WASHINGTON: Facebook has introduced a new business analytics tool named as “Topic Data” in collaboration with DataSift. This new system will allow all the advertisers and marketers deeper insights into its data trove.
Facebook plans to experiment with this business tool and will allow privacy-safe peeks at its data. Topic Data has been launched in collaboration with DataSift, a brand analytics startup company. The tool will provide companies with Facebook insights into brands, activities, events, and audience preferences. It will all be anonymous, the social media giant said. So, there will be no way to precisely identify consumers and what they specifically said about a certain brand.
The company explained how Topic Data can help; for example, a de-frizzing hair product company can get an idea through Facebook’s tool as to what consumers are discussing about humidity’s effect on hair. The marketer/advertiser can then utilize the information to set up ad campaigns and target a specific demographic related to its products. Similarly, a brand can measure consumer sentiments and receptivity toward its products and can conclude what products it needs to stock up more, by comparing the volume of data.
The partnership with DataSift is the key to keep information anonymous. DataSift will accumulate all the data and later provide it to clients, who have earlier run a specific query regarding the products. Queries which require personal information such as addresses will be banned. Facebook has provided no “opt-out” options to users and this may irk some. However, to stay completely off the grid, a user would have to resort to setting one’s posts to private; yet the most viable option, in this case, is not to post at all.
Facebook made it clear that this is not a brand monitoring tool and will not allow marketers to keep track of every time a brand is mentioned and respond. Topic Data insights will tell these companies about what is being shared, what the trends are, and what is onTop of Mind.
The interesting bit is that Facebook is not currently cashing in on this privileged access to its data. It is giving away the keys to its revered data empire, free of charge, to DataSift. It may do so in the future but currently, Facebook wants to help build the startup in exchange for its connections. DataSift may charge a fee from its analytic partners and clients, who may further add a markup and sell it to brands and advertisers.
This is not the first time businesses have mined social data to understand markets and in turn improve brand offerings. In fact, companies like StockTwits and DataMinr rely on Twitter’s platform for tracking users’ behavior.
Topic Data has been initially rolled out to businesses in the US and UK. Facebook hopes to expand the service globally later on.
