Online merchants are becoming especially adept at online marketing strategies. Many, like event promoter Evenbrite, are finding the best ways to use social media. The company recently published statistics which demonstrate the power of social media as it leads to social commerce. Marketers in other industries may well try to employ their own ways to find similar success.
According to EventBrite Director of Marketing, Tamara Mendelsohn, “social commerce is the intersection of social media activity and eCommerce.” The company has published results of its experience as consumers shared leads through platforms such as Facebook and Twitter when purchasing tickets to events.
The EventBrite portal encourages ticket purchasers to share an event with friends while they are considering whether to attend and even after a ticket has been purchased. Overall, 1% of people who browse an event share it and 10% who purchase a ticket share the event. When shares are done through Facebook 40% occur pre-purchase and 60% occur post-purchase. The statistics also show that Facebook sharing is done 4 times more than Twitter. Reasons for this difference include the fact that Facebook has more followers and that the platform is more personal than Twitter.
Those differences aside, the company also calculates that a ‘like’ on Facebook can be linked to $1.34 in additional ticket sales while a ‘tweet’ can bring in $.80 in sales.
Interestingly, dollar per share revenue varies drastically by type of event. For example, a single music/concert event share is worth $12, fundraisers bring in $11 and social events and mixers come in at a little over $8. Even a food and wine event share can generate revenue, over $7 per share, according to Eventbrite’s data.
Eventbrite’s unique way of looking at this data and calculating a return for its marketers makes the firm's strategy look like a huge disruptor for vendors who offer a traditional method of ticket selling.[Source: Social Commerce: A closer look at the numbers. Blog. Eventbrite.com. 16 Mar. 2011. Web. 1 Apr. 2011]