As many companies have rushed to Facebook and Twitter to build up support and a community around their brand, some have wondered what the actual real value of having fans of your product on a social network is. The answer according to the social media company Vitrue is $3.60. This comes from the estimate that a social network with 1 million users is worth approximately $3.6 million.
The findings come from the impressions generated in the Facebook news feed and provides valuable data to the companies who have invested in the social networks. Michael Strutton, the Chief Product Officer of Virtue: “It helps marketers justify the spend they’re making, especially in acquiring a fan base and engaging that fan base they have built.”