The world?s largest social media company Facebook is valued anywhere between $75 billion and $95 billion. With a subscriber base of 845 million, 130 friends per user and interactions that exceed 1 billion a day, the site has transformed the way people communicate. Facebook?s global vice-president for marketing solutions, Carolyn Everson speaks to FE?s Sohini Mitter on the company?s strategy, growth areas, the nature of social communication and consumer behaviour in India. Excerpts:
Where does India feature on Facebook?s growth story?
India is a crucial market for us. In 2008, there were 2 million users in this country and that stands at 46 million today. Our growth rate here is incredible, faster than all other BRIC nations and many other countries. There is immense user potential as internet penetration is increasing. With it, the number of smartphone users are also growing. Like in the African market, more Indian users log in through their smartphones than through other devices.
How do you plan to tap this potential? Do we see any India specific offering on your platform?
We are betting big on feature phones here and expect a large chunk of our new subscribers through such phones. We have already made inroads into the premium smartphone user segment. We are negotiating with all handset manufacturers, app and game developers as well as cellular service providers to ensure that even the basic phone has a Facebook tool in it at an affordable rate. It should become as integral to a phone as a calling or messaging facility.
How have Indian brand marketers and advertisers taken to Facebook?
While India is a very important market for every company in the world, Indian marketers are yet to fully utilise the advertising potential of Facebook. Globally, from HUL and P&G to Ford and General Motors to PepsiCo and Coke, every top brand is looking to create an India-specific communication strategy through Facebook, where they can reach out to multiple users at a very low cost. But I?m afraid, ad budgets devoted to ?social? are quite insignificant in India and social communication is still considered niche and high-end.
Where are Indian marketers lacking in their Facebook strategy?
To start with, companies have no proper page strategy. Lot of emphasis is laid on the fan count which is important, but not the ultimate thing. There is no proper flow of content and information on the page. The brand communication should be more interactive such that consumers can take over the page and eventually the market. We have introduced the Conversation Calendar for companies to be able to track user conversations about their brands anywhere on Facebook.
Is consumer behaviour on social media different in India compared to other countries?
India is a fragmented market and needs of users are different across age groups, communities and cities, but the fundamental need to connect and share is the same. It bridges all kinds of consumer divide. There?s a huge market out there with an incredible appetite to share instantaneously. We need to constantly innovate and devise more ways for users to share smoothly.
Which have been your most successful features?
When we launched the ?Newsfeed? feature. There was a huge backlash globally, but now people say they can?t do without it. The Facebook Timeline has been a game changer for both consumers and brands. It allows you to have a glimpse into the history of every user profile or brand page, which translates into high consumer engagement. That is the essence of social networking.
