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Introduction to Change/innovation of Facebook
Facebook should devise new strategies to meet the changing demands among the clients. Innovation is a fundamental process because it enhances profitability within online corporations. Over the years, the company has been relying solely on revenues from basic advertisements and campaigns that promote different organizational processes.
This signifies that the Facebook is popular among populations that do not contribute to its financial growth. Furthermore, the corporations’ administrators have limited revenue because majority of their clients lack resources (Baloun, 2007). The company can reinstate its position in the market through invention and innovation. These changes will aid the company capitalize on profitability. Consequently, it is necessary to highlight the changes that will increase the profitability of facebook.
Change/innovation strategies
Facebook should introduce new features that will enable the site to maximize profitability (Vander, 2008). It is important for the company to rebrand to tap on the unexploited potential of the market. For instance, the organization should ensure that Facebook’s “time-line” meets the needs of users without compromising their privacy. This is critical for the success of the company. Additionally, facebook should introduce fees to people who intend to use the social networking site in streaming videos online.
The administrators of facebook should capitalize on technological innovations such as streaming music online. This can be a source of revenue for the site. The administrators should introduce features that will allow customers to customize their sites on facebook (Carter & Levy, 2011).
A subscription fee should be introduced for people who have already created profiles in the site. The fee will equally apply to those intending to join facebook. Moreover, the administrators of Facebook should lobby for a reduction on the charges levied to the company by organizations that monitor online trade (Baloun, 2007).
Charges are crucial when creating groups for people with common interests. Membership should be open to all members of the public as long as they are capable of paying a subscription fee. Besides, punitive measures should be introduced to subscribers of the site who violate the rules and regulations when using Facebook. Formulating programs that recompense loyalty based on membership on Facebook will also lead to rewards.
The corporation can maximize its profitability by levying charges on features that use live chats. The company should conduct various forms of online research; thereafter; they should give the findings to interested parties at a fee. Moreover, Facebook can provide security agencies and other organizations with vital information that might help during emergencies.
According to Carter & Levy (2011), Facebook administrators should encourage governments to use the site as a platform for promoting national activities. Promoting the use of facebook in countries like China will capitalize on the potential of the site. Additionally, the use of Facebook should not be limited to networking; however, it should focus on academic purposes such as creating database for keeping student records within institutions (Carter & Levy, 2011).
Conclusion
Facebook has made progress despite the challenges arising during operations. Vander (2008) indicates that Facebook is the only social network used throughout the globe. However, several users feel that the site is underutilizing its potential as apparent in its diminishing returns. As a result, it is imperative for the administrators to make several features compatible with other forms of technology. This will increase the demand for Facebook among consumers.
References
Baloun, K. M. (2007). Inside Facebook: Life, work and visions of greatness. Victoria, B.C: Trafford.
Carter, B., & Levy, J. R. (2011). Facebook marketing: Leveraging Facebook’s features for your marketing campaigns. Indianapolis, IN: Que Publishing.
Vander, V. E. A. (2008). Facebook: The missing manual. Sebastopol, CA: Pogue Press O’Rielly.
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