In many ways facebook has changed my life. Not that it was the first social network that i've been or that I've found most of my friends and added them compared to any other network (vice versa) and never give a damn, probably don't even drop a hi.
But being in advertising here's how;
Over a period of time Facebook has evolved from a social network to a brand network - it is more of a business tool (social MEDIA) than a social network that it was. Facebook pages now function as websites for brands and draw way more hits and responses online than the websites of any brand ever did.
Like most websites and networks FB uses data - about you, me, our friends to understand us and send us targeted advertising. So its just another website that uses analytics, data mining and a whole of other jargon to send you relevant ads, for which they charge respective clients on a CPC or CPI/CPM models or find any new fancy pants way to charge them.
And while they do this, they get amazing FREE advertising worth billions of dollars across almost every damn media vehicle. Their self-promotion is completely through other brands who use their services.
Every brand has a tagline "join us on facebook.com/xxxxxxxx" this being blared in radio, in TV shows, print ads, hoardings, posters, websites, on t-shirts and generally anywhere anyone finds place be it even your or my ass. And most of brands now want to flash their "facebook badge" and page id, bigger than ever, maybe even bigger than their own logo.
Mark Zuckerberg, you are a fucking genius. You get free advertising from brand managers. You get the same brand managers to pay to use your service. You also get them to plaster your logo across everywhere.
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