Facebook: The Mall of the Future

November 1st, 2012

Facebook is more than a platform to share personal information. Corporations and larger businesses are tapping into the large volume of people that spend their time on Facebook. Small businesses, however, have been hesitant to accept Facebook’s selling power.

With over 700 million users, 1 out of every 13 individuals in the world is now using Facebook. These users have the ability to check the site via mobile devices, meaning Facebook is accessible wherever and whenever users want. And, only 1 and 7 users on Facebook are solely on the site for personal use. Nice stats, but what does it all mean in real life?

IT’S A FACEBOOK WORLD
It means that it’s Facebook’s world, and we’re just living in it. Facebook is crucial for many businesses to stay competitive. Mashable recently reported that nearly 10 million small businesses have a registered Facebook presence. But, these businesses aren’t necessarily harnessing the true power of Facebook. It’s not enough just to have a Facebook page with your logo on it.

Because ecommerce sites are increasingly the most popular way to shop, Facebook has become more important as a marketing tool. Facebook is responsible for driving 26% of company’s referral traffic to their corporate website. Many Facebook users “like” brands on Facebook and are then likely to be more likely to be interested in notifications they get from that brand in their newsfeed. Once a user likes a page, the company has a direct channel to market to him/her.

GET MORE FANS
But how can you attract the most Facebook users to like your company page? Facebook ads are a quick, inexpensive way to increase brand recognition and increase likes and engagement. $3.8 out of the $4.27 billion of Facebook’s 2011 revenue came from advertising. Obviously, ads are important for Facebook’s shareholders and for their continued stability. So, Facebook is now offering incentives to hook companies into ads. This year and last, Facebook gave away credits to businesses in order to increase awareness of the increase in sales that Facebook ads can offer. Their tactics seem to be working. By 2015, it’s estimated that $6 billion of Facebook’s revenue will come from ads.

THE FUTURE OF COMMERCE
Still don’t believe the hype? Recent estimates say that by 2015 social media with drive 50% of online sales. So, the moral of the story is not to underestimate the marketing power of Facebook. Our lives are increasingly digital. In order to continue to compete, it’s crucial that small businesses shift from traditional marketing to an online strategy that includes social media.

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Entry Filed under: Social Media Marketing San Diego