A new study by social-media marketing firm SocialCode puts the value of the average Facebook fan $9.56 per fan, assuming a constant cost-per-click of $1. The study looked at 5 million Facebook ads placed by  50 SocialCode clients between May and September 2011 measuring the cost of acquiring new fans and what it took to get them to perform a desired action. The study looked at 7 possible actions that might happen on or via a Facebook page :

• app install
• contest submission
• contest voting
• fan acquisition ("liking")
• program sign-up,
• purchase
• sweepstakes

As seen in the chart above, the rate of action-taking and fan conversions differ greatly by activity. Overall, the difference between the cost per acquisition (which was calculated by dividing the total cost of clicks by the total number of actions) for fans vs. non-fans is $9.56. Given, the loyalty of some music fans vs. the average consumer brand loyalty measured in the study, it could be argued that music fans on Facebook are worth more than $10 each.

Even $9.56 is an impressive number. But it broad terms it has been born out by other studies, according to AdAge. Similar Facebook fan studies show a range from $3.60 per average fan to $136.38 over the lifetime of the relationship.