If you have ever wondered how to become rich or how to get rich in the most natural way possible, then you only need to look at the most successful companies in your neighborhood.
If you look into the statistical data, most of the world’s richest people are business owners or at least in association with those businesses. For example, read this article written on (Forbes).
I have seen many people online that have attempted to answer the question of (how to become rich?) by giving a cliché advice that I know you have heard a billion times.
I believe we should study the most successful companies because they have found a way to take a large portion of our income and we gleefully allow them to do so.
Luckily, I want this question answered too!
So, this will be an in-depth look into successful companies, their marketing strategy examples, and their founding so you and I can have a better understanding of how to become rich in the most proper and natural way.
More specifically, we will be studying the marketing strategy of Facebook, in order to implement the proven principles into our own businesses so we don’t fail.
It is my hope that the marketing strategy of Facebook teaches and motives us to start our own businesses and show us how to become successful.
Hello. My name is Ibrahim Jawara. I am highly motivated about learning and implementing businesses that will enrich and transform the lives of my fellow man (YOU). This is my life mission, and I am very thankful for the people and the experiences that have brought me to this understanding.
I am what you will call a 21st century digital entrepreneur. Constantly learning and striving to enact actions that are customer focused (YOU). I am the founder at Jmusic- singer and songwriter and sidehustle-reviews.com; brands promising to provide the strategies and ideas that will enrich and transform Your life.
HOW TO GET RICH BOOKS? MY RECOMMENDATIONS OF THE BEST LIFE CHANGING BOOKS?
Before You continue reading, I want to recommend some books that I believe will have the greatest impact on your life:
- 1. David Kirkpatrick “The Facebook Effect“
- 2. Friedrich Nietzsche “The Portable Nietzsche“
- 3. Robert B. Cialdini “The Psychology of Persuasion“
- 4. Steven D. Levitt “Freakonomics“
HOW TO BECOME RICH? MARKETING STRATEGY EXAMPLE OF FACEBOOK
Facebook is the company that needs no introduction, especially if you are a millennial in the 21st Century.
As a technology company, they have dominated the US market and have left a tremendous impact internationally. They are one of the most valuable technology companies of our time and one of the best success stories for you and me to emulate.
As we investigate the beginning marketing strategy examples of Facebook, we will draw the important lessons and principles that should guide us into running our own businesses successfully.
I really like studying technology companies like Facebook, because they are the perfect example of how companies are founded and run successfully on the internet.
As a musician, I know, and have constantly advised to my fellow musicians, that they are in a business. Because they are running a business, they need to learn how to properly present their ideas and make money like a legit corporation.
These lessons will teach them how to become famous like the top famous singers of our generations. They will learn how to properly present themselves in the market even as a new singer or long-time musician.
For aspiring entrepreneurs, or individuals searching for how they too can become rich these lessons are constructed with you in mind, so you can reach the goal of becoming successful. I will say it again, the best way to become rich, successful, and or famous is by indulging into a business endeavor of your own.
HOW TO GET RICH WITH YOUR OWN BUSINESS?
The best way to get rich with your own business, is to first study or get mentored by successful individuals and companies that have accomplished the goal.
Through their tutelage, you will learn the most important aspects of business you should focus on from the start.
You will see what success really looks like through their eyes which will in turn prepare you for the hurdles and the constant changing aspects of the business you choose to pursue.
Today, we will be looking into the marketing strategy of Facebook, and then pick out the lessons and clues that should guarantee a higher probability of our business becoming successful.
When talking marketing strategy, we will specifically investigate the 4ps (product, promotion, price, place) of marketing.
The reason we will focus on Facebooks marketing strategy through the 4ps of marketing is because, this aspect of marketing will guide the most important decisions you must first make in order to have any chance of success.
The 4ps of marketing example of Facebook will highlight the approach you should take when deciding on a market, a product/service, how you will deliver that promise, and the most important things to focus on to guarantee your business a success.
HOW DID FACEBOOK START AND GROW INTO A PROFITABLE COMPANY?
