Last week’s hype surrounding the Facebook IPO centered almost entirely on the potential value of a user base approaching 1 billion people.
Social media audiences and users have come to represent value. Coca-Cola alone has nearly 42 million Facebook fans, with almost half a million people talking about them at any given moment. Forty-two million fans can seem like sometime to brag about, to competitors, stockholders, etc. But the truth is, this number alone means nothing.
The valuation of a social media fan base should be about quality, not quantity.
Despite the many moving parts involved, companies sometimes forget that social media success is essentially about one thing: Big C Community. Sure, this is a word passed around in marketing meetings and social media discussions. We all know what it is, right?
What characterizes a social media “community”?