Let's face it (pun intended?), Facebook is a force to be reckoned with on the world wide web. Problem is, the firm is not profitable and the corporate strategy seems to be more of the same. Facebook needs to start using the leverage of its 100 million unique users a month and try to enter new markets where competitors have a strong, but not dominant foothold. Its the web era after all and there is only one true economic moat - your user base. Checkmate Facebook.
So with that in mind, here's what I would do if I were Mark Zuckerberg:
Buy LinkedIn, integrate it into the facebook platform (i.e. single login and user-interface), but let the user maintain/create a professional profile which can be segregated from the "casual" profile. In essence the user would be able to toggle between casual and professional profiles and allow the 2 different profiles to selectively share information (such as hobbies, employment history, pictures etc).
Why on Earth would I want my personal information to be at the same site as my professional profile?
I believe that much of this information is relevant to both. Why do I have to constantly retype my basic profile at Facebook, LinkedIn, Xing, Twitter etc. when 70% of the information is the same between all 3. Same goes with contacts. I hate having to constantly look up my contacts anew each time I create a new profile at a new social networking site. Not to mention having to login and out of 5 different accounts on a daily basis, just to keep information current.
What's in it for Facebook?
How about a new demographic group to target? And one with more purchasing power. I would guess the average age of Facebook users is 17-20 years. These users will soon be graduating from high school/ college and guess what, will look for a job. Does Facebook really want to lose attention as these your professionals start ramping up their careers (and winding down their Facebook accounts?) As a junior or senior in college starting my job search, wouldn't it be a natural extension to create my professional profile with a user-interface that I use practically every day? Then, with my professional profile created, start browsing for jobs posted by hiring firms. So now we have created additional/enhanced revenue streams in the form of:
- a new (wealthier) demographic group - LinkedIn
- expanded ads to include employment - monster.com
- possible premium content on the "professional" side. (think Ladders.com)
What about data security? I don't want a prospective employer to see me with a beer bong in hand!
The idea is to create a fire-wall between the two profiles that lets the owner specify exactly which information can be shared between the two profiles and WHO has access to one the other, or both. I think Facebook already has a good handle on these security issues, but obviously enhancements would need to be made.
Envision the following scenario:
Derrick and I are high school friends that go to college in different cities. We are also Facebook friends. One day I see Derrick has created a professional profile on Facebook, so I click on his "restricted" profile (since we are not yet contacts on the "professional" site). I then create my own professional profile and request that he add me to his contacts. After being added as one of Derrick's professional contacts, I see that he is joining an intern program this summer at Dunder Mifflin Inc. I click on the company and I am taken to the firm's profile page and a list of job openings.
Bottom line, there are too many social networking sites and none of them have reached their profit potential. It is time to consolidate or let the weak die. Why not offer both a social & professional networking site on a shared platform, but with segregated information that is determined by the user? I see a win-win for consumers and business.
Of course why buy when you can make? But I think LinkedIn has already gained critical mass and would be difficult to supplant as the #1 social networking site (sorry Xing.com!).
My 2 cents for the evening.
