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News 2009-09-02 What are the Business Benefits of Facebook? By: Duo Marketing Facebook is a social networking phenomenon with over 250 million users worldwide. Here is why it is a great business tool. Since its inception in 2004 it has experienced massive growth making it one of the most recognisable brands in the world. This growth has been accompanied by a definite shift in users and as a result, it is no longer viewed as just another socialising site for teenagers and young adults. Facebook has become a global marketing and communication tool transcending age barriers, says Judith Middleton CEO of DUO Marketing & Communications. South Africa at present has 1.8 million Facebook users, of which 14.5 % are made up of the 35 - 44 age group, with a further 31.3% consisting of users 25 – 34. The previously dominant group of 18 - 24 now only accounts for 33% of the market. In America out of 76 million users only 25% fall within the 18 – 24 bracket. This indicates a widening community, further proof that social networking is not just for teenagers. With a potential business audience in the tens of millions, Facebook definitely adds value, but what exactly should your company be looking to use it for? Viral marketing The average Facebook user has 125 friends. If you were to start up a company page inviting 10% of each employees listed suppliers or clients, the number of users would increase exponentially, leaving you with a large database. With such a simple channel for growth, creating viral marketing campaigns becomes very easy. Targeted Membership is entirely permission based and those who choose to join the group will invariably be interested in your company, making it easy to interact with a niche market specific to your business. This leads to a high ROI, as the only real cost to managing a Facebook campaign is time. Networking and brand building tool Once you have a large pool of members you can you use Facebook as a communication tool to inform users of business relevant activities. It’s quick and effective if used strategically and with respect for the recipient. Great feedback tool It is a highly effective communication tool providing customers with a platform for posing questions and providing instantaneous feedback. This assists the company/organisation to develop a better understanding of consumer behaviour through two way communication. Integration By integrating with other online channels like Digg, Twitter and Linkind you will expose your business to a far larger audience than you would be able to through traditional marketing channels, helping grow your brand both locally and internationally. Search engines thrive on content; the more content you offer across different channels, the quicker your brand will grow. If you are offering value to users they will be inclined to tell their friends about you, whether through their own website, blog or via Twitter. International reach An additional benefit of Facebook is that there are no geographic barriers. You can communicate in real time with users 10 000km away at no cost to your business. Instead of having to cold call new business contacts, you can post messages through your company or personal page. Drive Web Traffic Facebook as with most social network sites is a perfect channel to drive traffic to your website. How you use it is completely dependent on your business and its offering, if you have a press office, every time you have a new article you can post a link to your site. If you have an event or product launch coming up, put a short blurb on the profile page saying read more on our website. Search engines value relevant inbound links; so on top of driving traffic you will also help improve your website rankings. Advertising It also allows for relatively cheap targeted advertising, through pay per impression and pay per click models. You can target according to age, gender, language, relationship status, education, business or even birthdays allowing for more a greater return on investment. Advertising on Facebook in South Africa is heavily underutilised and as a result it is easy to get high rankings, by paying very little. This will change over time as it becomes more popular, but right now it’s a great promotional channel. Tracking/updating and potential risks As is the case with most communication tools if you neglect your Facebook page, people will quickly lose interest in you and will most likely delist from your group. This will lead to brand damage, and because of the ease of information dissemination online, you could soon be looking at a communication crisis. If you use Facebook, use it regularly. Don’t miss out The only real cost to Facebook is time, if you are willing to employ someone to monitor it, the results will show. If you still believe it is only for kids, look at the stats. 252 million users, with the biggest growth coming in the group 35 and older. Don’t ignore the business value of Facebook if you do, you do so at your own peril. |
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