Facebook Marketing

Introduction

Nowadays, social networks play a great role in marketing all over the world. In the 21st century, most consumers are partially or directly connected via different social networks (Dunay and Krueger, 2010). Therefore, the Internet users can get fast and effective services through different websites. Currently, Facebook is one of the most popular online companies that provide unique business and communication opportunities to millions of users worldwide. Furthermore, people use this social site to learn about different products, games, events, software, and other products and services. The company is connecting the users by offering information about the long-lost friends and relatives. Initially, the website was reserved for students of Harvard University, but later it was expanded to other universities. In a short time, Facebook got an immense attention of the whole world (Dunay and Krueger, 2010). The following paper analyzes Facebook’s marketing functions. Moreover, it illustrates how well the company implements 4P’s and provides SWOT analysis.

Analysis of Facebook

Today, Facebook applies various marketing strategies and technologies to attract more subscribers. One of the most important marketing approaches of Facebook is getting spotted. It is the first step in its marketing. At this point, the company creates unique content that fascinates consumers at the first sight. Numerous experts create and launch interesting and remarkable applications. These products are educational, entertaining, controversial, and valuable to the audience. According to the official reports of Statista: The Statistics Portal, during the period of September 2008 to February 2009, the number of Facebook users aged between 35 and 44 increased by 51 percent. Facebook was started with the college students; however, currently, more than half of 1,2 billion monthly active users is out of college (“Number of monthly…”, n.d.). Today, Facebook is a unique marketing tool for numerous companies as it helps people to stay in touch, as well as promote new products and sales offers. The platform provides its users with many tools for successful marketing all over the world. Some of the most interesting tools of Facebook are community pages and groups (Carter, 2012).

Nowadays, Facebook has become the most influential tool of business marketing on the Web as it has significantly grown in both size and scale for the last few years. By means of social plug-ins, Facebook has a great potential to affect the development of the future marketing strategies. Business marketing has incorporated social networking platforms mainly due to their flexibility and other unique possibilities. Currently, about 1 billion active users use Facebook every day (“Number of Monthly…”, n.d.). Despite a large number of members, Facebook is a free marketing tool. While creating a business marketing strategy on Facebook, the functionality of pages, groups, and events can be used to interact with clients and partners (Dunay and Krueger, 2010). Moreover, such social features as comments, news feeds, and ability to share updates, links, videos, and photos help companies market themselves effectively. Besides, there are paid opportunities like Facebook Ads, which can work on the cost per impression (CPM) or cost per click (CPC) basis. These tools are effective ways of marketing because they enable service providers to reach a narrow or wide clients base as desired, often at a partial cost of other online media services such as Google AdSense, for example (Bradley, 2010). Moreover, as Facebook users willingly share their personal choices and interests, Facebook possesses unique information, which advertisers can smartly utilize in order to reach potential clients. The new marking strategies are developed in order to maximize the benefit of this powerful communication channel. , the role of traditional business marketing via websites is changing in line with this new Facebook marketing methodology.

Implementations of 4P’s

Multinational companies should monitor its 4P’s in order to achieve optimum results in different areas of activity. These 4P’s identify consumers’ needs and determine target goals. They are the product, place, price, and promotion.

Product

Facebook developers, management, and marketing teams should develop their products focusing on the target market. For example, the company should consider country’s culture, religious beliefs, and social conditions while advertising a new product or service. Besides, currently, some dating applications of this social platform are quite popular in most Western countries. However, their main features may create troubles in some Asian countries. Therefore, developers should conduct an extensive market research in various fields in order to launch or promote a new product (Carter, 2012).  

Place

The place is an important part of any business. Therefore, a company should analyze, which countries or areas may be interested in their services in the future. In such a manner, effective stakeholders can be found. For instance, initially, Facebook was popular in the United States; however, later, the company studied new business locations where to provide their service. Thus, it has become popular in some of the highly populated countries. Moreover, the company should apply specific methods with the aim to improve its product and service in different countries. For example, if a country has poor Internet coverage, Facebook should develop its application or messenger in a specific way so that they can work in slow connection. Hence, the business location plays a crucial role in multinational marketing service (Carter, 2012).

Price

Price is another important part of any business. It ensures the company’s future profits and stability. Even though, Facebook provides free services in online communication; people can buy different products by checking featured Google ads and other commercials. For example, the company offers Google Ad Choice functionality that provides information about new online products and services. People can check these commercials in order to find the desired goods. Moreover, Facebook offers free communication services in all over the world. In addition, the company’s privacy policies claim that it will provide free services in the future, as well. Besides, free service is an effective policy that can increase the number of Facebook users in a short time. Furthermore, some people create their pages and advertise their products via the platform. Thus, the company successfully enhances its popularity with each year (Carter, 2012). 

