The one thing Facebook has not figured out yet will be how to utilize their fabulous item to make the most money, consistently and on an ongoing basis – i. e. finding the right business model. A really intriguing topic to write my very first blog around, because, in my opinion, finding the right business model regarding Facebook cannot be accomplished using typical thinking, like, solely looking at Google and their search engine ad revenue, for example.
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Facebook is unique, so you need to find unique solutions. Actually, there isn’t one single best business model for this web site, rather a multitude of potential revenue fields from very different sources. It is not only “how do we generate revenue”, but equally important “when perform we start with which one”. This may sound strange now, but it will get clear, when reading this. Summarized, it is basically taking your assets and what made you successful in the first place and finding new ways to use them effectively.
Company Network / Business Profile
I thinking about this since beginning associated with February. Wouldn’t it be excellent, if you’d only need to login once and have your private and expert network in one view, although totally separated from each other, depending on your own settings? Wouldn’t it also be great for companies to have a business network with about 7 times more customers than LinkedIn, that can offer people having every kind of skills and experience imaginable as well as offering any type of services and products among their 500 mil users? Wouldn’t it be great for Facebook to be able to get into companies obstructing the site so far, generating new avenues of ad and other revenue through recruitment companies and others? But most significantly, Business Network market leaders LinkedIn and Xing charge their users, meaning Facebook would have an absolute genuine case to do so as well for their business network users. This means, that the important, and psychological, hurdle of charging end-users can be overcome via a sideway, so to speak, without having to expect a massive backlash or a mass exodus of customers. Of course , they can only start to charge the active business network customers, but when the door is open as soon as… needless to say, this has the highest potential effect on the bottom line of Facebook.
All this would happen, if Facebook offered a Business System, too. This is not even a huge task for them really, just leveraging their own existing functionality.
It can be set-up rather easily via automatic transfer from the existing (fitting) data of the consumer profiles into their new professional profiles, giving the users the choice to explicit opt-in into this service and let them enter more business-related data to be able to activate their professional profile (which also means more key data obtainable within Facebook). The professional profile can be, e. g. on a distinct tab right next to the private one or just as another wall and info page next to the main profile, allowing for it to be within the Fb site, but with the possibility to completely obstruct the private section, when accessed from certain locations, while also allowing the user to keep both single profiles and their connections separated via respective privacy settings. To grow quickly, at least initially the service should be offered for free. Ads can be shown to help offset part of the launching and initial running costs. Existing Facebook functionality should be incorporated, examples are, the news feed with real-time updates, posting pictures (e. g. from corporate events), the Like button, the option to easily post relevant news, etc ., enabling the user to do the same things they like to do on the social networking also in a business environment and in a simple and already known way. This would make the Facebook Business System that much more alive than the mainly static existing ones, allowing customers to be active or passive, enjoying ever-changing fresh content, keeping them on the site, exactly like it’s happening on the current social networking. At the same time, the previously mentioned benefits intended for Facebook are enormous, while the growth time and costs for this are comparatively small as already established and existing layout and features can be used. In my opinion, if set up properly, the other existing professional networks is going to be marginalized within about 9-12 weeks after the launch (depending on the roll-out plan), just like the other existing social support systems.
In short, just take what successfully functions, put it in a business context plus reap the huge rewards.
A job market, integrated with the company net as well as the rest of the site could possibly be the next step. Same procedure as over, at the push of a button, the relevant data from the other profiles, personal and professional gets transferred to employment search profile(again, if agreed to by user) and additional data is additional by the users to fill out the respective profile, alternatively, if a business network already exists the professional profile can also act as the job lookup profile, saving the users valuable time plus enabling them to easily get out at work market, without needing to fill out a long new form, updating their CVs, and so forth. The first option, a new profile, would enable Facebook to gather more data and place more ads; the second one keeps the number of profiles from expanding, meaning less complexity and upkeep. Why Monster. com – Fb has the equivalent of the third biggest country in the world as talent base, available at the push of a switch. This enables Facebook to pretty quickly become a major player selling job ads and e. g. earning additional money from HR companies for particular search functions, etc . and also generating more ad money with the existing ads on the side of the screen.
Facebook has a marketplace actually, yet it’s safe to say, that it never ever took off in the way other parts of the web site did. So I suggest a relaunch. Advantages are that no extra login is needed and the pretty convenient account access, also via Facebook’s pretty well done mobile apps. Right now the business network profile of (at least) the sellers should be integrated with the marketplace with the users agreeing to that Facebook can use their data for security reasons (e. grams. to eliminate users with fake single profiles from the start) while having them include more data to be able to act as the seller (more key data within Facebook). This wealth of data enables Facebook to have a sufficiently reduce fraud rate and even better fitted custom offerings for every single consumer than e. g. Ebay, massive competitive advantages. Special promotions with regard to goods on Facebook will also allow it to be easier for many users to accept allowing Facebook use their existing data strictly for security reasons.
Today some examples for things currently completely out of Facebook’s scope,
Why they haven’t done this particular already is beyond me. May great brand, simple logo, people like it. White and blue T shirts, each with the alternatively colored Facebook logo, and matching caps, maybe some sweaters, that’s enough first of all. Then advertise these products via their particular ad system, which simultaneously creates a great case study to show to advertisement buying prospects. For sure not their potentially largest income stream, yet pretty quick to launch plus profitable nevertheless, with options in abundance, like the ability to build the biggest clothes online store on the web via own choices and the integration of other manufacturers and retailers in an open method, similar to what Facebook has already completed with applications on their site (use exactly what works). Tailor-made offers (no juga intended) for 500 million customers every time they log in, is quite an effective thing here, too. Even starting Facebook brick & mortar shops in the future could be a viable option, furthermore not necessarily limited to clothing.
Comprehensive Event & Event pictures database
Neat little features with great user benefits while pretty quick and rather inexpensive to launch are always fun. A comprehensive event database exactly where every event manager will get into their own events and every Facebook consumer can search the listed activities, concerts, etc . in his or any other region. If you travel abroad, for instance , you know where to look for events plus e. g. can also contact the big event management or other Facebook users attending an event you are interested in easily plus immediately with tools you are already familiar with. Additionally , the option to web page link pictures to the respective events must be implemented. Again, integrating all the effective Facebook features e. g. permitting people to tag themselves or be tagged (for privacy reasons, the particular person her-/himself can tag by themselves if they want; to tag others, the user needs to give permission to be tagged in this more public environment), Comment, Like button, etc ., furthermore allowing users to upload their very own pictures from the events and link them to the event (when authorized by the event manager), makes it that much even more interesting and definitely increases the number of consumer interactions on Facebook. Needless to say, all this is non- existent with the usual event/photo sites, where you often need to register, again, then get bombarded with ads and only have incomplete overview over one region, and basically none of the other options explained above. A centralized database is so much more convenient. By using already existing efficiency for a new application, Facebook will save resources in developing these features while gaining speed to start them (a familiar theme by now). Existing sites will have simply no chance against a comprehensive, worldwide, yet localized database within the offering of the 500 million user juggernaut. This is certainly not difficult to set up from a technical perspective and will render the existing party sites meaningless within about 6 months after launch in the respective regions. Facebook would gain even more new customers, more user-generated content and consumer interaction as well as more ad income (e. g. the ad money flowing to the party sites will go to Facebook) out of this.