When Mark Zuckerberg and his college mates developed an online social portal in his dorm room at Harvard, their primary intention was to simply create a digital medium where their Harvard classmates can connect and share with each other. He had no clue that he was building a behemoth , an online social medium which has reshaped and redefined the way people all the over the world would come to interact with their peers, friends and families. From its humble beginning in 2004, Facebook’s membership base has swelled to 600 million with the ultimate goal of 1 billion very much in sight. Most importantly a large portion of its user base remains active, on an average spending around two hours on any given day on Facebook –expressing their heartfelt opinions, connecting with their friends and leaving a social footprint which is becoming increasingly impossible for advertisers to ignore. Valued around $100 billion and with an impending IPO, Facebook’s stocks are only going to rise in the coming future. But more than the financials, its ability to connect with his members and to sustain their levels of interest by creating a simple hassle free sharing platform, is the reason for its soaring popularity. As a result marketers and advertisers increasingly are beginning to take cognizance of Facebook’s massive untapped potential.
With usage of traditional media on the wane, social media is billed to be the next big thing where the next marketing war to capture the hearts and minds of people will be waged. Advertisers, not wanting to be left stranded, are jumping on this bandwagon just to get a slice of this money-spinning pie. Every marketer will want to have a significant Facebook presence for their brands so as to connect directly with its target group and keep them engaged. If yours brand is not on Facebook you are already fighting a losing battle with your competitors.
Facebook’s creation was indeed a game changer, a historic event which redefined what it means to interact on a global scale. It has created a massive social graph which depicts how the entire world is connected : whose friends, parents, brother, cousins are friends with whom , on and on – in its entirety it is a mindboggling feat.
Facebook can feel the pulse of its user base –what they look like, what they think, want and enjoy because they are the words largest
- Photo sharing site
- Thought sharing site
- Liking site
- Linking site
This repository of information represent a virtual treasure trove for marketers: that is why it is being widely speculated that despite Google’s gargantuan lead , Facebook will ultimately become the kingpin of all advertising sites, as internet becomes more and more mobile.
How Facebook is Redefining The Advertising Landscape-
focus has always been its users base and Zuckerberg & Co has relentlessly strove to enrich their experience . That’s why the news of Facebook’s demise or people suffering from Facebook fatigue is mindless exaggeration.
With 300 billion pieces of new content created every day, Facebook is fast becoming an all-encompassing advertising platform. Its dazzling array of offerings should really start to worry Google.
There is the Facebook Platform that allows software developers outside Facebook’s ambit to create Facebook specific applications that they can run inside Facebook seamlessly. Farmville, the massively popular game is a third party application. More than half a million of such applications are currently running inside Facebook, developed in nearly 190 countries.
Next is the Facebook Connect which is rapidly becoming your de facto internet identity. It has achieved something that others have tried and failed for years. Nearly 2.5 million websites across the world now offers the advantage of logging into their site, using one’s Facebook id and password. So bygone are the days of creating and remembering multiple ids and passwords, instead now one can login to 100 top sites across the net by simply using their Facebook id. So everything becomes fast easy and secure and Facebook’s entire paraphernalia of Friends and Likes are also extended into these websites.
With Facebook Mobile the user base is potentially connected to Facebook 24/7. This allows a unique advertising model for local businesses to showcase their products directly to the consumer in a cost effective way. With tools like Facebook Place , soon to be launched email service and a virtual currency system where credits where users are allowed to buy and sell digital goods . Credits are mainly used for games bit it is easier to imagine Facebook expanding its ambit to larger financial transactions.
Some entrepreneurs can have their entire business model built around , such is the power and scope of the medium.
Facebook has expanded its reach in so many ways that it boggles the mind and the company has largely been successful in keeping their achievements largely under wraps, away from the media glare. Facebook is fast becoming the go to destination of every advertiser –something that should start worrying Google.