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The Facebook Effect

David Kirkpatrick

The Internet is pulling people away from TV, newspapers and magazines, and Fb is taking a disproportionate amount of that Internet time.

Other Books on Computers Google helped people find things they already knew they needed - ie fulfil demand. Fb trying to generate demand, which is where most (80%) of the ad dollars are spent. Fb puts little 'engagement ads' on user's home page that offers something - a free coffee at Starbucks etc. Fb made $100m from those ads in the first year alone.

But the lions share of advertising dollar is coming from targeted ads that small businesses buy right on their Fb site. Fb can target people bc they give so much info about themselves, and their behaviour generates usable patterns. This lets advertisers select from a huge range of parameters to target ads at precisely who they want. If on Google you display an ad when someone searches for 'digital cameras', on Fb you can show the ad to young men who haven't posted any photos. You can go down to very specific demographics - single women over 35 in specific suburbs with specific interests. Can make very detailed choice eg woman who are parents, talk about diapers, listen to Coldplay and live in such-and-such a city. Or from another point of view, if you want to reach a specific demographic, Fb can tell you what they watch, who they listen to.

'Advertising' is not really even the right word any more. We are now talking about a process by which companies spend money to get users interested in their product. Conversations (about yr product or service) cannot be controlled, they can only be joined.

Historically bureaucracy and markets have been only two ways cd aggregate and amplify human capabilities. Now in last decade we've added networks. Helps us work together on complex tasks, but it has destroyed the power of the elite to control who gets heard.

Software company, new incoming CEO set up company Fb page to connect with all layers of company as well as suppliers and customers. He found that lower levels quite comfortable telling him things on Fb that wouldn't say in person.












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