Social networking media has officially matured into world market functionality, and Facebook stands as the poster child of the new industry marketing tools.
On February 4 of this year, the social networking behemoth cruised past the 400 million user mark, a number it took only five months to achieve after hitting the 300 million milestone in 2009. According to the index detailing valuations released by SharesPost, a company that allows shareholders in private companies to sell stock to prospective buyers, Facebook is valued at $11.5 billion.
Understandably, businesses around the world have begun to take notice of the success Facebook has enjoyed as a company, and are assessing how the sites easily accessible networking tools can benefit their own business.
One of the tools that are offered to professionals seeking to make a profile on Facebook, is that of a business account.
“Its readily available and free,” said Sarah Wartman, a PR major at Purdue University who manages the business account of a company at one of her internships. “As soon as you make the account, your company has instant access to a user base of over 400 million users. It’s a marketing dream.”
Business accounts are geared specifically towards those who wish to promote the profiles and ad campaigns of their respective business. They lack many of the features offered in personal profiles, and are exclusively geared towards the promotion of the business’ services.
Facebook’s extensive ad builder allows businesses to find their targeted demographic, by filtering through sorting criteria such as age an interests.
“It is definitely changing how companies attribute revenues towards marketing experiences,” said Wartman. “The prices are ridiculously low for the ads, and a huge cost saver for smaller companies who lost tons of dollars on hiring major advertising groups.”
Facebook was created in 2004 by Mark Zuckerberg, 25, while still an undergraduate at Harvard University.
Zuckerberg, who serves as the Facebook's CEO, is currently the youngest self-made billionaire. With an estimated net worth of $2 billion.
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