Attempting to calculate the return on investment of a social media post is no easy task. Furthermore, in a contest between Facebook and Twitter, which platform bears the most fruit?
New data released today quantifies the value that social media delivers to ecommerce businesses, specifically how much revenue and the number of pageviews one customer’s ‘share’ on social media will earn an ecommerce business.
Online ticketing provider Eventbrite analysed millions of transactions across its marketplace in 2013, to now reveal a single ‘share’ across Facebook, Twitter or LinkedIn generates $4.80 in additional revenue. What’s more, Twitter reigns as the most valuable social channel in Australia with an average of nine additional website visits off the back of a ‘share’.
For example, Twitter was found to Twitter drive the most value at $10.90 per share, followed by Facebook at $4.10 and then LinkedIn at $3.20. The value of a share in Australia is well above the global average ($3.70), coming second only to Canada.
Social media sharing is also proven to drive traffic. Again, Twitter leads this trend with one share generating 38 additional visits, while LinkedIn drives 11 visits per share and Facebook drives seven visits per share.
According to the research, compared to Facebook and LinkedIn, Twitter is a more efficient driver of revenue and traffic in Australia. “This is most likely due to the fact that Facebook has a deeper penetration in Australia, leading to more cluttered and potentially less relevant newsfeeds. On the other hand, Twitter is less saturated, meaning less distraction for users. Also, the 140 character limit means users often need to click on links to see more information,” Eventbrite’s International Expansion Manager, Elsita Meyer-Brandt said.
The types of events that see the most value from social media sharing are food events and performances, followed by seminars and music events.
In comparison, conventions and participatory sports events slightly lower value. In terms of traffic, social and food events see the highest number of visits from social media posts, followed by seminars, conferences and then entertainment events.
“This data clearly demonstrates the power of social commerce and how the speed and connectivity of social networks can drive customer engagement and ultimately sales. It also shows the importance of cultivating and nurturing a community of fans and making it super easy for them to share information on social media. The fact that Australian businesses are driving high amounts of revenue from social is a real testament to the understanding and savvy use of digital media here,” Meyer-Brandt said.