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At present, Facebook is the world’s largest social network, having significant impact on the global economy. Facebook is a social networking platform through which third parties benefit from marketing activities, creating third-party apps and engaging in Web businesses. Broadly, with over 142 million users, India is the second largest market for Facebook.
According to the study conducted by Deloitte, with respect to Facebook, there are three types of impact –
There are many companies that use Facebook for promoting their products and services. Furthermore, the gross revenues of those companies are measured by direct impact.
Supply chain impact
Supply chain impact can be described as several business activities using Facebook, leads to increase in demand.
Finally, the employee spending impact considers the money spent by employees at companies that work at businesses that use Facebook and at their suppliers.
Jordan Banks, Managing Director of Facebook in Canada, said
“Three years ago, marketers were talking about testing Facebook and evaluating social. And then about a year and a half ago the evaluating was over and it was pretty much a core part of most marketing plans. The really good brands are looking at Facebook in a really integrated way.”
Ultimately, Facebook is being considered as an integral part of the marketing segment. Yet there are few businesses that are not ready to make the changes necessary in their thinking, which reflects in their organizational development and marketing budgets.
What is the Facebook impact on the business?
The economic impact of Facebook for business that are being utilized it as a marketing platform to connect with consumers and build their brand. There are three sources of effects for this impact: Pages, Targeted advertising and audience. Also business should try to engage their audience by creating unique content and give value for the attention of that audience. Obviously, watching their products and services on Facebook platform will visit business site.
The impact for business in economy is derived from third party products and services built on top of Facebook platform. Many businesses are getting engaged in cross marketing activities, the reason is to build back links. This back links helps website to increase SEO rank organically.
The impact created through the Facebook is developing strong customer base. The first thing any business can do on Facebook is getting audience (later turn into customers). So, each & every businesses get connected with people in the Facebook world those who are interested in their product and service.
Let’s take an example,
Reliance Jio has helped Facebook to grow in India.
Last year in month of September, Mukesh Ambani’s, Reliance Jio announced free data and voice services for its customers. So free data plans by Reliance Jio in India helped US-based social networking site: Facebook recorded strong growth.
Facebook, for business, goes into the marketing plan around not only selling but also in customer engagement, entertainment or information. And that’s the key, if businesses can figure out how they can use Facebook for everything, this should ultimately help with sales and help in successful of the business.