We’re a decade in, and it would appear that social media isn’t going anywhere any time soon. In fact, your social media feeds are becoming bigger and bigger assets–for some, obviously, to the point where they are able to monetize.
Monetization or not, it’s nice to be able to value your social feed with a dollar amount. For one of my current clients, for example, we are offering our social as a value-added bonus for signing up with us. For me, I often will add in the social amplification of blog posts as a bonus for sponsored posts.
Either way, your social feeds have value. How much value?? Here are 4 ways to put a monetary value on your social media.
Newsletter: the math here is pretty simple. For one of my clients, we have a newsletter with 1,000 subscribers. We know from the past, about 10% will convert and buy tickets, and tickets are valued at $14. So we can value our newsletter at $1400.
Facebook: Facebook gets a bit trickier because of the algorithm. You can have a nice number of folks who like your page, but because of FB’s current algorithm, less than 10% are seeing anything you post. The exception to this, of course, is when you buy ads. You can use a tool like this one, or you can try doing some basic math on your own. For The Wellness Show, for example, we have 2,674 likes. The amount of people that engage with our content (meaning click-throughs on CTAs), is about 150, or 5%. If we then multiply the ticket price ($14) by 5%, we can value the FB page at $133 (per sales cycle).
Twitter: Here’s a tool for you called Twalue.
Instagram: Even if you don’t have tens of thousands of followers, if you have an engaged audience, you can still charge for Instagram posts. We all know how easy and cheap it is to buy Instagram followers. What I look for, and many brands do as well, is your engagement rate. The more engagement you have, the more likely people are going to want to work with you. Here’s a great post with a nifty formula for figuring out how much to charge, but you can start with as little as $50 per post.
So there you have it! 4 ways to put a monetary value on your social media. Are you currently monetizing your feeds? I’d love to hear in the comments below.