The Facebook Economy Race for Riches…good or bad?

Be sure to read this CNN article on the The Facebook Economy . It offers great summaries at the end of all the latest applications created by users around the world ever since Facebook opened its floodgates to developers. That being said, the whole article revolves around how to make money off of this unique opportunity while it is free. I feel that this is short-minded thinking.

I realize that one can easily argue that if you develop an application you should be able to leverage its high usage to make money via ads.However, the downside is that we are being inundated with garbage applications from people looking to make a quick buck. Some of these applications die a quick natural death, others are added even though they are garbage and clutter people’s profiles. Facebook will likely soon go Public, and we will all lose out on this unique opportunity to create and reach “long-tail” audiences.

Before this happens, there is a tremendous opportunity for non-profits and the government to come in and make some truly community benefiting applications to help deliver on their programs and services. I have already seen a few such as RFP submission tools, bilingual polling tools, and recruitment tools used by agencies such as the CIA. Hopefully, with the whole slew of start-ups specializing solely in Facebook application development, we will be seeing some truly beneficial and unique uses of this platform before its too late. The race is on…

Marketers start to use Social Networks for CRM instead of Ads

This article by AdAge, basically talks about how marketers are still exploring ways to use social networks to their advantage. I really think they missed the point (although it is briefly touched upon): Marketers are no longer in control! Consumers are in control. If you want to leverage social networks, then start by creating a good, quality product or service and your brand will grow organically as people discover it. Bottom-up, not top-down.

When is the last time you clicked on one of those over-priced Facebook banners? In contrast, when is the last time you joined or started a Facebook group that represented something you believe in or have a passion for? I know it’s hard to resist starting a Facebook group for your brand on your own (or even getting your friend to do it for you), however, as I’ve said in my previous posts, more often than not, people can smell a fake from miles away. So if you absolutely have to go this route to get your brand out there, just make sure your friend really is passionate about your product. Otherwise, you will quickly feel the negative consequences.