Gap Inc., J.C. Penny Co., Nordstrom Inc., and now Gamestop Corp. These are the names of major retailers that reared up Facebook fan page with a hope to make it big on Facebook. They all wanted to get a share of Facebook’s huge fan base (845 million), but soon they realize that Facebook is not a place to do business, and quietly left the platform.
These retailers have opened their Facebook stores to get a big share of an illusive market which researchers have predicted is going to pop up. According to a leading business consultant, Booz & Co. the market size of social commerce will increase to $30 billion by 2015 from its $5 billion level in 2011. And the growth will be led by Facebook, but for some retailers this didn’t seem to work.
“There was a lot of anticipation that Facebook would turn into a new destination, a store, a place where people would shop,” Said Sucharita Mulpuru, an analyst at Forrester Researching a telephone interview to Bloomberg. “But it was like trying to sell stuff to people while they’re hanging out with their friends at the bar.”
But all is not lost for Facebook. Many businesses continue to invest their marketing dollars in Facebook Ads. And some experts suggest that a brand’s failure to use Facebook effectively is not the failure of Facebook, but failure of the brand’s marketing strategy.
“Early adopters of the new Open Graph include Spotify, the Washington Post, Fab.com and Ticketmaster,” Wrote Eric Savitz, in an Article on Forbes “These brands have seen their website traffic increase 50% to 300% from Facebook in just a few months.”
According to reports the only way to ensure success on Facebook is to make people talk about you and recommend you with each other.
The above image certify the fact that social network is for social sharing and not to sell stuff. Brands leaving the platform needs to soul search and think about the mistakes they committed. Coming from the world of “buy broadcast advertisement and hope to sell something” they probably used the same strategy on Facebook which they adopt for overpriced Super Bowl commercial.
Engagement is the key to sell on social media. How hard it is to understand!
April 22, 2013, 5:55 am UTC
April 4, 2013, 5:21 am UTC
March 29, 2013, 4:57 am UTC
March 15, 2013, 7:02 am UTC