Have you ever wondered how your actions on some of the major social media sites are helping generate income for your business? Eventbrite.com has published some findings from one of their studies where they tracked a set of metrics to quantify the value and impact of social media.
According to their report, “When someone shares an event with their friends through social media, this action results in real dollars. Our most recent data shows that over the past 12 weeks, one share on Facebook equals $2.52, a share on Twitter equals $0.43, a share on LinkedIn equals $0.90, and a share through our ”email friends” application equals $2.34. On an aggregate level across Facebook, Twitter and LinkedIn, and our email share tool, each share equals $1.78 in ticket sales. We’re seeing this number improve every week with the most recent four-week average equaling $1.87.”
How we did it
We use a custom suite of social analytics tools that we have developed entirely in-house. Our reporting lets us track and analyze not only which sharing options our users leverage, but where on our site each share action takes place. These tools also tie back into our conversion funnels, so we are able to attribute ticket purchases to the specific social distribution channel that drove them. So, for example, we can compare not just the value created by a Facebook “Like” vs. a tweet, but also the performance of shares initiated before or after a purchase.