Facebook has launched Lexicon, a new tool that allows members to see the buzz surrounding different words and phrases on Facebook Walls.  For PRs, it’s another tool to monitor who’s talking about your brand, in a similar style to Google Trends or Technorati, but in the enclosed environment of Facebook.

After a few initial searches, I have some client names talked occassionally but nothing surprising. Of course, I’ll be monitoring it carefully when my next national news story breaks to see if the topic flows over into the Facebook conversation.

To be honest, it’s more fun to search for generic terms to see what unusual spikes and drops appear. Conversations about ‘Halloween’ predictably climb rapidly, peaking on 31st October. ‘Love’ is at an all time high on Valentine’s Day while there are fewer people wishing ‘Happy Birthday’ on leap day, 29th February.

According to the Facebook blog:

Lexicon pulls from the wealth of data on Facebook without collecting any personal information in order to respect everyone’s privacy.

Well that’s good news considering all the recent media hype surrounding privacy of online information. But Lexicon is a far cry from companies who constantly monitor conversations across social media such as 1000 Heads.

As their homepage states:

Web forums and communities are where these decisions are being made. In these public spaces, users discuss their thoughts and experiences, recommending, or warning against using certain products and services. This peer to peer dialogue is guiding the purchasing decisions of a new generation of information rich consumers.

Clearly an area of growth for some brands to invest in but an area that could be perceived as a moral tightrope for others. The rise in concerns over online privacy are only going to tighten especially with the introduction of Big Brother-type programmes like Phorm.