Monday, May 16, 2011

Live from the Front End of Innovation: The Facebook Story

This morning at the Front End of Innovation, Daniel Slotwiner, head of measurement solutions at Facebook, Inc., shared the following stats and data with us during his presentation Hearing from Half a Billion: The Facebook Story.

- 60% of members use it daily
- They spend an average of 5.5 hours onit
- 1.56B pieces of contents shared a day

Users create a wealth of knowledge and research data for innovation and creation. Through the use of polls and quick simple questions Facebook receives better data, engagement and honest responses. They use consumer sentiment tracking to predict and understand brand's bottom line.

They can also track and predict ROI or political sentiment and even box office hits.

Brands need to maximize the ability of their fans to create stories about them thereby giving them more visibility in people's feeds. 

Three most important things about the value of fan:
1. Value doesn't come from "likes" - it comes from what you do from there
2. Fans are already your high value consumers
3. It's their friends who are the real-growth opportunity.

Valerie M. Russo is a Senior Social Media Strategist at IIR USA with a technology, anthropology, marketing and publishing business acumen. She is a published poet and also maintains a literary blog. She may be reached at vrusso@iirusa.com. Follow her @Literanista.

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