Visa’s Facebook Strategy for SMEs
Information is getting democratic, personal and ubiquitous more than ever and business operators are digging into this trend. Visa is paying Facebook $2 million to advertise their new service, Visa Business Network, designed specially for Facebook users. Visa will give away $100 advertising credits to the first 20,000 US start-ups that download its service via Facebook. This online service is designed to help small firms run their businesses more efficiently. The company aims to tap into Facebook’s global audience of 80 million people. About 80,000 small businesses already have profiles on Facebook and thousands of Internet programmes have been developed specifically for the social networking site. But the majority of these applications are based on social activities, such as gaming, listening to music and picture-sharing, rather than traditional commercial activities. It will be interesting to see how this plan unfolds, even as small business operators find more ways of getting closer to their audiences. Many other companies like Visa may also follow suit to tap the power of social networking and that might come as a relief to sites such as Facebook, who would only welcome the extra income. More on this from Finextra.