Facebook is the well-known website of social networking and provide a service where, billions of users are able to post, share links and photographs, comments on the news or other contents and many other interesting games, contents, live video and live chat. All the shared content have the option of making it accessible for everyone, but this is optional, as it has many privacy options. It has been found in the data of 2017, Facebook has over 2 billion active users monthly. Popularity of Facebook has led to the major and most prominent coverage of media for company, which include many important scrutiny and policy over the privacy and has some psychological effects. It has connected many people and provides the large social network platform (Nations, 2018).
In its initial days, Facebook had a strong competitor Orkut, thus, it has to strive hard to gather the users and create awareness among them about its social networking site. Facebook worked hard in creating the strong brand equity. Its memorable slogan helped it a lot in gaining the attention of the people. White and Blue “F” helps people to login and sign up their accounts. Moreover, it also helps people by remembering their details and email id once they login, but the good part is that it is optional for those who want it, because many people do not want commuters or devices to remember their login details (Jensen, 2015).
Furthermore, it provided a platform to entrepreneurs for initiating their online businesses and turn many jobless people into entrepreneurs. It played a great role in boosting the trend of online shopping. People can talk to each other via live chats, and live videos, they can share their photographs and can easily comment on other pictures or links. The good part is that it provides an option for keeping it accessible for public if users want or else it could be kept private. Many users attract because of this (Bruhn, Schoenmueller, and Schäfer, 2012).
In addition to this, revenue model of Facebook is advertising and many businesses use Facebook to advertise and promote their business and reach to large target market. Different features of Facebook allow them to target and advertise their products to the audience they want. It created brand equity by gaining customer loyalty, by giving free network for connecting with thousands of people at one time. It provides gifts and many other offers to the organization who use Facebook services and get charged. Facebook continuously work hard for bringing the best options for the customers and is available in every language so that users all around the world could easily use it for multiple purposes. It innovatively work in creating and adding more values in its offerings (Jensen, 2015). Thus, brand equity of Facebook is very strong, and it is very difficult for its competitors to grab the position of Facebook, as it is the market leader in the social networking environment.
References
Bruhn, M., Schoenmueller, V. and Schäfer, D.B., 2012. Are social media replacing traditional media in terms of brand equity creation?. Management Research Review, 35(9), pp.770-790.
Jensen, T., 2015. Facebook brand equity.
Nations, D. 2018. What is Facebook? [Online], Available at: https://www.lifewire.com/what-is-facebook-3486391, [Accessed on: 11th February, 2018].