Facebook Inc (NASDAQ:FB) is arguably not only the biggest and most popular social network in the world, but also one of the most profitable companies around. But despite its current domination, things didn’t always look this bright for the social media giant. At the beginning of 2012, immediately after Facebook became a publicly traded firm, shares plummeted to an all-time low. It took almost a full year before Facebook regained its balance and started making big profits once again.
Following, we would like to present you with a list we have compiled of the top 4 things any entrepreneur should learn from Facebook’s revived success. Read below for a few strategies and pointers that have not only helped Facebook, but may also aid your own venture. Let’s take a look at the countdown.
No. 4: Marketing is the bloodline of a company
After its unsuccessful public offering, Facebook focused on marketing in order to regain its footing. Because the company needed a way to once again gain the spotlight, executives decided to work on creating a much more efficient advertising system. Unlike before, when ads would target all members indiscriminately, Facebook decided to broadcast ads to group of users, according to their needs and preferences. What should we understand from this? When a certain event in your company’s history isn’t as financially lucrative as you would want it to be, focus on something else that is going to give your venture value and profit.
No. 3: Some risks can turn out to be quite valuable in the end
While Facebook’s decision to go public didn’t attain the expected success, the move still made an important statement. It was then that financial institution from across the globe started to take notice that there was a new player on the market. It might have taken close to a year for Facebook to finally get back on its track, but the public offering still remains an important milestone in the company’s history, that marked a new era in the realm of social media. Consequently, certain gambles and risks may turn out to be a blessing in disguise; maybe not immediately, but at some point without a doubt.
No. 2: In a company, there must be constant growth and change
When things didn’t go as planned when Facebook became publicly traded, the company didn’t stop working on their product. Instead of playing it safe, like others may have done in its place, Facebook choose to make some drastic changes, so as to make its product more appealing to users. Facebook worked on the network’s interface and also enhanced and added a wide range of new features. Judging by how the company is faring right now, it is safe to say that Facebook choose the best strategy. What can be drawn from this? A company needs to constantly evolve so as to stay ahead of the game, even in times when success seems far away.
No. 1: One failure shouldn’t stop you in your tracks
Despite much enthusiasm on behalf of Facebook manager, the company’s initial public offering didn’t rise up to the expectations. But this didn’t stop Facebook from putting its best foot forward and completely redesigning its success story. The most important lesson that can be drawn from this? Often times, there is no success without previous failure, so if things don’t turn out as you would like them, simply try again.
