Can Social Networks Predict What You'll Buy?
I certainly believe so and was quoted in an Ad Age article discussing how this has already been proven in academic circles and is just seeping into mainstream digital marketing now. There's no question that by knowing what one person's interests are, you're likely to be able to target peers in his or her circle of friends more effectively. Also, people are most influenced by their social graphs than by any other form of advertising or influence dynamic.
Two companies were discussed in the article - the first was Media6Degrees which takes a tacit approach to leveraging somebody's social graph by using cookie data to target advertising to one's peers. The other is SocialMedia.com which uses a person's explicit actions as an advertisement for others in his or her social graph. They do this within the canvas pages of applications on Facebook. Both are very interesting approaches and time will tell how significant their results are.
One thing is certain, we're just beginning to understand how we can leverage our social graphs now that they're more explicit than ever before. To reduce this to advertising on a social network I believe is missing the larger point though that too has potential. I believe every website and every web interaction is going to become social and our social graphs will be a part of all those interactions. And just because we're harnessing our social graphs, it doesn't mean that brands won't have a place in those conversations.
For a more provocative perspective, read Kristen's post over at Social Times.
Follow me on Twitter (@shivsingh) for more insights on digital strategy and social media.
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