Top Five Takeaways from #FbBiz
On June 22, Work4 Labs hosted the first ever Facebook for Business Conference at the Sorbonne in Paris. We were thrilled to welcome over two-hundred high-tech entrepreneurs, thought leaders, and journalists to have breakfast, get to know each other, and listen to five excellent speakers. (We also filmed it. Check out the videos here.) Take a look at the top five takeaways from the conference!
- Change is Accelerating
According to John Lindfors of DST Global, it took Facebook 45 months to get their first 50 million users. During the next 45, they got 750 million. Even more impressive, right now there are 2.2 billion people on the internet. In three years, that number is expected to skyrocket to 5 billion, about 70% of the global population. The disruption we’ve seen to brick-and-mortar industries is nothing compared to what we’re going to witness. As the functionality and reach of the internet expand, and it transitions from a medium of consumption to a platform for engagement, an increasing number of businesses will either move online or wither.
- “Advertising Follows Eyeballs”
Today, online advertising amounts to $72 billion, out of a total of $500 billion. DST Global expects that by 2020, online advertising revenue will rise to $200 billion, at which point it will represent a third of the total market. For Facebook, which receives one seventh of all internet traffic, hammering out the fine points of their advertising platforms is a problem that will inevitably solved with some trial and error. Their ace in the hole is and will continue to be their massive user-base.
- Targeting Changes the Game
Facebook has 526 million dailiy users—an impressive size indeed. Yet, as both John Lindfors and Facebook’s Xavier LeClerc pointed out, it is the unprecedented aggregation of personal information that distinguishes Facebook as an advertiser. Both with profile information and timeline actions, Facebook users have expressed their interests, habits, and desires on the platform. This allows for a level of targeting success over 90%.
- Apps for Business are not One-Size-Fits-All
As Work4 Labs founder and CEO, Stéphane Le Viet, pointed out, you need apps to add substance to a Facebook brand Page. Yet there are important differences in functionality among them. While some bring elements of your business to your Page (such as an e-commerce storefront), others drive traffic (such as contests), and still others serve to deepen engagement (like video streams). Since you have limited space on your dashboard, choosing apps must be a deliberate process that takes long-term social media strategy into account.
- Know What Your Fans Want
According to Jérôme Bichot of Wildfire, 60% of Facebook fans expect exclusive offers for being fans. Further, they want to be able to interact with friends around the brand, through games, contests, and other media. As Matthieu Chereau of Tigerlilly pointed out, as more users move to mobile, the experience they seek will change, presenting a challenge to both Facebook and businesses. Considering the recent evidence about the efficacy of a Facebook brand presence, businesses need to pay thorough attention to the expectations of mobile users.
This post was written by Mike Cotter