What is the secret of bars? Why do we happily pay four times as much for beer in a bar as in a store? We pay this brand premium to be with friends. The secret of bars is that they convert our quality time into cash. Like bars, social media are places where friends meet. The best social media programs also convert the consumer’s social time into a brand premium, reaching a return on investment (ROI) up to four times as high as the ROI of a TV commercial.
The time with friends and relatives is worth a lot to us. It’s worth our paycheck. A close look at the average bar tab or restaurant check—even the costs of a family holiday or yacht—reveals that we spend what we earn per working hour for an hour of time with friends. Pew Research data confirms this remarkable fact: an extra hour per week with friends makes consumers just as happy as an extra hour’s worth of salary. It makes sense: if we valued a working hour more than an hour with our buddies, we wouldn’t go to happy hour but stay at the office. Branded blogs, Facebook fan pages, YouTube channels,
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