Promotion

Promotion activities help companies communicate the product’s benefits to potential consumers. Most companies use numerous methods for promoting their products and services, such as online marketing, sales promotion, and various commercials. In turn, Facebook can promote its services by cooperating with the other online business sites, which can guide people to understand advantages of a new application, page, or functionality.

By carefully considering the 4P’s, Facebook can boost its activities (Carter, 2012).

Approach and Strategy

Facebook is a unique platform for business, because it provides effective benefits to its stakeholders. Moreover, the Facebook pages allow its users to create an online identity. Users can create their profile and launch an own business. This presence on Facebook can strengthen a particular brand created or followed by a user. Facebook offers different innovative possibilities, through which current or potential customers can follow specific pages. As a result, the page communicates various online posts and updates concerning the brand to its followers, which are always free of cost. In such algorithm of social networking business, both the company and its stakeholders derive benefits without heavy investment (Dunay & Krueger, 2010).

Facebook pages are undoubtedly the best place for a company or organization to promote its products. Page is a home for different business entities, where it can notify consumers about the upcoming event, working schedule, and contact details and show recent news, photos, videos, messages, and other types of content. For instance, the Skittles Page encourages its users to share their memories and experiences with Skittles.

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In order to get started, one has to set up a page of a company or organization. In the past, these pages were known as fan pages, and those who wanted to follow them had to select to be a “fan” of it. Today, however, Facebook has changed them into simple pages, and users can simply like the page. It was a good innovation because being a fan of a specific product, service, or business confused many users as they felt that it demanded too much of engagement or commitment. However, some members do not have any issues with promoting or sharing the products and services they use. It is possible to create a Facebook page for a whole company or specific product or brand offered by an organization. It can be used to promote a particular issue or event related to business (Dunay & Krueger, 2010). One of the most interesting advantages of Facebook pages is that every time someone likes a specific page, all of his or her friends can see a corresponding note; this way, other individuals with similar interests can also join the page (Cohen, 2011). As a result, brands become more popular as companies attract new consumers by promoting products via their Facebook pages (Carter, 2012). Such promotions also help companies predict public reaction to a product before it is released in the market. Moreover, businesses can update pictures or photos of their upcoming products and invite consumers to comment and share their considerations. Sometimes, such kind of marketing helps a company to get suggestion concerning the further development or modification of their products (Dunay & Krueger, 2010).

It is also possible to use these pages to post videos, launch applications, and send messages. For instance, some of the music, electronics, and automobile companies use Facebook applications to promote their products. One of the most popular American technology companies, Apple Inc. posts various information about its mobile phones and computers on own Facebook page. Different musical applications help users choose the music to buy on a CD or DVD. Most activities that users perform on Facebook are broadcasted in the mini-feed of their Facebook pages. Thus, these marketing strategies and unique functionality help the company improve its goals (Carter, 2012).

Strengths, Weaknesses, Opportunities, and Threats (SWOT) Analysis

The SWOT analysis helps Facebook to find out positive and negative aspects of its operations and manage them effectively. 

Strength

Today, Facebook is one of the most popular social sites in the world. The company provides unique services to its stakeholders. It helps multinational companies expand their business by providing commercial services, such as company pages and groups. These options can boost the popularity of any venture in a short time. Additionally, it assists individuals in raising their voice against different socially important issues through event and discussion forums. Furthermore, Facebook offers various online applications that entertain people and increase group interaction and communication. For example, some online games, such as YoWorld that guides users on how to work in a team by introducing various virtual team tasks. Besides, the company has integration with the other popular websites. For example, Facebook users can watch different YouTube videos in their Facebook profile. Moreover, the site operates in over 70 languages; hence, non-English speaking users can easily use it (Dunay & Krueger, 2010).  

Moreover, Facebook offers the easiest and safest mode of online communication. In addition, people can change or modify their settings in order to either show or hide any information in their profile. Consequently, the site has a wide range of audiences and can easily connect long lost friends and relatives. Thus, these features are the strengths that increase the popularity of Facebook (Dunay & Krueger, 2010).

Weakness

Facebook is one of the most popular social websites. The company’s 80 percent revenue comes from advertisements. However, currently, the company cannot receive profits from Facebook mobile services. Besides, nowadays, 60 percent of Facebook users use mobile Internet services that do not allow for certain commercial options due to the small screen size (Dunay and Krueger, 2010). Hence, in the future, the company may experience losses from mobile services. Additionally, usually people create fake profiles, groups, and communities. On the one hand, these actions may hurt the feelings of other users. On the other hand, these fake profiles may upload virus and spam to damage either the site or systems of the users. Moreover, it can affect people’s personal life. Besides, some pages may provide fake information about some products and brands. As a result, scammers usually earn money by cheating Facebook users. Thus, these conditions may affect Facebook marketing process in the future and dent the company’s reputation (Dunay and Krueger, 2010).  

