Facebook Data redefines the marketing strategy

Facebook Data redefines the marketing strategy

Facebook is an addiction, a habit , a lifestyle and an integral part of our life. Now it is going one step further as it is getting popular for all sorts of marketing campaigns. No matter which size or category of your business, Facebook data has records of all possible customers. So  a business owner or leader does not need to go and try various advertisement platforms. Most of small business leverage social media for marketing purposes. This marketing can be dramatically improved if we leverage the social and interest graph.

  Traditionally, business leaders went through the process of selecting the advertisement platforms and campaign venues and that used to consume huge time, efforts and money. Moreover there was little or no business advantage from most of the marketing efforts. Main reason behind not-so-successful marketing campaign was that we were not able to identify the most probable customers or we were not able to have social graph or interest graph to identify the right customers and to build the best recommendation to the existing customers.

Overall marketing strategy has been changing. Now we are getting better in identification of the right customers and the right products for those customers. In short, a powerful marketing has been on rise. 

The social graph is the social network of relationships between users of social networking services (Facebook/Twitter etc).

The interest graph appears to be more valuable than the social graph  because it offers you the hint of which product/category/item the person is most likely to buy.  Based on that, advertisement policy can be designed to have high conversion rate. For example:  If most of your friends (on social graph) recommend Puma, your group should like the advertisement of Puma. It will better the strategies of  upselling  and cross-selling Puma products. 

To illustrate a [Facebook] social graph, I have built web based interactiveapps. http://navin-dash.droppages.com/ [Names of Facebook friends(nodes) are slightly modified. They are friends on Facebook Social Graph] You can drag the nodes  or select the nodes. You can zoom in and out as well.

In short, Social graph and Interest graph are powerful tools to serve the purposes of digital marketing  which are described below.

Purposes of Digital Marketing [through social media]:--

•  Identification of highly connected friends of your existing customers [with help of Social graph to increase customer base]
•  Identification of Influencers  [Identifying key influencers of our products/services on social graph by analysing the eigen-vector centrality and degree of each node(person) in social graph and interest graph so as to decide the advertisement policy]
•  Building a recommendation engine for existing customers [upsell and cross-sell strategy to increase revenue/profit] 

Based on the power of social graph and interest graph, Facebook is going to change the marketing world forever on this planet.

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P.S.: Breaking News: Facebook testing hyperlocal services website in India. Facebook has been testing a hyperlocal website that helps people discover local services ranging from spas and wellness to event planning and pet services. 

https://www.linkedin.com/pulse/facebook-data-redefines-marketing-strategy-navin-manaswi?trk=pulse_spock-articles