It’s the first thing you check when you wake up in the morning, what you turn to when you’re bored, and what you use to organize everything from birthdays and events, to charity fundraisers to gain the attention of thousands of followers. It’s Facebook. It’s your everyday, all the time, go-to information bank. Facebook is the true definition of change and innovation, as it has redefined the way we as individuals operate on a daily basis. It’s simple beginnings of being a college website to connect with friends across campuses has been the foundation of the website’s now over 500 million people following.
Facebook does not only utilize marketing through sharing content via company groups and pages. Facebook is marketing. Content posted by people worldwide has become an invaluable source of information from which companies are able to develop their marketing tactics and ultimately gain a perspective on their consumers’ interests and values. Understanding what the consumer appreciates or enjoys about a product or service, as well as their dislikes and criticisms, enables companies to make important and vital modifications to their products and services, which can ultimately boost profits tremendously.
Additionally, Facebook’s easily approachable and recognizable brand has enabled it to far surpass its competition in the social media world. A format and system which is not easily imitated or duplicated, Facebook has a clearly defined sustainable competitive advantage which will allow it to both grow and remain a powerful force in the marketing and communication world.
What does Facebook mean to you? To me, Facebook has become a way we build relationships. In the value-based era defining a relationship between customer and consumer is the only way to truly build a bond with the consumer. Facebook continues to grow and so does that relationship.