Facebook a Good Strategy for Biz Growth?

By February 4, 2010 General, Market Strategy

The other day I listened to an archived video from Duct Tape Marketing called “Facebook for Small Business”. There were 4 panelists and consensus was that every small business needs to be on Facebook marketing their product/service or company in general. I must admit that I only watched the first 20 minutes or so of the 58:55 minute video, but here is what I heard:

1. Facebook is now the top relationship site
2. Facebook has over 350M users = huge captive audience
3. Easy way to reach out to your target market

Now, let me preface what I’m about to say next… I am a fan of Duct Tape Marketing.

However, I disagree that every small business needs to be on Facebook:

Yes, FB is one of the top relationship sites, but the majority of it’s users are on the young end of GenY. And yes, Facebook does have a large audience, but it’s filled mostly with women. Neither of these demographics fit every small business target market.

Lastly, FB can be a more simplified way to reach your audience (not to mention it is cost-effective – for now), but when does it become a monetizable strategy? Aside from their advertising model, which is mediocre at best, how do you know if you are reaching your audience and is your product or service something that the FB market is interested in purchasing?

On a positive note, Facebook users age 35+ is growing and could surpass the GenY group, but before you put all of your stock into Facebook as your 2010 marketing strategy, know your audience and do your research.

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