Why is Facebook so Successful despite Humble Origins? The 5 Reasons that could be Useful to Your Business
How did Facebook start?
Before we ask ourselves 'just why is Facebook so successful?' let's briefly cover its origins...
Facebook was founded in February 2004 by Mark Zuckerberg, along with his college roommates Eduardo Saverin, Andrew McCollum, Dustin Moskovitz, and Chris Hughes, while they were students at Harvard University.
As the platform grew, it started to be used by other universities than just Harvard. In September 2006 it opened membership to anyone aged 13 or older, and dropped "The" from its name to become just 'Facebook' - the name that is so familiar to us today.
So, just why is Facebook so successful?
1. Timing
Some people think you need to be first to market. That's not true. You have to strive to be the best in the market.
Why is Facebook so successful? Not because they were first. Because early social networks, such as MySpace, already introduced consumers to the idea (and possible benefits) of social networking, as well as providing the future Facebook with a whole host of technical and business mistakes to avoid.
2. Controlled Growth
By avoiding the strong temptation, especially when a social network is concerned, to grow very rapidly, Facebook took time to create a robust system that avoided the problems competitors were facing. It started as a Harvard-only network, then expanded gradually, in stages, to other universities, high-schools, and corporate users, requiring a verified email address.
3. User-Friendly
Facebook's interface was intuitive and easy to use, making it accessible to a wide range of users, regardless of their technical expertise. This simplicity encouraged adoption and engagement among a diverse audience.
4. Unique Approach
Facebook developed a robust advertising platform that allowed businesses to target highly specific demographics based on user data. This provided a lucrative revenue stream for Facebook, kept users interested with relevant content and also attracted businesses looking to reach their target audience effectively.
5. Continuous Innovation
New features like the News Feed, Timeline, Like button, and various multimedia sharing options kept users interested and Facebook modern. Facebook also adapted early to the shift towards mobile computing by developing mobile apps for various platforms, meaning users could easily access Facebook from their smartphones and tablets, further increasing engagement and usage.
6. Strategic Acquisitions
Acquiring and integrating other companies' technology, like Instagram and WhatsApp, helped Facebook diversify its offerings and maintain its competitive edge in the rapidly evolving social media landscape.
Final Thoughts
Overall, Facebook's success can be attributed to a combination of innovative ideas, user-centric design, strategic expansion, continuous innovation, and strong leadership. Facebook sensed the market was ready, and made sure to provide a modern solution.
If you are interested in more details of Facebook's success story, we recommend Forbes' post.
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