Marketing Strategy used by Facebook
Mark Zuckerburg with his team founded Facebook in 2004, with an aim to engage and connect people by sharing different moments of their life. It gave people real-time about happenings in different areas of the world. It’s each day active users are over 1billion. Facebook’s Marketing Strategy is very successful. Recently, it acquired different popular social media sites too, like WhatsApp, Instagram, and Oculus with the aim of broadening the presence and effect in different segments and platforms, over time.
Targeting, Positioning, and Segmentation in the Marketing Strategy of Facebook:
Facebook uses a combination of geographic, psychographic, and demographic segmentation variables that help in understanding the demands and preferences of users thus helping them to engage accordingly to generate effective revenues. As Facebook’s target market is massive so it uses a differentiation-based targeting strategy to ensure its algorithmic supply of individualized advertisements i.e. how a specific person operates its account will explain the product advertisement of his interest. Its strategy of value-based positioning believes in connecting or engaging users in a way that they will share and connect more, progressively, with each other. Facebook’s mission is to make the world further open and connected by giving power of staying connected to its users. Its tagline says that it helps you in connecting and sharing your life with people.
Use of Competitive Advantage for Facebook’s Marketing Strategy:
The supreme competitive advantage it has is its user reach and its way of engaging with different worldwide communities to make them a more transparent world, more communicating, and open-world about whatever is going on in everyone’s mind. Broad services and product portfolio of Facebook different customer segment based platform, each is useful for a totally different purpose. Different applications have different basics behind them, like on Facebook users can post photos, activities, and updates, communicate with any brand, icon, or people of their choice, etc. on Instagram users can share posts like edited videos or photos with their friends and followers. While the most popular messenger-based application, WhatsApp helps users to connect with everyone through messaging and can be regarded as the fastest communication way of the era.
BCG Matrix Analysis of Facebook’s Marketing Strategy:
Each service and product that Facebook offers is a star. Because of the noticeable popularity brought by each one of them since their inception. Although social media network Facebook has major shares of the market. However, there is great competition offered by Twitter and LinkedIn. The growth rate of the market is very good but still, internet availability across the globe is causing some limitations. Instagram is facing competition offered by Snapchat where on the other hand WhatsApp stays the clear leader of the chat field due to its huge penetration across the globe.
Distribution Strategy as a part of Facebook’s Marketing Strategy:
For the delivery of its services, Facebook prefers online channels. It changes and reorients the platform constantly with time, thus provides effective and improved engagement to its users based on their time access to various services provided by Facebook.
Brand Equity as a part of Facebook’s Marketing Strategy:
The reputation and popularity carried by Facebook are way greater than any peer competing company. It has high TOMA and positive WOM with respect to any competitor’s offering. In 2016, the brand worth of Facebook was $52.6 billion, which has 44 % value growth from 2015. This shows the fast growth rate of the Facebook brand.
Competitive Analysis as a part of Facebook’s Marketing Strategy:
In each business segment, it is present, it faces great competition by companies whether collecting information or sharing, in either way it affects marketers of each domain who are the main source behind Facebook’s revenue.
Market Analysis as a part of Facebook’s Marketing Strategy:
The market in which Facebook operates is really competitive and perishes and innovate. The only mantra that helps companies in sustaining better. Different network companies i.e. Zomato, Snapchat and Skype, etc. are yet fighting and struggling hard with one another. On the basis of technologies to emerge and improve as an innovator and game-changer in the market.
Customer Analysis as a part of Facebook’s Marketing Strategy:
Facebook customers vary from individuals belonging to different communities and locations to enterprises. They are wanting to connect with each and other and interact effectively in a more open and transparent world. There is a variety of businesses and people using Facebook/ WhatsApp/Instagram’s platform for communicating with each other and standing for who they actually are.
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