Value of a Fan
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Value of a Fan

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A presentation of the general learnings from the Value of a Fan study conducted for the World Federation of Advertisers (WFA) by Millward Brown.

A presentation of the general learnings from the Value of a Fan study conducted for the World Federation of Advertisers (WFA) by Millward Brown.

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Value of a Fan Value of a Fan Presentation Transcript

  • A project for the WFA DIGITAL NETWORK March 2011The valueof a fan?
  • This is an abridgedpublic version oflearningsprepared for theWorld Federation ofAdvertisers.Full report is available on requestto WFA members:http://www.wfanet.org/en
  • Some background • Challenge posed by WFA’s Digital Network • MB & Dynamic Logic agreed to help • Not about an arbitrary $ figure for media/ sales value • All about how to build brand and optimise fan pages• Bespoke reports already with participants – this report is an abridged overview of findings for industry learning • Many thanks to all WFA members who took part
  • Unique two phase research project: combining two perspectives Phase 1 Phase 2Marketers Brand Fans• How are they approaching • How and why are they the use of social media? using brand fan pages?• What do they expect from • Are fan pages improving social media? brand opinions? How?
  • WFA members’ view: brand value over business metricsWhat do you consider to be “the value of a fan”? 85% 85% 80% 75% 50% 45% 15%
  • From liking to love: How fanpages build brands
  • 96% spending more on socialTime and money versus expectation?
  • But unsure about the returnsSocial media fan base ROI?
  • Fans already outspend non-fans by over 4x. Thefan page challenge is to deepen the relationship Fans Non-Fans 4% Bonding 1% 62% Advantage 19% 67% Performance 31% 83% Relevance 37% 100% Presence 50% 13.4% Share of wallet 2.8%Source: Brandz, 2010 global database
  • Qualitative learning abouthow to engage is available
  • Listening is key to success Ignoring social Thoughtfully integrated Jumping on media, program bandwagon — staying out of game "must be there"• Less relevant/current • Ability to listen to • Consumers see right and trustworthy consumers and through this — and it • Complete loss of understand their needs kills credibility control (consumers • Consumers co-own • Traditional marketing define the brand by the brand and approaches alienate themselves) evangelize consumersSource: Firefly Language of Love
  • Phase Two:Learning from ourbrands’ fans• 24 fan pages from large companies• Categories included confectionery, alcoholic and non-alcoholic drinks, personal care and telecommunications• US, UK, Australia, France, Germany and Sweden plus some global
  • Phase Two:Methodology Wall post: "Dear BRAND fans, your opinion is important to us! Please help us improve this page by answering our short 5 minute survey."
  • We spoke mainly Visitors 5%to existing fans... Fans 95%Virtually all page visitorscompleting our surveyswere registered fans. Fan Tenure (%) More than a year 9They had typically been 7-12 months 11registered for 3-4 4-6 months 20months. 2-3 months 32 Less than a month 19 Registered today 9
  • First thingwe learned:Size matters!But it certainlyisn’t everything…
  • Bigger fan pages generally rated betterBut number of fans doesn’t tell the whole story High Correlation: 0.28 FanIndex Rating Low 0 500,000 1,000,000 1,500,000 # of Fans
  • The FanIndex rating is a compositemeasure Recommendation Overall opinion likelihood “Very favourable” “Very likely” FanIndex Rating Attention to brand Revisit likelihood posts “Very likely” “Pay a lot of attention, read them regularly”
  • We diagnose drivers of the FanIndex ratingand then assess impact on brand measures Fan page Impact on attributes brand equity Impact on Fan page FanIndex brand content Rating appeal Benefits of Impact on being a fan engagement
  • Starting withthe basics:Trust is amust have
  • Most pages we assessed aredelivering well on trust Fan page attributes (agree strongly) % Easy to use and navigate 55 Trustworthy source of information 48 Clear and uncluttered 45 Fun and engaging content 43 Useful information 42 Stylish design 39 Wide variety of information 37 New and innovative 36 Information I was looking for 35
  • The Language of Love has taught us:maintain trust through transparency Transparency Expertise Authenticity Familiarity Likeability TrustSource: Firefly Language of Love
  • Keydifferentiators:Variety,innovationand style
  • Appear asnews, never They must provide me with information,advertising. good knowledge about the brand so that I could share that with friends like an ‘expert’ -Male, 19Keep themguessingabout whatcomes next...
  • Fans most value news & information;also contests and offers Fan Page Benefits (Top Box) % Latest news about the brand 62% New product information 61% Contests and giveaways 58% Sales, discounts, coupons and special offers 55% Allows me to show I like the brand 47% Enjoy reading other people’s thoughts and ideas 45% Access to free downloads and virtual gifts 41% I enjoy feeling part of a brand community 34% Allows me share my thoughts and ideas 32% It gives me a sense of status 13%
  • Another keydifferentiator:A sense ofcommunity
  • There’s nosilver bulletHow you bestbuild appealwill dependon brandpersonality &objectives
  • Last butcertainlynot least:Postregularly!
  • More frequent posts tend to result in a betterFanIndex rating High 3 2 1 FanIndex Rating Correlation: 0.46 4 5 0 10 20 30 40 50 60 70 Low # of Posts
  • Checklist Contests/ Giveaways New product Expected info Fun Expected Differentiator Variety Community Differentiator DifferentiatorRegular posts Expected Offers Trustworthy Expected brand news Expected Innovation Interaction Differentiator Differentiator
  • Conclusions• Fans pages of all sizes can build equity and engagement, but as expectations increase, brands have to keep pace• Check your page against our expected checklist• Then differentiate by going the extra mile in a way which will achieve your specific brand objectives• Post and comment frequently. Beware campaign mentality: fan pages that ‘go quiet’ can have a detrimental brand impact• Commit considerable resource: community managers?
  • Further researchWhile this study has provided some fascinating initialinsights, there is still much to learn. Millward Brown andDynamic Logic hope in future to extend this work withpartners to explore areas such as:• How responses to fan pages vary by category, country, user type• How attitudes to fan pages change over time• How attitudinal responses to fan pages link to behavioural and engagement metrics• How fan page quality relates to efficiency of fan recruitment and retention
  • Further informationFor further information about this study, please contact:• WFA Rob Dreblow r.dreblow@wfanet.org• Millward Brown/ Dynamic Logic Duncan Southgate Duncan.Southgate@millwardbrown.com Juan Manuel Hernandez JuanManuel.Hernandez@millwardbrown.comContact MB or DL to conduct your own bespoke fan page assessment