GROUP PROJECT ON

BUSINESS NETWORKING ON FACEBOOK

Submitted To: Prof. Mohit Masand

Submitted By : Group 1
Pooja Anand (P1101) Kapil Bhagwani (P1106) Rima Dave (P1111) Moulin Gajjar (P1116) Riddhi Kansara (P1121) Viral Mehta (P1126) Mayur Parekh (P1131) Ravi Patel (P1136) Jayesh Rangwani (P1141) Himani shah (P1146) Ravi Soni (P1151) Hima Trivedi (P1156)

N.R Institute of Business Management

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Introduction:

As we all know social media is proven to be a very valuable and influential communication tool in this technological era. As a great networking tool of social networking for the 21st century, millions around the world are utilising its immense features, whether its for personal or business reasons. Media industries are exploring different ways of marketing and advertising various content, programs, services and products to mass audiences. Social media could be an innovative platform in which media networks, broadcasters and businesses can utilise its features to their advantage. Facebook is a worldwide famous social networking site which was founded by Mark Zukerberg. It was launched in February 2004, operated and privately owned by facebook. With well over 800 million active Facebook accounts used to communicate with friends or to extend the network there are many reasons for companies to use Facebook as an advertising and promotional platform. Now Facebook becomes an effective and useful tool in todays business with an opportunity to explore new ways to communicate with consumers in a more creative and interactive manner. It helps to connect with the people all over the world. We can also make them friends to share with them ideas, views and also make comment. It is a social utility which helps people to communicate people more efficiently friends, family etc...Once we join and gather our friends online, we can share with them our photographs, status updates etc...It is a way of enabling a number of people (Users) to come together and share Information in different subjects.

It spreads Business to Business (B2B) in every field, weather it is large or small. Businessmen can chat with each other for Business purpose in their relevant field. Many big companies are using networking sites like facebook to interact with the customers. Customers in all over the world can get information about the company and its product by using networking sites like facebook. Tiffany Monhollan, who writes in The Little Red Suit , blog about the new media. Tiffany Monhollan says I have connections with many I know in the professional world on Facebook. With others, I do not. As one who grew up with Facebook from college into my professional career, I've seen drastic changes in its use over time. I've also changed and adapted based on what uses I have."

What is networking?
Networking means to develop and maintain the contacts and connections with a variety of people who might be helpful to you and your career.

Social Activity:
Social networking is the grouping of individuals into specific groups, like small, big, communities etc.... Although social networking is possible from person to person, especially, in the workplace, universities and high schools. It is most popular online.

Economic Activity:
Economic networks use the various competitive advantages and resources of each member to increase the production and wealth of all the members. These economic networks could be static networks where members do not change, or dynamic ones in which the network is constantly changing as members are added or leave. The Economics Network provides publications, events, funding opportunities and other resources.

Combination of both:
Social networking is a relatively new service, and the value of using them has not been firmly established in customers' minds. Companies such as MySpace and Facebook sell online advertising on their site. Their business model is based upon large membership count, and charging for membership would be counterproductive. Some believe that the deeper information that the sites have on each user will allow much better targeted advertising than any other site can currently provide. It also provides to the college students using the services to network with professionals for internship and job opportunities.

Use of Facebook for the Purpose of Business :-

At the starting Facebook is use for the social networking for friends. As the time passes, some of the users are using Facebook for business and professional networking. With Facebook, People can connect with legions of people in any industry organized by city, workplace, school and region. To use this site to spread the word about your business can pay off.

Facebook is fruitful for businesses differentiated on the basis of Ownership:

Facebook is very beneficial for the networking of small businesses like, Sole proprietors, partnerships, and handicraft businesses and at also rural places. For big businesses like, MNCs, National companies also.

Facebook expert Mari Smith, known as The Pied Piper of Facebook, teaches courses on using the service for profit. When you implement the strategies that I teach for Facebook, people in your industry, your peers, your clients and the media start beating a path to your door, says Mari, a relationship-marketing specialist and social-media business coach based in San Diego. Its easy to create that presence and strong visibility on Facebook and to get in front of the right people. Its what I call radical strategic visibilityyoure seen in all the right places by all the right people at exactly the right time.

There are 24% of people who use facebook for business purpose. So it is one of the best ways to promote business for any businessmen. There are some questions which should be raised in businessmens mind when he wants to start promoting his business on Facebook:1. Is my audience on Facebook? 2. What incentives are there for people to became a fan on my page? 3. How can I add value? 4. What are my goals? 5. What is that strategy to achieve my goals? 6. How will I measure success? 7. What existing content do I have to share? 8. What kinds of contains will I need to create? 9. Who will manage it all? 10. Can I upload video for business?

