10 Years of Facebook: How Small Businesses Have Been Affected

small business lending

Today is the 10th anniversary of Facebook’s original launch, and what a decade it has been. After starting out as a small social network exclusive to Harvard students, Facebook exploded into the most influential social platform and ushered in the era of Web 2.0. While Facebook has undoubtedly changed the way users communicate with each other, it has also drastically changed the way we do business. Let’s look at different ways businesses have changed since social media.

Customer connection: Mainly, Facebook has changed the way businesses—small and large—interact with customers. Before, there always seemed to be a wall between the business owner and customer, Facebook has erased that. Now, customers can make inquiries with businesses on their Facebook page and receive help and feedback in real time without ever having to pick up a phone or walk into the actual business.

Marketing: Businesses are now utilizing Facebook for previously unheard of marketing gimmicks. New ideas such as contests, discounts, offering prizes and other incentives have created new opportunities for owners to create buzz and brand awareness. From a content standpoint, businesses also now have an outlet for posting photos and videos pertinent to their company and products.

Credibility and visibility: Facebook has given businesses the opportunity to gain more credibility and expertise in their industry. When users visit a Facebook page and see the activity and the amount of likes, you instantly become more credible to them as a business. In terms of visibility, it allows you to reach prospective customers who may have not known about you previously, increasing the amount of leads you get.

It’s impossible to understate the impact Facebook has had on businesses. On the 10th year anniversary of Facebook, it’s interesting to reflect on how businesses have been affected and what’s in store for the future.