Facebook (social networking service) is a technology company that is the brainchild of co-founder and computer programmer Mark Zuckerberg.
Mark Zuckerberg started coding Facebook in his dorm room during his college years at Harvard University and officially launched the site on February 4, 2004.
Current as of 2020, Facebook is a $528 Billion company (Celebrity Net Watch) and is known as one of the top companies in the technology industry similar to Google, Apple, Microsoft, and Amazon.
In its early years, Facebook was called “The Facebook” and was established through the cooperative efforts of Mark Zuckerberg and his fellow classmates at Harvard University.
Specifically, ‘The Facebook’ starting members were Mark Zuckerberg, Eduardo Saverin, Andrew McCollum, Dustin Moskovitz and Chris Hughes.
According to source: Wikipedia after the initial success of the Facebook platform, Mark Zuckerberg, Eduardo Saverin and Dustin Moskovitz took a year off from Harvard and moved to Palo Alto, California to continue growing the company.
Later on, Sean Parker (co-founder of Napster) joined the team and became President of Facebook. It is also important to note, Sean Parker was the main person that influenced Mark Zuckerberg to change the company name from “The Facebook” to simply Facebook.
It was in Palo Alto, California that Facebook got investments from notable corporations and individuals (such as Peter Theil) and hired about 8 more members.
Facebook Founding Team Members
- Mark Zuckerberg – Co-founder serving as chairman, chief executive officer, and majority shareholder.
- Dustin Moskovitz – Facebook’s first Chief Technology Officer since 2004.
- Eduardo Saverin – Facebook’s first Chief Financial Officer since 2004.
- Chris Hughes – Facebook’s first spokesperson since 2004.
- Sean Parker – Served as Facebook’s first President.
- Andrew McCollum – was responsible for designing Facebook’s first logo and served as its engineer since 2004.
- Taner Halicioglu – was not a founding member but an employee that built Facebook’s entire hardware infrastructure since 2004.
- Naomi Gleit – was hired around 2005 and is currently one of Facebook’s longest-serving employees. She was responsible for Marketing the Facebook Brand.
HOW DID FACEBOOK BECOME PROFITABLE?
Facebook grew into a profitable company by the brilliant market penetration strategy that Mark Zuckerberg and his team members used. Initially, Mark Zuckerberg and his team focused on introducing the Facebook platform as a freemium business model to college students.
Since the concept of a social networking service was already being used by some schools and colleges, it made the most sense to target those individuals that were already familiar with the concept.
Facebook was introduced to Harvard University students and expanded to more colleges as its popularity grew. Some notable colleges were Columbia University, Stanford, Dartmouth, New York University, Cornell, University of Pennsylvania, Yale, and Brown (Wikipedia).
After Facebook gained a significant user base, Mark Zuckerberg and his team introduced some highly intelligent revenue streams that are still used today.
WHAT BEGINNING MARKETING STRATEGY DID FACEBOOK USE TO GROW INTO A PROFITABLE COMPANY?
Facebook as a brand in my opinion had an extremely easy growth period due to a brilliant marketing strategy, and an innovative technology concept that the end user really enjoyed using.
The Facebook concept shows us yet again, how important the 4ps of marketing are when it comes to researching, building, and running a successful online company.
Let us now look at how Facebook as a company tackled the 4ps of marketing so we too can understand how to implement into our own businesses as we aim to become rich, famous, and successful.
When it comes down to product as a Facebook marketing strategy, the important lesson we must take away was Mark Zuckerberg’s understanding of market demand.
First of all, there is speculation that the idea of Facebook came about from Mark Zuckerberg’s early years at Phillips Exeter Academy. This academy and many other private schools had photo directories called “The Photo Address Book” which its students usually referred to as ‘The Facebook’.
This shows that the idea to create a student directory was not a new idea, but something that had already existed in the market. Harvard University, however, at the time did not have a student directory and most of the students were asking for the university to create a universal one.
The University at the time was using paper with student’s photos and names which was referred to as the “The Facebook”.
