Monetising Facebook: Interview with MicroStrategy
As organisations increasingly look to dominant social network Facebook to promote their business, New Media Knowledge caught up with one firm whose software aims to help companies monetise their Facebook presence. By Chris Lee.
By Chris Lee
Social network Facebook is increasingly a core target for UK marketers, with a quarter (25 per cent) of the FTSE 100 already running corporate Facebook pages. While many are using the site to engage with consumers, drive preference and brand awareness, one software company seeks help organisations make the most of data available on Facebook users.
NMK caught up with business intelligence firm MicroStrategy to learn more.
Gateway for Facebook
Monte Carlo-based MicroStrategy, whose customers include Tesco and McDonalds in the UK, launched its cloud-based “Gateway for Facebook” product this month, which the company says allows brands to monetise their Facebook data by connecting the Facebook social graph directly with customer relationship management (CRM), marketing, sales and other enterprise applications.
MicroStrategy argues that through this two-way communication, companies can inject social intelligence into enterprise applications transforming them into "friendly" applications – inherently mobile, social, and personal – that simplify and enhance the consumer experience. For example, a phone company could offer a friendly phone app that synchronises with Facebook data to keep the contact information for all of a user's Facebook friends up to date. With just a name, a user could instantly call, email, or send mail to any of their Facebook friends without having to look it up or keep track of future changes.
“Social media is fully established with most large enterprises across industries and geographies but not many have a coherent strategy as to how to make it work for them,” Paul Devlin, MicroStrategy’s UK Manager, told NMK. “Those that do have it figured out have been lacking the tools to turn the rich, varied and constantly refreshed data generated on Facebook into something more tangible for their business.”
Developer insight
Devlin said that with Gateway for Facebook, a wide range of developers and technologies will be able to inject social intelligence, personalisation, and social interactivity into their applications. This includes Microsoft Windows developers, mobile app developers for Apple iOS and Google Android, and ERP systems from Oracle, SAP, and Microsoft. Custom-built Facebook applications can also use the Gateway for Facebook as a simpler and more efficient access mechanism, particularly when the queries require a real-time response, he said.
“Engagement, conversation and building relationships with customers are all hugely important when using Facebook but organisations do need to monetise those relationships somehow and data is key to doing that,” Devlin continued. “Nobody wants to feel like they are being sold to on Facebook but Gateway for Facebook allows brands to monetise their Facebook data by connecting the Facebook social graph directly with CRM, marketing, sales and other enterprise applications.”
He concluded: “By converting the Facebook social graph data structure into a relational data structure, organisations can use that data for enterprise apps, enabling meaningful, personalised messaging and in turn increased customer engagement and brand loyalty.”
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