The Price Of Fame. How Much Is Social Media Worth?

Clark: So, what's the bill? Come on, come on, how much?

Mechanic: How much you got?

Clark: No, I'm asking how much it is.

Mechanic: And I'm asking how much you got!

Clark: Look, I don't have time to play around, So how much is it?

Mechanic: [waving a wrench] All of it!

Clark: What does your sheriff think of your business practices?

[Mechanic laughs and shows Clark his sheriff's badge]

Seeing how we are in the midst of summer vacation I thought I would remind
everyone how Clark Griswold mastered the art of negotiation.

Not very well.

It's hard to negotiate a price when you don't know the value of things.

So how much is social media really worth?

How much is a tweet worth? How much is a facebook post? Or a Linkedin comment?

I saw it as just a "value add" to our sponsorships.

Did you know you can sell these things?

I hadn't even thought of it before. It's like selling air.

10 bucks? 10 cents? CPM? RPM? What's the standard rate to charge for All Things Comedy's nearly 2 million social media followers?

And when I say followers what I mean to say is rapidly engaged super fans.

People feel very strongly about their comedy and it shows.

ATC comments are never just shameless plugs by a marketing director, not that I'm above that...I'm just lazy and prefer our users to do all the heavy lifting SEO work.

Everyone's a comedian and everyone has something to say. And I love our social media community for their outspoken and unique expressions.

They make me laugh more than the comics sometimes.

So what's the standard rate to charge for a social media comment if say a nice beer company wanted to adhere their brand to our followers?

Kim Kardashian is rumored to get $20k a tweet and the lesser Kardashians around $13k.

A lot of celebrity contracts are based on $1 a twitter fan with no ROI data to speak of and advertisers are paying.

Mike Tyson gets $3,250 a tweet and Snooki around $7,800.

How are these figures calculated?

I asked the newest recruit to the ATC comedy army Chris Kerns, Director of Analytics & Research at Spredfast to explain this to me.

"Building up a big audience on social media is great, but it's difficult to assign a direct dollar value per follower or fan. It's really all about how you're using the channel to drive a desired outcome."

"Are you looking to reach people with a message? Great - you can compare a CPM value vs. other channels to gauge value of those impressions."

"Are you looking to sell merchandise or drive downloads? You can value that by understanding your response rate, conversion rate, and average purchase per click."

"Are you just looking to communicate with fans and foster a sense of community? This one is trickier to assign value to and much more anecdotal."

"When pricing out celebrity contracts, it's important to gain an understanding of how that person's audience responds to offers and messaging, build a model to calculate the value accordingly, and then price."

It's a good thing smart people like comedy or we would be in trouble.

So the value of social media really depends on what you are trying to achieve.

Polling data from SumAll, whose service links a company’s Facebook fan page and Twitter account to track social activity against web traffic and revenue says one tweet generates an average of $25.62 in revenue as opposed to not tweeting at all.

Data also found that a retweet falls to an average of $20.37 in value, due to the less-targeted audience compared to the original tweet.

In the end its the measured response to the brand that will set the price.

Social media was created to share knowledge, make connections and interact.

The cost of getting that kind of feedback for any business is priceless.

By the way I'm having a 50% off sale on cheeky comments if anyone is interested!

Contact me for a free quote! (shameless call to action for user engagement)

https://allthingscomedy.com/

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