Golden Ticket (Photo credit: Derek Lakin)
Ticketing company Eventbrite has released its social media data and shows that it make an additional $3.23 (or £2.01) in revenue every time an event is shared on social media. This is highest for Facebook (£2.56 revenue per share) followed by Twitter (£1.15) and lowest for LinkedIn (£0.57). These figures look great. But what does it say about social commerce and what can other brands learn?
First it is worth exploring these numbers a little bit more. Twitter drives the most clicks (almost twice as many as for every share on Facebook) but these are much less likely to lead to a sale. In fact for every click through from a share Twitter generates the least revenue (just 3p per click compared with 18p for Facebook and 6p for LinkedIn.
So we can surmise the following:
- When an event is shared on Facebook more revenue is ulitmately created per share than on any other social channel
- People are more likely to click through to an event on Twitter than on any other channel but they are less likely to purchase
Facebook not only generates more revenue per share, it is much more efficient at it.
The social nature of ‘events’ as a product
This allows us to explore a little more what is happening in social with Eventbrite, and whether the ‘success’ they have had with social shares could be repeated for other brands.
Eventbrite’s product is events, and these are inherently social; we typically go to an event with people – friends or colleagues. So should it be any surprise that when these events are shared on social channels other people go ahead and book. A simple look at how Eventbrite events are shared on Facebook shows a long list of people telling others where they are going and asking them to go with them. It should not, therefore, be surprising that some people do.
In fact the nature of the product means that the shares are different to most products that people share in social.
- If the product you share were a pair of shoes, for example, you are likely to be saying ‘I like these shoes’ or ‘I just bought these shoes’. These are personal reasons with no clear call to action for your friends (except a bit of jealous perhaps).
- When you share an event you are usually saying ‘I am going here, you should too’ or ‘Anybody want to come with me to this event’. You are giving your friends a clear call to action to click through, attend the event and spend money.
So on this basis it is no surprise that Eventbrite should be generating revenue like this from social shares. And it should be no surprise that Facebook is the most efficient way of getting this revenue; the connections you have with people there are typically stronger than on Twitter.
But could these revenue numbers be shared by other products? Unlikely, unless your product is also social in nature. This is a great example of where social does make sense – the product is social, you experience it with other people, and so making it easier for you to find others to attend the event with makes absolute sense to the consumer and the brand.
The key thing we can learn from Eventbrite? Use social in the ways it can have biggest impact on your business. And this depends on what you are selling and to whom; one solution is not right for all.
The post Eventbrite makes £2 for every social share. What can we learn? appeared first on FreshMinds.
