We "Like" Facebook, and Here's Why

27 Apr
April 27, 2010

I can think of a lot of things that I like. Pizza. Dogs. Virginia Tech football. Tecmo Bowl (the original, not the SNES remake). I also think I like the Facebook “Like” option.

I actually think I REALLY like the “Like.”

Admittedly, I was a bit fuzzy about the transition from “become a fan” to “Like this” on Facebook until I read this great piece on WellcomeMat. I agree with a lot of what was written in the WellcomeMat piece; I think Facebook has really nailed how to serve up relevant ad content to consumers who are in the market for a particular product or service offering.

What does this mean? Talk sense please.

About a month and a half ago, Facebook eclipsed Google as the most heavily trafficked place on the web. Even if that event manifested itself as a one-time occurrence (which while I do not have the data at hand, I doubt is the case), it certainly signifies a shift in web browsing habits from a linear paradigm of “input query >> get results” to a more conversational paradigm weighted towards opinions, shared experiences and user insight.

Facebook has figured out a way to deliver terrific, focused content that is tailored to you. Content that satisfies your every need with the insertion of a 4 letter verb in the form of a button. “Like.”

The creepy idea of silent data aggregation/privacy notwithstanding, the Facebook platform is a boon to advertisers and companies of all shapes and sizes. Facebook gathers data about what each one of their users “likes.” Facebook creates a consumer profile for each of its users based on profile comments, data and “likes.” Facebook delivers ad content to user based on this algorithm – creating a very highly targeted, and presumably effective, ad campaign. This model is not terribly dissimilar to many other behavior-based models out there in the advertising stratosphere, but Facebook is taking this one step further.

By allowing the usage of the “Like” button on websites, blogs etc., Facebook delivers visitors directly to advertisers tiny slice of revenue heaven – their owned media assets – complete with an inferred recommendation from their peer group. Facebook has created an advertising platform that ROCKS.

Great. So what does this mean for me?

This means a lot for you, so I am glad you asked. Here are a couple of ideas:

  1. You have a listing, freshly minted and new on the market. You have a website specifically created to market that listing for your seller. Now you can incorporate a “Like” button onto your listing site and share that with the Facebook universe that is 400 Million strong and growing.
  2. You have a unique skill set and specialization in assisting homeowners through the short sale process. You can place a “Like” button on this section of your website or associate the “Like” button with posts about short sales on your blog, and share all of your knowledge and content with your sphere on Facebook.

And best of all, when interested parties decide that they want to learn a bit more about your product or service, they go straight to the on-line you, your website, blog, etc., not some 3rd party “lead aggregator.” When coupled with Facebook’s burgeoning “Facebook Ads” platform, you have a recipe for a tremendous, highly targeted advertising platform on the social web.

With other content and advertising platforms gathering content from users, and selling advertising on it, Facebook is taking a GIANT step in the right direction by leveraging its users/advertisers contributions to help the original publisher. I think this model is setting up Facebook to become an advertising platform behemoth in the mid-to-long term, and certainly something all of us here in Real Estate need to be cognizant of.

Real Estate is a social business. Facebook is a social network – the largest in the states. Seems like a match made in heaven, a match that I think I really, REALLY “Like.”

-Amit

I Like Avery-Hess, and I think you should too: www.facebook.com/AveryHess

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