Is Facebook’s Social Graph really that big of a deal? Yes.
While many of us were slowly and reluctantly returning to work after the holiday season, Mark Zuckerberg was on a completely different speed. On January 17th, 2013 Zuckerberg unveiled his newest product innovation: The Facebook Social Graph (currently in beta), which enables individuals to perform in depth search queries about anything and everything directly, from their Facebook dashboard. The implications and opportunities are even larger for organizations. With these new social media tools, product marketers and developers will be able to leverage even more information regarding their target audience’s likes, dislikes, and behavioral purchasing patterns. In short, Facebook’s social graph will provide organizations with a wealth of customer data.
Social Media Drives Product Development
When a product or service fails to meet the marketplace’s needs, it creates a disconnect between the customer and organization. It also creates a negative reputation, which leads to a decrease in sales and revenue.
Social media tools provide excellent opportunities for organizations to avoid these pitfalls. They can discover what customers want from their products and services, and bridge the gaps between their company and customers. It also provides product marketers and developers with the opportunities to discover competitors in their industry, and new untapped markets.
The fact remains that smart, successful organizations recognize the value of these tools and have already integrated social media tools into their product strategy and development tactics, to capture customer insights, develop stronger relationships with them, and use that insight to make more accurate, targeted and informed product development decisions.
How Facebook’s Social Graph helps drive product development
1. A goldmine of customer information at your fingertips: Product marketers and developers will be able to leverage even more information regarding their target audience’s likes, dislikes, interests and behavioral purchasing patterns.
2. The need to establish a strong social presence online: Without a strong social presence, and with the recent introduction of Facebook’s Social Graph, your business will not survive, period. Furthermore, if your organization is still behind on adopting and integrating social media into the product development process, now would be a good time to take action and change that. The reality is, more and more customers live on the social web, and your company should too.
3. Integrated idea capturing and management strategies: Facebook’s social graph will provide a wealth of information for product developers. The question to consider is: How can organizations successfully capture, manage and make use of this insight without it being lost or miscommunicated? What is needed is an end-to-end ideation management system that allows for the effective capturing, and analyzing of product related ideas as well as the seamless integration of these activities with the rest of product development.
Moving forward, the introduction of Facebook’s Social Graph further highlights the important role that social media continues to play in product development.
Stay tuned folks, this is just the beginning.