There's money in social sharing…
Last week, I blogged about eBay’s new website and their move toward social shopping, this week Eventbrite has released a report showing the impact social sharing has on revenue, putting statistics to the often disregarded claim that social media really can help make businesses money.
Even in 2010, Eventbrite proved that there’s money to be made from social sharing with each social share generating an average $1.78 in additional revenue. The same report two years later shows an increase of 81% to a pretty decent $3.23 additional revenue per social share. Social media influence is unarguably a big player in making money online.
In the last two years, Twitter has grown massively as an influencer for purchasing tickets on Eventbrite, with an increase of 330% from $0.43 to $1.85, while the value of social shares on Facebook has grown 65% from $2.52 to $4.15. You can see the rest of their facts and figures on Eventbrite’s blog and infographic (link dead).
I know many businesses struggle to see how money can be made using social media, but I’ve always thought along the lines of ‘well, why wouldn’t it?’… We’ve always been swayed by recommendations from friends, family and people we trust, but now these recommendations are online too… and usually with a much bigger potential audience!
Digital allows us to put facts and figures to this like we never could with word of mouth recommendations, and with more businesses latching on to social commerce it’s unravelling a whole new way to shop.