Adobe and Facebook collaborate to prove monetary value of Likes
Facebook and Adobe are working together to attempt to demonstrate the monetary value of the “Like” button to brands.
The two companies are currently collaborating on Adobe’s SocialAnalytics tool, which aggregates conversations about brands on all social networks and measures them against business metrics such as revenue or brand value.
Marketers such as Kraft’s digital head Sonia Carter have previously said there is a “battle” to prove the value of social media campaigns to senior executves because it is difficult to prove a return on investment.
Facebook has given its API to Adobe so marketers can measure metrics such as the specific monetary value of each click of the Like button against certain content. Marketers can also determine which fans of the brand are the biggest influencers to others and have driven the most revenue to the company.
Adobe says it is the first tool that gives marketers a “causation” metric – rather than correlation – to assess the business value of social media campaigns. The tool also gives marketers access to data about the influence of other social media platforms such as Twitter and blogging site WordPress.
Chad Warren, senior manager of product marketing and social media at Adobe, says the companies have now managed to develop a tool in SocialAnalytics that “optimises the impact of the Like button”.
“At the moment lots of businesses use social dashboards, but they provide no insights, only trends, the business context is missing – how did [social media] get consumers closer to making a purchase decision,” he adds.
Facebook and Adobe have also collaborated to create a “best practice” guide for marketers to measure and optimise the button on their brand pages and websites. It gives guidance on where best to present the Like button on brand websites and how to measure ROI from each consumer click of the button.
Contrarily, a report released today by research group TNS says that 61% of Britons do not want to engage with brands via social media, meaning companies are creating “mountains of digital waste“.
Adobe recently restructured its business to focus on digital marketing tools, rather than just media production services, as it looks to become the leader in providing marketing solutions to manage and measure campaigns across multiple devices.
Click here to read Marketing Week columnist Mark Ritson’s view on the “real cost” of brand-building via Facebook.
