The topic of discussion at the International Internet Marketing Association meeting last night was “Facebook Your Business”. Three panelist brought their own perspective on Facebook from a business perspective.
The first speaker was Maureen McCartney from Citizens Bank of Canada. She talked about how her organisation used Facebook to advertise during RRSP season. Citizens Bank was one of the first banks to do so and they were able to generate buzz as a result. Click through rates for their campaigns however were dismal – the highest being .13% – (which seems to be the norm with Facebook) but given the very small investment in comparison to traditional advertising, the campaign was deemed a success.
The second speaker was Michael Ferguson from Kinzin, the company that developed one of Facebook’s most succesful apps “Are you Normal” (incidentally I am 40% normal or slightly abnormal as the case maybe). His off the wall presentation took a step back to look at how our culture is changing and embracing social media technologies. He pointed out that to stand out in the crowd of Facebook applications you have to stand out from the rest of the wallpaper. He coined the term Facebook jewellery to describe your profile or page picture and pointed out that it has to stand out if you want to attract attention or grow business on Facebook.
And finally, Phillip Jeffrey of UBC talked the crowd through the Facebook set up process, discussing the security capabilities and privacy issues. He pointed out that a Facebook page is to a business what a profile would be to an individual and provided an invaluable introduction to the medium aimed at new users.
Facebook is rapidly being adopted by all age groups and Canada has one of the fastest adoption rates for the social network. Here at Out-Smarts we use Facebook extensively for business development:
1. To advertise to a very targeted niche at a very low cost.
3. To build our business network with industry peers.
4. For branding – our logo appears on each fan and friend page.
5. To drive traffic to the website and blog.
6. To maintain awareness.
The concensus among the IIMA panelists: your company should get on Facebook as soon as possible.