Facebook: The new elephant: It's clear that Facebook is in some ways, the new Google, although its functions fill less "needs" for users than wants for their users. We will probably see severe contraction in the social media world, with many platforms disappearing or being absorbed by larger companies, but Facebook looks to be the one entity with staying power, due to its huge customer base. As a business tool, the jury is still out, but one of its strength is the ability to advertise in very targeted ways. Targeting means one can optimize one's ad budget by not having your ads shown to those you presume would not be interested in your services or products.
Final caveat is that a social media platform, even one as big as Facebook, can be rapidly supplanted by a new or improved competitor, which is one reason to NOT rely exclusively on any one platform for business critical functions.
Recommended: Giving The Business to Social Media Research
Facebook Drawbacks For Business: On one hand its great to see Facebook add and alter features and interfaces since it indicates growth, but on the other, it has meant, over the last two years, that businesses have had to scramble, revise, redo how they operate on Facebook. That costs money. Facebook is not intuitive either as to the use of business functions and activities, since that has not been its' major focus. Easy for direct users, not so easy for businesses, so you'll need to upgrade your skills and keep up with the frequent changes.
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Top : Facebook: The giant of social media equivalent to Google when it held its search engine dominant position. But is it for business? We'll see what the reality is.
Articles:Facebook Ads, Dirt-Cheap - by Chris TrayhornHere’s a data-point for you: in 2002 you could buy clicks on AdWords for 5 cents that now cost 50 cents. A price increase of ten times in just eight years. A related question: if you can currently buy highly targeted Facebook ads for 40 cents or less CPM, what will they cost in eight year’s time? Will they have gone up 10x to $4 cpm? Why won’t they cost $4, when non-targeted CPMs of $2.50 are common these days? Conclusion: if Facebook ads in due course will be valued at 10 times what they are currently, doesn’t that make them a huge, massive bargain right now? (Added: 20-Mar-2011 Hits: 102 ) Facebook Bug Deactivates Many Accounts - Do NOT rely on third party for mission critical functions - by Brenna Ehrlich Been saying this over and over again, but if you run a business or anything important do NOT rely on a free third party service like Facebook or Twitter. Never cede control of what is critical to you. Good example of why. (Added: 16-Nov-2010 Hits: 87 ) The 12 Best Ways To Customize Your Facebook Pages - by Orli Yakuel When a service such as Facebook limits users' creative freedom, it is inevitable that other add-on services will overcome this limitation. This is why then, we see more and more Facebook tab apps that give us more control and freedom when it comes to customizing a fan page or a personal profile. (Added: 26-Aug-2010 Hits: 269 ) Facebook's News Feed And Attention Rationing - by Tom Webster Regular Facebook users are no doubt aware that Facebook’s default news feed changed a while back, from a chronological, roughly real-time stream of your friends’ activities, to something a little more “selective.” Facebook’s optimization algorithm, EdgeRank, essentially scores your interactions with your Facebook friends, and promotes items in your stream from people you favor with your attention, every time you read their profiles, click on their links, or comment on their updates. Close friends are assigned more weight than distant acquaintances, comments are weighted more heavily than the easily-given “likes,” and newer tends to trump older. What this means is that regardless of how many “friends” you have on Facebook, if you confine your interactions to a small, select group, you may never even suspect that the others are posting updates. I’ve certainly seen this in my own feed, which now reliably rotates items from the 15-20 people I interact with the most, and rarely, if ever, shows updates from distant connections. In short, my news feed has become a true meritocracy: it’s hard to get my attention by accident (Added: 10-Feb-2011 Hits: 96 ) The Short Lifetime Of Facebook Ads - by Chris Trayhorn There's so much hype around Facebook right now that it would be easy to think that they are an immediate threat to Google's business model, but the reality is that they're not even close. Not only does Google still make at least six times more revenue per user than does Facebook, but Facebook's advertising model is still very much a work in progress. (Added: 20-Mar-2011 Hits: 83 ) Study Reveals Why Consumers Fan Facebook Pages - by Amy Porterfield Have you ever wondered why people decide to become fans of Facebook pages? Understanding the reasons people become fans can help your business or brand develop better strategies. In this article, I take a look at two studies. The first reveals why consumers fan businesses on Facebook. The second one examines how marketers are keeping up with the ever-changing world of social media. (Added: 30-Nov-2010 Hits: 121 ) A Brand's Best Bet in Social Media Is Randomness - by Matthew Creamer When It Comes to Facebook, Relevance May Be Redefined (Added: 5-Dec-2010 Hits: 109 ) Facebook Profile Pages Becoming Irrelevant - by Richard MacManus As Facebook becomes more and more popular, the social network giant is putting more emphasis on the real-time feed. In other words, the activities of your friends displayed in reverse chronological order on your Facebook homepage. In the old days of Facebook - and indeed traditionally with social networks like MySpace and Friendster - you'd visit a person's profile page to see what they're up to. Facebook changed this paradigm in September 2006, pop (Added: 16-Aug-2010 Hits: 1035 )
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