Facebook and the World of Social Networks

The emergence and growth of social networks in recent years and their impact on how people communicate and interact is creating many new business opportunities. This is especially relevant in the case of Facebook, whose growth both in users and in time spent on the platform make it the number one social network. Although Facebook introduced tools to allow companies to participate in the "social conversation" just a few years ago, there are already several success stories and failures from which to learn. Launching a debate on the use of social networks by businesses is definitely a necessity. Should companies jump on the social networking bandwagon? If so, are they ready for it? What should a social network such as Facebook be used for? To drive specific advertising campaigns, for more general promotion purposes (for example, of specific brands), or to promote the entire company? What else might they be useful for? Have we thought enough about the implications for companies entering the social networking world, especially with regards to loss of control over the messages being communicated? And, related to this, have we developed the roles, structures and internal governance models needed to ensure the proper implementation of a social media strategy? In this case we examine the history and evolution of social networks, focusing on Facebook: how this platform works, what its main sources of income are, who its competitors are and what tools it offers both users and companies.