Mark Zuckerberg was quoted as saying to the Crimson (Daily Student Newspaper at Harvard University) “Everyone’s been talking a lot about a universal face book within Harvard, … I think it’s kind of silly that it would take the University a couple of years to get around to it. I can do it better than they can, and I can do it in a week (Wikipedia).
Mark Zuckerberg was already known as a prodigy computer programmer and creating something like “The Facebook” was a simple matter to him.
He saw the product demand, built the best product possible and used his skills to market his product to waiting customers. Those waiting customers were the reason Harvard University was the first niche market that accepted Mark Zuckerberg’s Facebook’s platform.
Around 2004, the internet was moving at a fast pace, with the acceptance from the younger generations being the majority. They were realizing the benefits of connecting and doing important things through the internet.
Facebook was created during the era of Myspace, Classmates.com, Amazon and many other internet and social media platforms.
So, the decision, to create a social networking platform like Facebook was the perfect example of how place was a valuable marketing strategy to growing a brand. Using the internet, made the old concept of “The Facebook” obsolete and made the former the better decision for the customer because it made life easier for the customer.
When it came down to promotion, Mark Zuckerberg and his team had timing, skill, and connections that played a major role in making sure their brand reached the masses.
First of which was Mark Zuckerberg’s computer programming skill. As someone that was constantly hacking Harvard University’s systems and creating his own ideas, it was an easy thing for him to bring attention to Facebook’s first prototype website.
After launching the website, Mark Zuckerberg implemented an email marketing campaign that was gained from his connections and some brilliant hacking methods into Harvard Computer systems.
According to “The Facebook Effect,” a book by David Kirkpatrick; there was a mention of how one of Zuckerberg’s friends advised for him to put the site on Kirkland House online mailing list which had hundreds of people in it.
As a result, within the website’s first four days, 650 Harvard students had joined the site and had 6,000 students within its three weeks of operation.
The next marketing strategy Facebook used that promoted its brand worldwide was a brilliant strategy of increasing product demand.
As I stated before, “The Facebook” was first introduced to Harvard University students. Then Mark Zuckerberg’s team targeted other colleges and converted even more students into regular users.
What’s important to note, is how they approached this marketing strategy. They targeted Ivy league schools and other colleges but purposefully left out other nearby colleges. As word-of-mouth marketing took hold, other college students wanted access to the platform. The demand for access to “The Facebook” rose and gave even more attention to the brand.
Like I said before, Timing also played a major role in marketing the Facebook brand. Besides being the best product in the market, there was also significant controversies that gave the brand a major boost in attention.
One of those controversies was the issue of who’s idea it was for the “Facebook Website”.
According to source (Wikipedia): six days after launch, three Harvard University seniors, Tyler Winklevoss, Divya Narendra, and Cameron Winklevoss accused Zuckerberg of misleading them into believing that he would build a social network called the HarvardConnection.com.
A site that would have served the same purpose as the Facebook. This led to the Crimson doing an investigation and giving attention to the brand.
The Crimson also presented a case against Zuckerberg stating that three of its members email address were hacked-into by Mark Zuckerberg as an attempt to stall their investigations.
The next important factor to Facebook’s marketing strategy was their skillful focus on building the best product with marketing capabilities.
As we have seen with my previous marketing strategy examples like that of LinkedIn, building the best product, allows new users to visit the website and convert them into regular users.
Specifically, the product, “Facebook” which was an online company, used SEO (Search Engine Optimization) to their advantage to bring organic visitors to their platform.
Around 2005, Facebook evolved to allow multiple profile pictures from users on their platform in addition to features like the like button and share functionality. Not only did this increase user retention but also user acquisition since these profiles were tied into search engines.
People were able to search for user’s profiles through google and other search engines. It was quoted by David Kirkpatrick that around 2008, the search term ‘sex’ was the most used term to finding Facebook.com.
Once again, I am impressed as to how significant seo becomes when trying to grow an online brand. Understanding of this concept, and other marketing strategies will move your business in the right direction.
