Facebook: How it is Changing Business Practices

Posted on Mar 24 2015 - 2:48am by Business Day TV

FacebookThe team behind Facebook’s success is now venturing into new endeavors that will put them in the position to help various companies.  The most dominant entity in social media stated its going to improve its service in order for every business owner’s Facebook page to garner more traffic. This will enable them to get more feedback on their products and further enhances their capability.

Company executive stated that it has recently launched a new product called Topic Data, which enables companies to assess consumer behavior. This means that companies will now have the ability to see Facebook users’ thoughts regarding certain brands, events, etc. By employing such, Facebook becomes a new source of information that every business owner can benefit from today.

The company director of ads product marketing, Mathew Idema, states “This is in response to interest we’ve been getting from marketers. They’ve been asking us to provide insights to help them generate more effective campaigns on and off of Facebook.”

With its new product set to diversify existing business practices, Facebook users are concerned about their privacy. Facebook officials, however guarantees that safety of users remains their priority and that it will not disclose any sensitive data that may breach their right.

Today, companies can now access Facebook’s data to enhance their advertising efforts throughout social media. According to Will McInnes, chief marketing officer of social media analytics company Brandwatch “For the world of social intelligence, this is huge news,” he said. “Social data has infinite value beyond marketing,”

The use in such data for marketing research is limitless. For example, if a particular company wishes to learn how consumers perceive their products, all they have to do is access this data. This will directly provide them raw information, which they can use to make the necessary improvements.

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This recent development paved the way for the cooperation of Facebook and social-data company Data Shift. The latter will be responsible for deriving raw information from the social network and making it available to various firms that specializes on processing such. The processed information will then be open for selling to various clients that may use it in improving their business operations.

This new trend of speeding up the transfer of information greatly increases companies’ capability to provide the best to its consumers. Not only does it serve as an effective means of assessing the market behavior, it paves the way for a more efficient way of conducting business.