so easy to click on any survey or link that might be posted. Not that it isn't in email, but I check Facebook way more than I check my email so it is more convenient and easier I guess to access.


    Over the summer I spent time developing a company's fan page for Facebook, and I guess the best way to attract users attention is with 1) a bright logo or attractive logo at least and 2) with offers/deals/contests/ giveaways. If there is constantly a reason to have to check a companies page for my benefit, I will. And again, it also allows me to leave my feedback in public which helps the company and takes only two seconds of my time rather than writing a lengthy email of my appreciation.

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  3. Companies who advertise with facebook spend around $1 per ”like”. At first I was stunned at the cost but after hearing the new report I was convinced it was worth it. The amounts of people who sign on to facebook a day and spend so much time on it; there are 650 million facebook users. The offers and giveaways and even more advertisements can be communicated to al of those people has shown to increase sales. I think that creating these social graphs for companies is part of the future generation. The next big thing is online advertisement, which is also going green. The Internet is expanding by the day; eventually everything will be online and paperless. The fact that facebook is making money off of a website for social networking is amazing. The advertising strategy that uses other popular known sites to promote through is ingenious it targets a wide market. Constant updates and communicating directly to the target market increase sales dramatically. Overall, facebook advertising is the next big move for any major corporation.

    -Michaela Motta

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  4. The like button on facebook is definitely worth the $1 per person. It is an excellent way to promote your business. Whenever a friend likes something, it shows up on their friend's news feed. Everyone can see what everyone else is "liking." Once someone likes something, the business can then keep advertising through that page so the $1 is for more than just one advertisement per person. Businesses can put other facebook advertisements or create events to promote their business. For example, Starbucks creates events for their seasonal drinks. This way people can say that they are "attending" the Starbucks event and their friends can see it too. Creating a page that people can like on facebook is definitely effective at promoting your business.

    -Michelle Berger

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