For more SEO tips and tricks, I implore you to check out my book on:
WORDPRESS: PLANNING MARKETING SEO (SEARCH ENGINE OPTIMIZATION)
Also similar to LinkedIn, Facebook used a freemium model with its first users in order to increase product demand and regular users.
According to Mark Zuckerberg (Facebook.com) he believes that Facebook should stay affordable to everyone since their mission is to give the people the power to connect in the best way possible.
Within its first few years, Facebook was a free platform for users to do just that. By going this route, they were able to study their users, implement features that users like, and thus created the fun, hip, and popular brand image in the minds of their customers.
It wasn’t until November 2007 that Facebook introduced their ads concept to their platform. This allowed marketers to reach their target market in ways they have never done before.
In addition, they took this concept even further by the introduction of Facebook pages. Individuals, companies, and organizations were then able to create dedicated branded pages to promote their brand and connect on a personal level with their customers.
This is marketing at its finest. Today, Facebook has successfully wedge themselves as the middleman for many high demand products and services. The best place to be.
HOW TO BECOME RICH BY USING THE LESSONS OF FACEBOOK’S MARKETING STRATEGY EXAMPLE?
I have said it before, and I will say it again.
Starting your own business is the best way to go if you want to become rich. Yes, you can invest in businesses, accumulate wealth through your families, save your pennies, but nothing is more rewarding than presenting your own idea and dominating the market.
Through the marketing strategy example of Facebook, we have seen the importance of using the 4ps when starting your own business.
Before you can become rich by building and running your own business, you need to implement the lessons of those that have done it successfully. This will make your efforts that more effective, and undoubtedly will save you a lot of time in doing it through the trial-and-error method.
These are some of the principles we have learn today, that will help you become rich by running a successful company:
First principle is that of research and observation
If you referred back to my case study of how Jeff Bezos’s marketing strategy of Amazon led him to a billion dollar status, you will see how research and observation played a major role in starting and running successful companies.
You must do research into the market you want to get into. In doing so, you won’t have to guess as to how a company would perform but rather get a proven benchmark of the demand that exist within that market.
You also have to be a trained observer of the world’s current trends. What products and services are currently being offered that you can make better for the end customer?
Where is there a need that is not being fulfilled?
What are the products and services that you, and other customers are constantly hoping and wishing existed in the market?
This is how new ideas can be introduced into the world, and with the past data of customers already invested in the previous solutions, you now have a targeted user base to convert into customers.
Second principle, build a talented team and have the right skills
As you have seen, Mark Zuckerberg is a genius when it came down to working with computers. He started learning programing from an early age with the aid from his father and continued improving on those skills.
Sure, not everyone can be gifted in computer programming skills. However, there is something only you can be good at. Business is not an individual sport, but rather a team sport. To become rich, famous, and successful, you have to have the right team in your corner.
You can be surrounded with talented people through your school networks or other professional networks like how Mark Zuckerberg was. Or you can find and connect with these individuals through many channels that are now present today.
Third Principle, become a marketing strategy genius
Look at Mark Zuckerberg’s growth-hacking strategy when trying to increase awareness of his Facebook brand.
He used his skills to gather emails of his targeted users as a strategy to gain attention. In addition to that, he focused on niche markets rather than screaming to the world that he has a new social media networking platform.
This strategy would have stall fighting with competitors that already existed in the market and allowed his company to first grow unhinged.
His other marketing tactic was building the best product in the market. Product-market fit works and when done right, it is the first marketing campaign for your brand.
If you are a musician aiming to become famous, become the best product in the market and let your skills market themselves.
If you are an entrepreneur or aspiring entrepreneur aiming to become rich and successful, focus on product-market fit so word of mouth marketing works in your favor.
Lastly, but certainly not least, stay plugged in to the Jmusic Singer and Songwriter brand. We will continue to teach you from our marketing strategy example studies as to how you too can become rich, famous, and successful.
Our number one advice for you, emulate the best.
I hope you find this material valuable. If you did, then below are some links you should check out for further reading and supporting our efforts.
- I have done a comprehensive overview of the
lessons I’ve learned about how to become famous. So, I hope you check it out. Your success is my success as well.
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