Facebook has for long been seen as the godfather of social media, and 2010 seems to have been the most significant year yet with respect to their innovation, expansion and overall influence in the online social and marketing world. Half a billion user milestones and Hollywood features aside, Facebook have also gained press attention for fundamental changes to their platform juggernaut - and it is these which hold particular interest for brands and marketers alike.
In 2010, Facebook released their Credits program aimed at changing the way consumers transact online. This was put on trial to great effect by international charities and social gaming companies.
http://apps.facebook.com/placecheck
2010 also saw the introduction of Places, the product designed for linking users to locations around the world. The uplift was phenomenal as people found they could broadcast their whereabouts to friends with the flick of a mobile phone. The Facebook application PlaceCheck is a powerful example of how the product has been coming to life.
Places promptly paved the way for Deals - the means by which brands and shops can link offers and promotions directly to users who Check-In near their shop. This is showing to be an effective way for brands to serve exclusive and relevant commercial information to customers in the area.
At the start of 2010, Facebook announced the formation of their Preferred Consultant Program, the service aimed at connecting celebrities and brands with trusted suppliers capable of deploying winning social media and brand campaigns on the platform. The Credits program was also recently extended to Preferred Consultants, allowing any brand wishing to monetize their Facebook presence to achieve this by seeking out their local recommended supplier.
The common thread for all of these Facebook innovations of 2010 is an increasing commercial sensitivity and greater attention to the interests of brands and social media marketers. This is not to say that Facebook is starting to backpedal on their strict user-first policy which has underpinned their stratospheric rise to power over the past decade, but a clear set of principles for social media monetization is definitely starting to taking shape.
How these principles are wielded, however, is a matter for the creative thinkers responsible for deployment of social media marketing campaigns. There are still the same old dos and don'ts, and potentially a whole lot more, but what these tools offer are fresh channels for reaching consumers where they spend their time online. An example of their use may be to run a brand campaign offering incentives for the first 20 customers to Check-In at their High Street shop. Such ideas are already being seen and what can be expected in 2011 is a dash to be the first to integrate these Facebook tools in new and innovative ways.
2011 is likely set to be the year where terms such as "ROI" are firmly established within social media. Companies who simply weren't large enough to afford the blind plunge into campaigns based purely on brand awareness can now start to see the tide turn towards better and improved monetization within the available social channels. The elusive "cost-per-acquisition" nowhere to be found in social media is also likely to at last make an appearance.
The advice for brands or marketers is to get in touch with your local Facebook recommended supplier, found on the Preferred Consultant Program, and start talking to them today about your commercial objectives in the year to come.
