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Criteria Facebook use to Target Ads
Facebook uses an approach of sponsored advertisement. Businesses pay Facebook to have their sponsored ads reach the target population. With every new product that emerges in the market, Facebook uses marketing principles to connect it to the consumer culture helps. Facebook acknowledges that the marketing profession has surged, with businesses spending over $200 billion to market their products.
Facebook is one of the fast-growing advertising companies. The company continues to make a significant push into payment transactions driving commerce business (Detrixhe para.1). The main revenue stream for Facebook is ads. In essence, the company is a marketing consultant that utilizes different strategies to increase brand loyalty and help companies gain market shared. Every attempt to achieve business goals starts with marketing. Therefore, sponsored ads form the primary strategy that Facebook uses to tap into the market on behalf of companies. Through such marketing consulting, Facebook realizes its revenue.
On top of being a social media giant, the company takes advantage of its 2 billion active users to engage with different brands and products. The market capitalization of the company is $450 billion. Also, the stock price trades start from $155. For this reason, Facebook engages in the digital advertisement by linking million of its users who can potentially buy different products and services. Many companies advertise on Facebook. Therefore, Facebook uses self for advertising, targeted advertisement, Facebook messenger ads, and video ads to facilitate marketing (O’Connell para. 4). All these allow the company to sell advertising space to organizations and companies who may hone in on a specific demographics market segmentation. As a result, advertisers use specific approaches such as Facebook Dynamics Ads to market their products to different market segments. Therefore, sponsored ads are a solid revenue stream for Facebook.
Marketing in the Contemporary Market
People have been marketing their products and services through traditional means. The cobbler will hand his signage at the door of his stall indicating his business to a baker who would tell their friends about her business. All these are elements of marketing. For years, marketing practice has grown in scope and form. Most traditional marketing involved direct marketing, using word of mouth and other traditional marketing methods and services.
The age of new media presents new opportunities and challenges for marketing. Companies’ growth in technology, artificial intelligence, and algorithms rely on marketing to gain a competitive edge. Therefore, different strategies of marketing and advertising exist. Social media marketing is the strategy most businesses prefer in edging competitively in the market.
The budgetary allocation for marketing is enormous. As a result, most businesses have formed agencies to help in the marketing roles. Facebook is an agency that carries out marketing functions for several businesses. The cost of advertising does not prevent companies from spending money on their marketing needs. There is a sort of advertising arms race where companies that command the best fit model wins the marketing war.
The best advertising plan, design, and approach lead consumers to shape their consumer behavior and develop brand loyalty. Facebook gives businesses the platform to showcase their brands, engage with the market and utilize other options for marketing at a slightly lower cost. For this reason, marketing works.
Works Cited
Detrixhe John. How Mark Zuckerberg plans to make money with Facebook Pay. https://qz.com/1747712/how-zuckerberg-plans-to-make-money-with-facebook-pay/. Accessed 26, April, 2021
O’Connell Brian. How Does Facebook Make Money? Six Primary Revenue Streams. 2018. https://www.thestreet.com/technology/how-does-facebook-make-money-14754098. Accessed 26, April, 2021
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