Opportunities

Facebook is an online company that creates thousands of opportunities for numerous Internet consumers every day. Besides, currently, the company has built collaboration with most mobile and computer service providers. Hence, they provide pre-installed Facebook applications that increase the number of active users. Moreover, it offers gadget reorganization facilities that notify a user in the case somebody tries to hack his or her Facebook profile. In turn, these services increase the opportunities of the Smartphone market. Therefore, in the future, Facebook marketing may increase the business through launching additional mobile computer services. Furthermore, Facebook is developing the location finder services. Thus, in a short time, Facebook mobile will be able to find user’s location and provide other details. In turn, experts believe that Facebook will create lots of opportunities for young scholars in the upcoming years, such as online lessons and educational information (Dunay and Krueger, 2010).

Threats

Different external factors usually create threats to a multinational company of the kind. Facebook faces different threats that can cause a lot of harm to its stakeholders. Moreover, the social platform has various competitors that can improve their social networks in the upcoming years and become a considerable problem. For example, Instagram, Snapchat, LinkedIn, and Google+ are intensively improving their services. These social networks develop services according to the professional and personal life demands. For instance, LinkedIn offers unique profiles for job and professional deals. On the other hand, Instagram and Snapchat provide easy and convenient services for teenagers. Furthermore, online scams and fraud on Facebook may endanger the users’ privacy. As a result, Facebook’s service satisfaction rates may significantly reduce in a short time. Thus, such cases create social and financial challenges to both Facebook stakeholders and the company itself. Additionally, if the company loses its identity in the market, the sponsor companies may face serious risks of bankruptcy. Hence, Facebook should take effective precautions in order to avoid these and similar issues (Dunay & Krueger, 2010).

Marketing Policies

Facebook uses various marketing methods in order to achieve its highest goals. The company offers different tools and applications that can boost its day-to-day activities and profits. Some of the Facebook marketing policies and tools are described below.

Community Interaction Encouragement

Community interaction encouragement is an important part of the business promotion strategy. Therefore, Facebook events and interests columns provide various questions, polls, and feedback services in order to monitor the users’ point of views (Weinberg, 2010). Moreover, the like, share, and comment options help people share their point of view about different images, status updates, or videos, for example. In addition, administrators can check the users’ community interaction and activeness by using the Edge rank functionality. In this way, Facebook develops its community interactions (Weinberg, 2010).

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Effective Investment Methods

Facebook is an alternate form of online investment for multinational companies. Nevertheless, companies should set realistic goals when they promote products on Facebook. Moreover, these businesses can boost their marketing campaigns by utilizing Facebook’s free marketing tools. In addition, the online tools utilize the new market strategies according to the demands of the current market. Furthermore, the customer feedback and complain forums help experts analyze the company’s flaws and guide the developers to modifying the system and algorithms. Thus, these services contribute to Facebook investment methods (Cohen, 2011).

Modern Advertising Policy

Currently, most online companies provide a traditional toolkit for marketers that promote different brands. However, Facebook uses unique methods to help its consumers. The social platform provides additional plug-ins that allow its users to install Facebook like button on individual’s blog or Website. Another plug-in allows people to post comments on specific websites through their Facebook accounts. Finally, the feedbacks and comments become available in the users’ latest news string. Thus, these services promote websites of different multinational companies and Facebook, as well (Dunay and Krueger, 2010).

Furthermore, experts believe that Facebook provides more effective advertising services than the other social platforms because it offers groups and discussion boards. For instance, companies can easily target customers that are interested in electronic gadgets, specific cosmetics, or foods by analyzing their discussion boards. Thus, these companies reform the advertising policies and boost their services through Facebook (Dunay and Krueger, 2010).

Conclusion

In conclusion, Facebook is one of the most popular social network companies in the modern world. The company provides a wide range of services to its stakeholders. Initially, Facebook was launched for college students to communicate with each other. However, it became popular in a very short time. The company uses unique marketing policies that increase the satisfaction level of its users. A person can register on Facebook for free; after creating a profile, he or she can easily communicate with the friends and family. Besides, Facebook is a unique platform for multinational businesses to promote their products. These companies or organizations can open their pages or groups to demonstrate their new gadgets, cosmetics, or dishes, for example. Moreover, the site provides specific tools that post events and discussions. Hence, users can discuss various social issues and plan events by using Facebook. Furthermore, the company effectively monitors its 4P’s in order to achieve optimum results. Facebook designs its products to satisfy consumers’ day-to-day demands. Moreover, it fulfills the needs of different stakeholders by operating in more than 70 languages. Additionally, the SWOT analysis shows that Facebook offers unique services to its active users. However, the company has few weak points that can affect its service and success in the future.

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