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How to Calculate the Value of a Facebook Like

How to Calculate the Value of a Facebook Like

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There are many reasons you should get more likes on your law firm Facebook page such as authority, recognition, and brand awareness. A page with many fans is much more trustworthy in the eyes of a consumer than a page with a handful of likes. With more organic likes, more people will be sharing and commenting on your content – which increases you ability to reach more potential clients.

How Do You Get More Likes?

It can be tempting to buy likes, but fake fans won’t help your page get more engagement. Overtime fake accounts will also be removed, so if you buy 500 likes today, you may only retain a couple over the next year. Your best bet to get more likes is to run a Facebook campaign targeting people who would find your page interesting and want to follow it. Facebook advertising allows you to build campaigns with the goal of getting more likes, but how do you calculate your return on investment from a campaign of this type? While having a like is nice, it doesn’t necessarily translate into a direct sale, so calculating your ROI can be difficult.

Calculating the Value of A Facebook Like.

The best way to measure the ROI on your Facebook campaigns is to calculate the value of one Facebook like. Here is a formula for the value of a single Facebook like:

L / UpM * (LpD*30) * (C/L) * CR * ACV

Breaking Down the Formula.

Almost all of the items contained within this formula can be found on the Insights tab of your Facebook page. You can navigate to this by doing to your company page and clicking Insights at the top of the page.

L = Total Likes: This is the total current number of Facebook likes you have before launching a campaign.

UpM = Unlikes per Month: This is the average number of people who unlike your page on a month to month basis. Since this number can fluctuate, we recommend gathering a few months of data to get a more accurate number. This can be found in the Likes section of your Facebook Insights.

C = Average Clicks: This is the average number of clicks your social media posts are receiving.

CR = Website Conversion Rate: This is the conversion rate of your firm. You can calculate this number by asking, “if 10 leads contact me, how many of them turn into clients?” If the answer is one out of ten, your conversion rate is .10.

ACV = Average Conversion Value: This is the average retainer value of a closed client. You should work with an accountant or bookkeeper to calculate this. The larger your data sample is, the more accurate your ACV will be.

LpD = Likes per Day: The number of likes your page receives per day (on average).

Need Help Getting Likes on Facebook?

If you have any questions about this blog, leave us a comment below. For social media, Facebook or general marketing assistance, please fill out our contact form to schedule a meeting with a member of our team.

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About the author

Allen Rodriguez Allen Rodriguez is a legal product development strategist who has been serving the legal industry for over 21 years. Over the course of his career, Allen has built a reputation for creating innovative legal services products as well as developing highly effective law firm business and marketing strategies. Allen is a valued speaker on the topics of law marketing, legal services product development, and future of law issues.

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