There are all sorts of things to love about Facebook. I Love that it is a community, it is entertaining and engaging. I love that I can have a degree of involvement in the lives of friends from the past. I love that is about connecting to people.
But why, am I so keen on Facebook for business?
To me, Facebook has changed the way we do business because of all the reasons above. We are no longer broadcast advertising, pumping out mass messages to households, we are now connecting directly to people. This connection can be as deep or shallow as we wish, but the difference is profound. We can talk directly to people and deliver our message in many different ways.
A unique characteristic of Facebook is that we are going to people, and delivering them a message, that is relevant to them. Other forms of online advertising rely on the customer coming to us. For example, on the google search network we are relying on the customer to perform a search. On, market sites, such as Trademe, we are limited to selling to people who are actually actively looking in our category. By nature, all these forms of advertising are severely limited by the fact they will only ever be seen by those who are looking. This limitation of the market creates a lot more competition between all the sellers in that particular space.
In contrast, advertising on Facebook opens the market to people who might want our product but are not actively looking. Obviously this opens the market a lot wider, where we are prompting people to buy who might not have otherwise bought on the itnernet, or perhaps these are people who never even realised they wanted our product until they saw! Not only have we opened our market up a lot wider, but we are no longer in exactly the same space as all our competitors. They may also be here, but selling in different niches.