It’s time to stop telling people what you “Like” and time to start telling them what you “Want.”

A new button could soon be coming to Facebook that could change the way people interact with businesses and their products online.

And if what you want is more engagement on your Facebook Tabs, you better start promoting them.

These stories, plus an infographic to help you measure your social media ROI, and plenty of other scorching hot topics are what you’ll find in this week’s news roundup.

1. New “Want” button could be coming to Facebook

According to reports, the new “Want” button will allow consumers to add products to a virtual wish list on Facebook from outside sites. E-commerce sites would be able to integrate the button onto their sites, allowing customers to not only say they like something, but that they actually want it.

Bottom Line: Any new feature that helps better integrate your products and services with your social media marketing is good news for small businesses. It’s unclear if or when the button is going to be announced by Facebook, but if/when it does, you’ll want to make sure it’s featured on your businesses’ website.

2. Facebook Tab engagement down 53% since Timeline launch

It looks like engagement with Facebook Tabs on brand pages has taken a steep drop since the transition to Timeline. According to a new study, which looked at 500 Pages with more than 10,000 fans apiece, engagement with tabs is down 53% since brands were able to opt-in to Timeline at the end of February.

Bottom Line: Take a deep breath, count back from ten, or do whatever you need to do to stay calm.

While these findings may look bad for Facebook and the switch to Timeline, it actually presents a lot of opportunities for small businesses. The fact is  tab engagement is down because users just aren’t doing enough to promote them. If you want people to click your tabs and interact with the content that lives there, you need to promote them, both on your page and through other means of marketing (like email marketing). You also need to give them an incentive, as they may need an extra push to start engaging.

3. How to determine Facebook and Twitter ROI

How can I measure the return on my social media investment?

It’s a question we hear all the time and it’s one we may finally have an answer to. A new infographic from InventHelp this week, looks at a number of businesses (large, medium, and small) that have had real, measurable success from their social media marketing. Find out what they did to achieve this success and how they were able to measure it.

Bottom Line: Measuring your social media ROI is important, not only for understanding how much business you are driving from sites like Facebook and Twitter, but also for helping create a plan for your marketing efforts. When you can attach measurable results to your social media marketing, you can make better informed decisions about which sites are most worth your time and energy, and which sites may not be.

4. Google+ is not a social network, says Google’s Vic Gundotra

If you talk to Vic Gundotra, Google’s senior vice president of social business, make sure not to refer to Google+ as a social network. In a recent interview with Mashable, Gundotra said  Google+ is actually an upgrade of Google, rather than a network to be compared to the Facebooks and Twitters of the world.

In the interview, Gundotra said, “People have a hard time understanding that. I think they like to compare us with other social competitors, and they see us through that lens instead of really seeing what’s happening: Google is taking its amazing products, and by bringing them together, they just become more awesome.”

Bottom Line: Presenting Google+ as something other than a social network could be an interesting strategy for Google. Looking at Google+ as a way of bringing together all the tools  Google offers makes it look a lot more appealing than looking at it as “the other Facebook.” But keep in mind; this still doesn’t address the issue of engagement on the network, social or otherwise.

5. Connected Apps from Foursquare will bring new app integrations into location-based software

Foursquare got its second major update in less than a month this week, announcing a new app integration feature called Connected Apps. The new feature will let third-party apps function within the location-based software. If you’ve checked into a restaurant in the last few days you may have already noticed food suggestions from Men’s Health magazine’s Eat This, Not That app, and you will soon see a familiar photo sharing app, Instagram, being integrated into the service.

Bottom Line: In the last month, Foursquare has reinvented itself into a much more interactive and helpful resource for consumers and small businesses. In June, they upped their game by integrating more personal recommendations, and in July they have done it again, by integrating with apps that will let them do more than just check-in.

What news stories caught your eye this week? Tell us in the comments.