The 4 Cs Of Business Success (According To Facebook)
Earlier this month, I was lucky enough to spend a couple of days in Dublin at the Facebook Gather event.
As you’d expect, it was an incredible learning opportunity and in the next few articles on the website, I’m going to recap on some of the content we were shown. I’ve decided to kick things off with the overview that Ciaran Quilty, Vice President Global Business, Facebook EMEA used to open the event.
Before we dive into the tech tactics and new features that were shared, it’s important to understand what’s driving Facebook. Not only does this underpin the algorithms, new tools and ad platforms that we are all trying to maximise for our own businesses, their operating principles also speak to the wider business environment we’re all operating in.
According to Ciaran, everything Facebook is working on relates to these four fundamental principles:
Customers control what they watch, listen and read to. We’ve moved from the old world of linear broadcasting (program X on channel Y at 9pm) to on demand, 24/7. The shift is bigger than simply the way content is broadcast. You now need to move from saying what you want to instead saying what people want to hear.
Humans have always aligned around what we care and are passionate about. The internet only makes this easier and Facebook groups in particular are leading the way, replacing email groups and chat forums. There are over 200 million people engaged in Facebook groups and this number continues to grow. We’re seeing an increase in consumer social conscience, providing more and more opportunities for cause based brands such as Toms Shoes.
Consumers love to message each other and messaging apps make this easier than ever before. This love of messaging apps is extending into the business space too with 10 billion monthly messages exchanged between consumers and businesses in the Facebook ecosystem. These consumers are more than 50% likely to repeat purchase when engaged in a one to one conversation on messenger with a business.
E-commerce is still in its infancy and there remains huge opportunities in this space.
However there is an increase in consumer expectations and a shift to mobile browsing presents more challenges to retailers. Consumers browse on average 5 products fewer when shopping on mobile, hence great curation of product selections is key. Speed shopping is the new norm and customers are more fickle than ever, with $260 billion in abandoned checkouts in the USA in 2018.
How many of these four factors are a part of your business? Let me know in the comments below!
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