Understanding the ROI of social marketing programs has been a bit of a black box. As marketers, we have fully embraced social media as a viable marketing channel, but many of us still struggle with understanding how our social marketing initiatives are impacting the bottom line. For example, marketing initiatives across social channels do a great job at driving social engagement metrics such as likes, followers, and +1s. But what does all of that really mean? Yes, it is impressive if your brand has amassed over 1,000,000 likes on your Facebook page, but do you even know who those people are? And how do you effectively convert those likes into dollars?
The convergence of social media and data solves this mystery and arms marketers with the information they need to not only make more informed decisions, but it also gives them the insights into their “social community” to better understand who these people are and how best to target them. This is definitely the case with the unveiling of Facebook’s Open Graph. The Open Graph is all about mapping people’s actions to particular objects (i.e. Wayne claimed a coupon) by capturing interactions across the web and then reflecting them in Facebook as consumer stories. Let’s take a look into how Facebook is bridging this gap between social marketing and data.
Probably one of the most important value propositions for Facebook’s Open Graph is the level of insights you get with the data captured. Let’s dig into the type of information you can capture and visualize.
The ability to capture valuable consumer profile information as well as performance data around specific programs and consumers eliminates the reliance on dated marketing initiatives that don’t provide the necessary context to ensure a positive ROI. Leveraging Facebook’s Open Graph and tapping into the data captured through an intuitive dashboard will present marketers with views into various levels of program and consumer data – propelling them into the age of data driven social marketing and arming them with the right information to make smarter marketing decisions.