Useful study on Social Network Marketing on Facebook and Myspace

I’ve finally had a chance to sit down and read Tom Chapman’s study of Social Network Marketing, Engagement Marketing and Brands, which specifically looks at marketing on Facebook and Myspace from the perspectives of both social network users, and brand executives from the likes of innocent drinks and BBC Radio 1.

It’s quite unusual to see a report from someone who isn’t linked to either the network in question, or an agency which may be looking to attract business (Tom is Head of Marketing for an ISP).

It’s effectively split into two parts. The first section is a look at the quantitative findings of surveying Myspace and Facebook users, whilst the second part compiles the in-depth interviews with brand executives.

I won’t quote too much of the study, but it covers topics like the percentage of Myspace and Facebook users who would feel more affinity to a brand that listened to them and communicated with them (65% and 67% respectively). And it goes into detail for both social advertising and brand promotions, as well as finding out how many Myspace and Facebook fans are aware their profile information is used to target them – (56% and 45%). It’s quite surprising, particularly after the uproar within certain circles over Facebook’s Beacon advert system, for example.

And it’s certainly interesting to hear the responses of some executives who use both networks to great effect – for instance, the Chris Moyles fan page with 536774 fans.

As someone who is fairly deeply involved in the subject (It’s my day job, after all), I saw lots that will be useful in supporting my own work and theories, and some correlation between what other brands have found, and what I’ve discovered from Bauer Media’s brands on Facebook and Myspace.

I’ve had the chance to exchange a couple of emails with Tom, and voiced my thoughts that the next stage will be to look at exactly how brand executives are measuring loyalty, engagement and participation, especially with respect to Return on Investment and justifying the time and effort involved. It really is the multi-million dollar question of social media, and it’s getting closer every day – and I think this study goes a long way to reaching that destination.

Anyway, if you’re interested in reading more, the study is at socialnetworkmarketinguk.com. And if that inspires you, there’s still time to save 10% off the price of attending Social Media in Business on October 23rd.

Two new Twitter apps – one fun, one ho-hum….

Just caught up with two new applications making use of your Twitter data:

The first is a fun little thing called Tweet 3D. It’s a Tweet cloud – but in 3D! Not exactly about to start a revolution, but quite a pleasant and enjoyable way to display your most common tweet terms. You can check out mine here.

Meanwhile, there’s been some murmurs about What’s Your Tweet Worth?, which claims to value your Twitter account – presumably on the number of followers and posts. Unfortunately there are a few slight problems.

1. Apparently my valuation indicates I’ve made 200 updates. So underreporting by 4221 at the time of writing.

2. The site discloses that it’s sponsored by Twitads, which is good and honest – but in immediately suggesting people use the tool and then rush to Twitads to sell their profile backgrounds, it really rams home the fact that capitalism is coming to Twittersville.

3. There’s always been one major problem with any valuation service like this, whether it’s for blogs, microblogs, social networking profiles etc. The value of something is determined by what someone will pay for it – not by the number of contacts and links. They might provide the world’s roughest guide to possible popularity, but only in as much as an older antique might be worth more than a younger one, possibly, all other things being equal.

If I was buying a Twitter account or background, I wouldn’t look at the totals. I’d want to know who is following the account? What professions are they in? What demeorgraphic are they? Are they likely to be interested in my product? Are they likely to buy my product? Is the account posting quality content likely to have an impact on sales when I advertise on it? Etc.

And then I’d probably go and start my own account instead, for free, and connect with people that are really interested in what I’m offering.

For the record, my account is supposedly worth $44.32 per month. So, as it’s on Twittads as a test, let’s see if the valuation finds me the buyer I haven’t attracted so far!

Great question about data – does Facebook have more than Government?

Forrester Senior Analyst Jeremiah Owyang publishes a valuable blog, Web Strategy by Jeremiah, for anyone in the digital space.

It’s a must-read, hence making it into my blogroll. And one of his most recent posts is a classic, in which he compares the amount of data the U.S Government has on Generation Y, and compares it to the data which Facebook has access to.

And although the Government will have access to sources it won’t have publicised, and has ways to access anything if it really tries, the interesting point is that Facebook has accrued all this data by participants self-submitting it. No census, no artificial rewards, no incentive schemes, and no forcing people.

Check out Jeremiah’s insightful thoughts, and make sure you check out the comments which are normally just as informative.