Can Create a Strategy

Facebook expert Mari Smith says that people who are using Facebook they dont have a strategy .some users add anyone and everyone as friends and immediately get overwhelmed of friends in the profile page. So it is very important to choose key influencers in particular industry and choose it with strong strategies.

A powerful weapon is newsfeed in the Facebook. Any individual can appear to people very easily by the feed of the information in the network by posting photos, videos, comments and importing blog posts. Thats creates a fast-spreading networking and efficiently builds the brand.

To buy ads on Facebook is another way to acknowledge world about business. Facebook ads appear at the right side of the users profile pages. This advertisement conveys a precise message to the targets. People click on these ads when theyre on their own profile page and the ads are tremendously effective for raising brand awareness, says Mari.

If there is any big event is organized that can be effective for any business, Facebook can be used to spreads the word at lightning-fast. When someone RSVPs for your event, that persons friends can see that they responded and the friends become interested in your event too, explains Mari. That information accompanying your RSVP creates a viral effect and tells many people who you are and what you do.

How to Advertise on Facebook?

Any one in Facebook can create advertise in 3 easy steps:-

1. How to Design Advertise on Page:

Go to design Ad page Click on Facebook Contain which is above I want to advertise a web page There we have to provide Title, Body text and image. Once we have provided all the information in design your ad page, we have to click a continue button in the extreme left side. As soon as we click on continue button we are through within the 1st step. 2. Have to decide various factors like Campaign, Maximum bid and suggested Bid. Maximum Bid: You will never pay more than you maximum bid, but you may pay less. The higher you bid the more likely your ad will get shown. All amounts will be in US $. Suggested Bid: This is the approximate range of what other advertises are bidding for your targeted demographic. On the 2nd page you have to fill the blanks like, Account currency, Campaign Name, Daily Budget (what you want to pay maximum bid or minimum bid on daily basis), Schedule (When you want to start your ad), Pay for impression, Pay for click, Maximum Bid.

Few things like schedule are helpful when you want to earn an advantage of future. Because of schedule you can post your ad now which will be started on a pre fixed future date. After filling all the details of page 2, you have to click on Create Button on extreme left.

3. Review & Pay: In this page you will be able to see how your ad will look like. You can also check all the details you have provided till now. If there is any change, you can change by clicking on the option EDIT AD.

Once you are satisfied with the details which you have provided, you have to go to the right side of the page there you have to provide details like, 1. First Name 2. Last Name 3. Credit Card No. 4. Expiring date 5. Billing address 1 6. Billing address 2 7. City/Town 8. State/Province/Region 9. Zip/Postal code 10. Country

All the Information provided by you above will be saved to your account. Suppose, if you have facebook coupons which you want to redeem while paying you can click on I have a coupon to redeem option

Once you are done with all the options of review and pay, you can click on Place order option on extreme left side.

FAN PAGE
There is always a problem how to keep personal and business contacts separate on Facebook? On Facebook, any individual have only one account but can have any number of pages for the business or groups. So any individual keeps Facebook contacts for limited friends and sets up the fan page for everyone else. Even Information can also be categorized accordingly.

Fan Engagement Stratergy:

Post interesting content: The content must be that much of interesting that any person likes to become fan on your page. There must be some creativity or somewhat new concept that fan needs. Search blogs using your keywords: In Google there is some keywords. With help of that key words you can easily search blogs and get new information about business.

Thank new fans: In your page if any person is joining your page and becomes your fan then you should thank anew fan for joining your page. ALWAYS respond to feedback: Any fan is giving feedback of your updates then always you should give answer to satisfy him. Otherwise it may happen that he didnt found your page interesting and helpful for him anymore and leave your page.

Limitations :
An Individual has to differentiate his/her personnel and professional contacts in facebook and have to manage more with compare to other business sites. While creating adds, we have to provide some confidential details like, credit card no., which some people are not reluctant to give.

Lack of trust regarding Information: There are many fake accounts and fake information regarding page might be there. Any company can place its competitive information or ideas in page but there is no surety on security of it.

Conclusion:
We can easily conclude that there are many opportunities for expanding the business for businessmen by using an appropriate strategy on Facebook.

As students who grew up with Facebook, taking the next step towards professional networking is quite a simple process. We have professional networking sites also like www.brijj.com, www.linkedin.com. For professionals and job seekers find it very use to use professional networking but it does not have all the bells and whistles that Facebook does. So we can say that any businessmen can easily climb up the ladder of success by using facebook as a business networking site.

Bibliography:

Sr. no. 1.

Title of book The Pied Piper of Facebook Marketing management

Author name Mari Smith

Publication Himalaya publication house Himalaya publication house

2.

S.A. Sherlekar

Websites: www.google.com www.facebook.com

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