Over 1.1 billion people use Facebook as of November 2016, which is more than any other social media platform. Most businesses have Facebook pages and use them as a way to share information and advertise their products, but not all businesses are using this site to its full potential. A couple of years ago, Facebook came out with a new feature called “Audience Insights”, which essentially allows businesses to analyze their audience in terms of age, sex, location, household income, interests, and more. The purpose of the tool is to give marketers better customer insights and help them reach consumers more easily.
The first step to accessing your business insights is to visit the page https://www.facebook.com/business/news/audience-insights and choose to create a page based on people you’re connected with on the site. You can then request a more specific data analysis by selecting elements of your audience of interest (Ex. Female, 50-54, Atlanta).
The most interesting ability that the tool has, in my opinion, is the “Lifestyle” data set. The Lifestyle category shows data based on purchase behavior and brand affinity of the people that are connected to a business’s Facebook page. This feature allows marketers to look at previous purchases their customers have made and gear their marketing efforts in a certain direction based on this information. It helps them to create more compelling and relevant content for their consumers as well as recruit new clients.
Audience Insights is also completely free for users, as opposed to paying data companies for similar information. Although it was originally created to help advertisers, it works in a similar way with marketers and is arguably the best tool available in terms of doing business through Facebook. Before some extensive search on sites like Mashable and Social Media Today, I had heard nothing about it. I think that this feature could be particularly useful for start-ups and small businesses trying to find their footing and establish a general consumer profile. Even if a business does not do much of its marketing on Facebook, the tool is still worth looking into because the information could be used to help on other social media platforms as well.