A recent study has attempted to place a dollar value on each social share. Facebook out performs Twitter in terms of the net worth of each share on the network.
Eventbrite, an event registration company recently conducted a study on the effects of social media on social commerce. When activity such as a ‘Like’ on Facebook or a tweet on Twitter generates money for the company or event concerned, it is known as social commerce.
Analysts at eventbrite have been tracking the sharing behaviour that occurs on social networks, with a view to help event organizers improve their business.
They have found that it is no longer essential for event organisers to have a very large budget in order to reach a large target audience, as they can do this almost free of cost through the various social networks such as Facebook, Twitter, and LinkedIn.
Users were found to be more likely to share information about an event that they care about or are committed to. Thus, people who have bought a ticket to an event are more likely to inform their friends about it than people who have not bought a ticket.
Conversely, people are more likely to buy a ticket to an event if they are informed about it by someone who has already bought a ticket than when they are informed by someone who has not bought a ticket.
The study conducted last October found that the average value of a social share, measured as dollars per share through all social platforms was $1.78, while the dollars per share from Facebook was $2.53.
Over the last six months, the sharing activity on Facebook was found to be almost four times that on Twitter. This could be due in part to the larger user base that Facebook enjoys and in part due to the fact that relationships on Facebook are more like real-world relationships.
Networking events had a higher share rate than business events, conferences and seminars. Musical events and concerts also generated a much higher dollars per share value than fund raisers and social events.
Dollars per social share by event type
To conduct this study, Eventbrite used a set of in-house social analytic tools that provide tracking and analysis of each share that occurs.