Facebook now has 845 million users and big corporation and business have been taking advantage of Facebook Advertising for a very long time. However they are not the only businesses that can take advantage of reaching Facebook’s 845 million users.
Small-to-medium businesses are actually more likely to succeed in their Facebook advertising campaigns because of the uniqueness of the way Facebook advertising can drill down to target and identify multiple target groups based on location, gender, age and other profile characteristics.
Take a cake business who specialises in wedding cakes, Facebook advertising can help them target their advert to women, who are engaged and live within 25 miles of their business, this type of targeting is ideal for local and ecommerce businesses who have a set budget and want to target a specific audience.
Facebook makes most of its money from advertising sales, which accounted for 85% of its revenues of $3.7bn in 2011. With Facebook wanting to take a greater share of the advertising market, Facebook is vying with Google Inc., Yahoo Inc. and other online publishers to convince businesses to spend money on advertising on the world’s number one social media network.
In 2012 Facebook unveiled ‘Premium on Facebook’ ad service which allows businesses to place ads on mobiles, the homepage, within news feeds and show ads on the log out screen.
A new service currently only offered to a select number of businesses called Facebook Offers allows businesses, brands and other Timeline Page owners to share discounts and offers with their fans which some say could rival Groupon.
Facebook said that adverts on the right-hand side and in news feeds on Facebook's homepage have an average of five to 10 times more engagement than other adverts placed on the website.
Businesses should also use Timeline Pages, which has now replaced Fan Pages in combination with paid advertising which are self-contained mini-websites within Facebook using the Timeline format it introduced for users' profile pages earlier this year. Facebook Timeline Pages will be available for smartphones later this year reaching Facebook’s 400 million plus users that view it on their mobiles.
So with a host of new offerings from Facebook, businesses that have invested in social media, will fare better in engaging with potential customers and with Facebook Advertising proving to be a powerful vehicle in reaching targeted users businesses may not be able to afford to miss out.
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