Too many marketers these days confuse what social media is. They don’t understand the difference between the evolution of marketing and what simply works right now. Social media is not just Facebook, Twitter, or even blogging. Instead of thinking about the platform, you have to think about the foundation that makes it effective.
Social networking is the grouping of individuals into specific groups, like small rural communities or a neighborhood subdivision, if you will. Although social networking is possible in person, especially in the workplace, universities, and high schools, it is most popular online. It can be seen from the movie which is based on Ben Mezrich’s book, The Accidental Billionaires, which is a fictionalization of the story of Facebook’s beginnings from the point of view of co-founder Eduardo Saverin. The movie paints Zuckerberg as a brilliant but socially awkward, egotistical, and jealous individual who sought to create an online version of the college social experience. He was able to tap into the strong desire in people to connect and share with others and has grown his company to a 25 billion dollar valuation with 500 million users. Despite creating the world’s largest social network, Zuckerberg is portrayed as lacking interpersonal skills and is unable to form social connections in real life, which leads to a lot of the conflict in the movie. Here are a few of the marketing lessons that can be learned from the movie.
Social networking all comes down to the 4p’s. It is simply not possible to ignore this lesson in basic marketing. The 4P’s are the basic part of marketing, and if you are going to market yourself through social networking sites, such as Facebook, Twitter, linkedin, and others you need to have a basic understanding of how they work.
The marketing mix is a planned mix of the controllable elements of a product’s marketing plan commonly termed as 4Ps: product, price, place, and promotion.
These four elements are adjusted until the right combination is found that serves the needs of the product’s customers, while generating optimum income.
Facebook provided students at Harvard with a way to view pictures and profiles of the opposite sex, which was very valuable in improving their dating status. Since Facebook served a very important need for college students, users were likely to share this with their friends.
Marketing Lesson: Products that can improve your social status will encourage natural word of mouth
Make your product exclusive
When the Winklevoss twins first told Mark about their idea for a Harvard social site, Mark asked how it was different from myspace or Friendster. They said it differed from other social networks because users needed a Harvard email address. Mark instantly saw the value in exclusivity as he was obsessed with gaining entry into the exclusive Final Clubs at Harvard which he believed would lead to a better life.
Marketing Lesson: Exclusivity can increase the perceived value of a product as we tend to value things that are difficult to attain.
Price strategies What pricing strategy is appropiate to use . Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. With facebook the pricing was free and it doesnot cost anyone to register to the site and it has make it possible for people all over the world to log onto it make the world a global village.
Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet. Considering place, where facebook started is the best place since it was among students and they long to make more friends and enter into relationships. Further distribution was done through unsolicited mails to members of the phonix S. K. Final club
Promotion
A business’ total marketing communications programme is called the “promotional mix” and consists of a blend of advertising, personal selling, sales promotion and public relations tools. In this revision note, we describe the four key elements of the promotional mix in more detail.
A lot of people theorize and link facebook as to being funded by the CIA, and zuckerberg was more of a designer and marketrt than a programmer that heard of an investment opportunity offered to people at some of the top u.s universities as a competition. It was a data minnin project. Who could collect the most information from a targeted group of people, zuckerburg apparently beat out a bunch of other people developing for same goal by collecting way more data and analyzing information, and also he had an angel invested who helped him promote facebook.
These are some of the marketing lessons discovered from facebook to marketers
This movie was all about entrepreneurship. If you have a force and a reason driving you, great things can be achieved in your life. It’s like a fire inside you, and all entrepreneurs know what I am talking about. It cannot be bought or learned. You are either born an entrepreneur, or you are not.
It is so important to always be pushing the boundaries of our existence. This is why it is so crucial to “dream” and “believe” that all things can be possible. As we develop our habits and systems in our daily working lives, and as we fill our days with busy, busy, busy, it can be difficult to really tap into our imagination and “what ifs”. Creativity is the fuel that drives innovation and what the businesses of the future will be.
Whether you know what is it, or what it isn’t, the outcome or final product in your mind should be your guide. You must know what is “true” for the business and for the brand, and never waiver in potential moments of weakness. Following your heart is the true way to success.
The movies also comment on the initial hiring process, and the example of how Mark selected interns/ staff for Facebook. The test he created at the campus not only determined their technical expertise, but more importantly, their spirit and attitude. The people who subscribed to the vision of Facebook were the key to driving it forward. Eduardo never really understood the vision, and his actions displayed this in the film. When it comes to working with people, or hiring people, “why they do it” is just as important as “what they can do” and “how they can do it”.
