Two years, Facebook had 200 million members. Today, Facebook counts some 700 million people around the world as users of its social network. No doubt, much like Google, Facebook has become a distribution platform and ecosystem of its own, upon which millions of companies are being built. One company, Manhattan-based Buddy Media, which helps companies market and advertise on Facebook, rode on the coattails of Facebook's growth, jumping to 170 people today, up from 30 in 2009.
At the Four Seasons in San Francisco, I recently sat down with Michael Lazerow, CEO and Founder of Buddy Media, which has raised nearly $40 million in venture financing from top firms and angels, such as WPP Digital, Greycroft, IVP, and Ron Conway, to name a few.
We talked about Buddy Media's growth, the company's dependance on Facebook and the challenges that can pose for a company; how to advertise on Twitter, how the company made a slight pivot two years ago to get where it is today and how best to market and advertise on Facebook.
In this interview, we talk about what he's seeing as the best practices marketers are using to get the most bang out of their buck when it comes to marketing on Facebook.
Here are some highlights:
Today, you can buy a Facebook homepage ad for one day for hundreds of thousands of dollars.
Buddy Media can help you take one ad and create 50,000 versions of it in order to get the lowest effective CPM (cost per thousand of impressions) for your campaign.
Facebook is not an intent-base medium. Facebook is about building an "always-on media audience." It's closer to email and brand building, rather than direct response.
The value of a Facebook fan varies from sub-$1 to upwards of $100.
Mike also talks about the future ways of advertising and marketing on Facebook. You'll have to watch the interview to get more insight!