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The New Product Marketing Tool: Facebook

By Edited Oct 18, 2016 1 0


Through the new age of technology, Facebook has connected over three hundred million people worldwide, making it a valuable new product marketing tool for online commerce.  Many people already know how to use Facebook to connect people worldwide.  Now it's time to see how Facebook can be used to help advertise new products.  There are only a few short, simple guidelines to follow in order to ensure that the best marketing network available on Facebook is utilized to the maximum advantage for each company.

Budgeting With Facebook Advertising

Facebook allows users throughout the world to connect.  As friends are added from mutual friends, it is possible for people worldwide to connect with each other.  This also helps businesses get their new products visible worldwide.  Facebook offers advertisement spaces on every page that the user visits.  The ads are chosen based on target audience wants.  For example, if a Facebook user has clicked on an advertisement for a travel agency, this click is recorded and any ad dealing with travel is placed at the top of the list to be placed in this particular user's view.  The Facebook advertisement is paid per click.  The typical cost per click is between forty cents and a dollar, but is a bid, not a set price.  This allows a company or organization to determine how much cost is expected to bring about desired results.  Budgets are also allowed so that any company, no matter the size, can manage its advertising cost more efficiently. 

Factors Influencing Decision to Use Facebook as Marketing Tool   

Before deciding to utilize Facebook as a new product marketing tool, however, it's best to take several factors into consideration.  One factor is ensuring that the company is well branded.  Another factor to take into consideration is to determine which groups or networks to join.  Yet another factor is to decide whether or not a fan page would be helpful in spreading the company brand globally.  One more factor is determining which friends to connect to your pages.  The last factor is doing a SWOT analysis of creating a Facebook advertisement page.

Branding a Company   

In order to ensure that a company is well branded, it is important to make sure that the profile page of the company clearly states the purpose of the company, the products and/or services it sells, the mission statement, and anything else that could be viewed as appropriate or important in making the company, it's products and its services more visibly attractive to the global market.  It is also important to determine how many people a company needs to reach via Facebook to determine whether Facebook can be used as a viable marketing tool.  Taking all these factors into consideration can be one of the best ways to determine not only if Facebook can be used as a marketing tool, but can also help determine which ways are best to network a company's online global marketing strategy. 

Networking via Facebook   

Next it is important to begin networking.  Find groups in the same business categories as you, and preferably with similar interests or activities.  By associating with these similar companies, it is possible to swap clients based on different geographic locations.  Another advantage to networking with similar companies is the fact that one company can catch overflow of another company.  It is important to make sure that the companies that an organization or other company networks with is similar in order to maintain an even flow of consumer trade.  Another type of networking is to create a group with the name of the business, company or organization in the title.  This makes the business more visible than simply having a Facebook page.  By being more visible, it gives off the air of competence and leadership in the business category that the company competes in.  Yet another way to improve visibility is to create fan page.  This allows consumers who have purchased products from a company to leave positive reviews about products, the company's customer service, the company's website, and many other aspects of the company. 

SWOT Analysis   

The most important thing is usually done last.  The SWOT analysis is based on internal and external factors.  Strengths include anything within the company that can lead to a competitive marketing advantage.  Weaknesses include anything within the company that could harm a competitive marketing advantage for a company or its product.  Opportunities include openings in the actual target market audience in order to gain a marketing advantage.  Threats include any outside factor that could be harmful to a company and its competitive marketing advantage.  Knowing where a company stands and what can effect it can help determine the best way to market a new product.  Being able to identify the strengths, weaknesses, opportunities, and threats accompanying the use of Facebook as a marketing tool can help determine how effective and efficient Facebook can be as a new product marketing tool.

Networking Groups   

Once all the factors have been decided and all the pages are set up, join a marketing networking group.  Networking Friends is a great place to start.  Joining more and more companies that are networking their marketing strategies is a great way to not only meet more people with companies whose products are similar, but it is also a great way to learn about new marketing strategies and tools as the technological world advances, making global commerce even more quick, effective and efficient. 

Now, there are more ways than just the like button to determine how well Facebook advertising is working for a company.  The new dashboard, called Insights, offers more ways to see the trending of a particular page.  It lists not only the total number of likes, but also how many additional people can be reached via the friends who liked the page.  There is also a line graph to show the trending on the page, whether the numbers are increasing or decreasing. 

Social Context Advertising   

Facebook is also making it possible to take a brand's voice in conversation and turn it into an ad, thus increasing the company's visibility even more.  It is estimated that there will be approximately a sixty-eight percent increase in the number of people who will recall an advertisement made by social context, which is what a conversational advertisement is being called.

As long as a company knows what they are interested in selling and who the target market audience is, Facebook has become a new product marketing tool.



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