Study: The Value Of Social Commerce (or) How A Facebook Like Is Worth $12 In Ticket Sales
A recent Eventbrite study of Facebook 'Likes' during the ticket buying process found some surprising results that should cause every musician marketer to redouble their social media and social commerce efforts. The study found that within the Eventbrite ticketing platform:
- Over the last six months ending in March, 40% of Facebook sharing happened on the event page (pre-purchase) vs. 60% on the order confirmation page (post-purchase). Takeaway: The motivation to share is higher once the purchase is made.
- 1% of the people who looked at an event page before purchasing a ticket shared it. But once on the order confirmation page 10% people shared it.
- A post-purchase share on Facebook also drives 20% more ticket sales than a pre-purchase one.
This chart illustrates the statistics:
Facebook vs. Twitter:
- Over the last six months, sharing on Facebook was 4X the amount on Twitter.
- A Facebook “Like” drives on average $1.34 in ticket sales, compared with a tweet that drives on average $.80. The value of the Facebook “Like” has steadily increased as adoption has taken off.
Concert Tickets Are #1
In the Eventbrite study, Facebook shares are most valuable for music events and concerts at over $12 per share: "While people are more likely to share business-related events, sharing information about social events drives the most sales."
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Ticketfly released some numbers supporting the value of social sharing somewhat recently. http://www.ticketfly.com/ticketfly-makes-buying-tickets-even-more-social/
I think the point of purchase is probably the best opportunity for a Facebook share or tweet. When a fan is ponying up their cash, the musician has 100% of their attention (a rarity). So if a fan throws down money for a concert, they’ll be ready to let everyone in their networks know that they’re going.
Putting the experience of buying and sharing so closely together is bound to elevate the success of ticket sales and awareness.
Also, I wonder if services like Eventbrite and Ticketfly can take advantage of the new Facebook “Send” button. http://mashable.com/2011/04/25/facebook-send-groups/
Great study and excellent article~!
It’s a powerful combination, the melding of both practicality (sharing events easily so friends can come) with a touch of ‘look at me’, which seems to be an increasingly important driver of consumer behaviour in the ‘Facebook age’
Although I think results might vary with less viral industries, I think this example illustrates how valuable a decent presence on Facebook can be. It can be hard to jumpstart a page and get it going: you need to come up with content, design your page, and get some initial fans (services like http://facebook.popularfans.com can help with that) but the end result can really be worth it when you have a direct avenue to reach out to people that care about your product. When you like something on Facebook, other people can see that too and that’s incredibly valuable for businesses.
A man can fail many times, but he isn’t a failure until he begins to blame somebody else.