From a legal point-of-view there was a lot to be learned in “The Social Network”, since the film was based on the law suits Mark Zuckerberg faced. When in business, we sign so many documents, that we sometimes forget the importance and value of our signature. Do not be pestered to “hurry up and sign” anything. And do not believe everyone has your best interest at heart. Always read and understand everything before parting with your signature
To conclude facebook has really been a successful movie it has not gone well without it’s critiques. One comment from rottentomatoes state that That the project is not only a success but one of 2010′s best films is a testament to Fincher’s talent as a director and his seemingly perennial ability to surround himself with incredibly astute, like-minded collaborator. Facebook may have an instant success story in its new geolocation service, “Facebook Places.”Rather than being crushed, early leaders in the space — Foursquare and Gowalla — may find new opportunities to reach Facebook’s massive crowd through their own specialized apps. Facebook’s only concern might be how not to blow it on the privacy issue. So far, so good — the system is fully opt-in
watch a movie
Too many marketers these days confuse what social media is. They don’t understand the difference between the evolution of marketing and what simply works right now. Social media is not just Facebook, Twitter, or even blogging. Instead of thinking about the platform, you have to think about the foundation that makes it effective.
Social networking is the grouping of individuals into specific groups, like small rural communities or a neighborhood subdivision, if you will. Although social networking is possible in person, especially in the workplace, universities, and high schools, it is most popular online. It can be seen from the movie which is based on Ben Mezrich’s book, The Accidental Billionaires, which is a fictionalization of the story of Facebook’s beginnings from the point of view of co-founder Eduardo Saverin. The movie paints Zuckerberg as a brilliant but socially awkward, egotistical, and jealous individual who sought to create an online version of the college social experience. He was able to tap into the strong desire in people to connect and share with others and has grown his company to a 25 billion dollar valuation with 500 million users. Despite creating the world’s largest social network, Zuckerberg is portrayed as lacking interpersonal skills and is unable to form social connections in real life, which leads to a lot of the conflict in the movie. Here are a few of the marketing lessons that can be learned from the movie.
Social networking all comes down to the 4p’s. It is simply not possible to ignore this lesson in basic marketing. The 4P’s are the basic part of marketing, and if you are going to market yourself through social networking sites, such as Facebook, Twitter, linkedin, and others you need to have a basic understanding of how they work.
The marketing mix is a planned mix of the controllable elements of a product’s marketing plan commonly termed as 4Ps: product, price, place, and promotion.
These four elements are adjusted until the right combination is found that serves the needs of the product’s customers, while generating optimum income.
Facebook provided students at Harvard with a way to view pictures and profiles of the opposite sex, which was very valuable in improving their dating status. Since Facebook served a very important need for college students, users were likely to share this with their friends.
Marketing Lesson: Products that can improve your social status will encourage natural word of mouth
Make your product exclusive
When the Winklevoss twins first told Mark about their idea for a Harvard social site, Mark asked how it was different from myspace or Friendster. They said it differed from other social networks because users needed a Harvard email address. Mark instantly saw the value in exclusivity as he was obsessed with gaining entry into the exclusive Final Clubs at Harvard which he believed would lead to a better life.
Marketing Lesson: Exclusivity can increase the perceived value of a product as we tend to value things that are difficult to attain.
Price strategies What pricing strategy is appropiate to use . Pricing is one of the most important elements of the marketing mix, as it is the only mix, which generates a turnover for the organisation. The remaining 3p’s are the variable cost for the organisation. With facebook the pricing was free and it doesnot cost anyone to register to the site and it has make it possible for people all over the world to log onto it make the world a global village.
Place represents the location where a product can be purchased. It is often referred to as the distribution channel. It can include any physical store as well as virtual stores on the Internet. Considering place, where facebook started is the best place since it was among students and they long to make more friends and enter into relationships. Further distribution was done through unsolicited mails to members of the phonix S. K. Final club
These are some of the marketing lessons discovered from facebook to marketers
This movie was all about entrepreneurship. If you have a force and a reason driving you, great things can be achieved in your life. It’s like a fire inside you, and all entrepreneurs know what I am talking about. It cannot be bought or learned. You are either born an entrepreneur, or you are not.
It is so important to always be pushing the boundaries of our existence. This is why it is so crucial to “dream” and “believe” that all things can be possible. As we develop our habits and systems in our daily working lives, and as we fill our days with busy, busy, busy, it can be difficult to really tap into our imagination and “what ifs”. Creativity is the fuel that drives innovation and what the businesses of the future will be.
Whether you know what is it, or what it isn’t, the outcome or final product in your mind should be your guide. You must know what is “true” for the business and for the brand, and never waiver in potential moments of weakness. Following your heart is the true way to success.
The movies also comment on the initial hiring process, and the example of how Mark selected interns/ staff for Facebook. The test he created at the campus not only determined their technical expertise, but more importantly, their spirit and attitude. The people who subscribed to the vision of Facebook were the key to driving it forward. Eduardo never really understood the vision, and his actions displayed this in the film. When it comes to working with people, or hiring people, “why they do it” is just as important as “what they can do” and “how they can do it”.
From a legal point-of-view there was a lot to be learned in “The Social Network”, since the film was based on the law suits Mark Zuckerberg faced. When in business, we sign so many documents, that we sometimes forget the importance and value of our signature. Do not be pestered to “hurry up and sign” anything. And do not believe everyone has your best interest at heart. Always read and understand everything before parting with your signature
watch a trailer
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