23 Mar 2011

Value of a Fan?

Interesting presentation from Millward Brown on the value of a social media fan. Rather than trying to put a nominal cash value on fans it gives some sound pointers as to what marketers might need to consider if and when they choose to engage with their fans in social media.

Trustworthy brand news and new product information comes top of the pile and, along with freebies and regular posts is pretty much a requirement if you want to have meaningful engagement with your fanbase. Fans want to have a feeling of priority and exclusivity and giving them new news that allows them to demonstrate their superior knowledge to their peers is obviously a good way to this.

Once you've got the basics right you really need to think about how you can differentiate yourself from your competitive set in this channel and this MB presentation is less clear on how you might go about that. Fun stuff, variety, innovation, interaction and a sense of community seem pretty obvious (and almost essential) to me but they're the key differentiators highlighted by MB. I guess how you execute these attributes more than whether you have them is critical.