Home  › Social › Social Media

Stop Wasting Your Marketing Budget on Facebook

  |  March 6, 2012   |  Comments   |  

Should you fish for individuals in the ocean that is Facebook or audiences in the ponds of micro networks?

At Social Media Week in Hong Kong, I was asked to speak on the topic of "How to Build a Social Network from Scratch." I spoke about formulating the idea, building the product, and ultimately delivering it to customers.

My very first piece of advice to anyone who is thinking about building the next social network as a utility is: Don't. The land grab for the social graph is over. The relationship based "friend and share" model has its winners and your new social network won't be one of them. Furthermore, these networks now form an interconnected social backbone on the web and their transformation into platforms are making the next wave of social possible. This is where I think social really gets exciting both for users and marketers.

This year will mark the accent of interest based social networks. It is these micro networks that will allow us to develop high quality and relevant relationships outside of our existing social graphs. There is Foodspotting for food lovers, Flixster for movie fanatics, Pinterest to help you organize and share those things you are passionate about and many more. My company is a social network for stock market investors. Where Facebook stops, the interest-based networks will pick up. These new micro networks form a symbiotic relationship with platforms such as Facebook, Twitter, and LinkedIn as neither can thrive without the other.

Many have claimed the rise of social is over. This could not be further from the truth. We are on the cusp of extending our social graphs to include people we don't yet know. The new micro networks will form the basis of highly relevant and valuable relationships that are simply not accessible today. As a marketer, you must start to re-think your social strategy. You have two clear options. You can fish for individuals in the ocean that is Facebook or you can fish for audiences in the ponds of micro networks. To build a relationship with prospects and customers you need to be relevant and focused. Nobody is looking at your ads on Facebook because they simply don't care what you have to say. There may be passionate individuals on Facebook but they are not a passionate audience and that is a core necessity for social marketing to be effective.

If I want to build awareness and sell microwave popcorn, where is my audience? I will choose Flixster over Facebook every time because I have a captive audience of movie lovers. The value of the network effect and social proof for my product will be far greater within a passionate interest based community than on Facebook. Please stop wasting your marketing budget. In 2012, put a hold on some of that budget you have allocated to Facebook and put true relevance back on your agenda.

Subscribe to ClickZ Asia to receive your weekly dose of the region's latest trends, tips, and insights straight to your inbox.

ClickZ Live Toronto Twitter Canada MD Kirstine Stewart to Keynote Toronto
ClickZ Live Toronto (May 14-16) is a new event addressing the rapidly changing landscape that digital marketers face. The agenda focuses on customer engagement and attaining maximum ROI through online marketing efforts across paid, owned & earned media. Register now and save!


Mikaal  Abdulla

Mikaal Abdulla is the CEO and cofounder of 8 Securities. Mikaal has extensive global experience having launched and managed successful consumer Internet businesses and products across Asia-Pacific, Europe, the Middle East, India, and the United States. Prior to founding 8 Securities, Mikaal was a senior vice president at E*TRADE where he was responsible for marketing and strategy across 15 geographies. Mikaal holds a M.B.A from both Columbia University and the London Business School.

COMMENTSCommenting policy

comments powered by Disqus

Get ClickZ Social newsletters delivered right to your inbox. Subscribe today!



Featured White Papers

ion Interactive Marketing Apps for Landing Pages White Paper

Marketing Apps for Landing Pages White Paper
Marketing apps can elevate a formulaic landing page into a highly interactive user experience. Learn how to turn your static content into exciting marketing apps.

eMarketer: Redefining Mobile-Only Users: Millions Selectively Avoid the Desktop

Redefining 'Mobile-Only' Users: Millions Selectively Avoid the Desktop
A new breed of selective mobile-only consumers has emerged. What are the demos of these users and how and where can marketers reach them?


    • Contact Center Professional
      Contact Center Professional (TCC: The Contact Center) - Hunt ValleyLooking to join a workforce that prides themselves on being routine and keeping...
    • Recruitment and Team Building Ambassador
      Recruitment and Team Building Ambassador (Agora Inc.) - BaltimoreAgora, www.agora-inc.com, continues to expand! In order to meet the needs of our...
    • Design and Publishing Specialist
      Design and Publishing Specialist (Bonner and Partners) - BaltimoreIf you’re a hungry self-starter, creative, organized and have an extreme...