Facebook has become a household name after only a few years. The world's biggest social networking site can have real impact on any company's bottom line. Does your company see the potential?
Founded in 2004 by a handful of College students, most notably Mark Zuckerberg, it has since grown into a company valued at over 60 billion dollars. Many analysts expect the IPO to hit 100 billion dollars based on their estimated revenues of 2 billion dollars annually, and their tremendous potential to monetize their 600 million users. Facebook has more active users than any other site, past or present, and is truly one of the greatest companies in the tech industry.
The platform is growing so big, that one analyst declared that the web is maturing, and people are leaving the traditional Internet for social media platforms exclusively; they don't leave Facebook1. Facebook alone now accounts for 10% of all time spent online and is expected to grow greatly as the amount of content available within the network continues to grow and there are less compelling reasons to leave.
Why social networking?
Social networking is best suited for branding and customer relations, and indirect sales. Therefore conversion rates are somewhat hard to determine. However, Facebook is aware of their limitations, and is in the process of creating an integrated payment system. So that reality could change quickly, and it's best to be at the ready.
Furthermore, on Facebook everyone becomes a potential pitchman as they recommend your products and services to friends. You won't find a more powerful and trusted endorsement than that of a friend.