Social Media

Zuckerberg dissected, part 2: Facebook Credits as an equalizer

Posted by Lori Luechtefeld on June 25th, 2010 at 4:16 pm

Continuing my commentary on Mark Zuckerberg's recent interview with Inside Facebook (part 1 can be found here), let's take a look at what the CEO's plans for Facebook Credits mean for marketers.

Facebook Credits, a virtual currency you can use to buy gifts and virtual goods in games and applications on the Facebook platform, is the social network's answer to the current state of ecommerce on Facebook, which, in Zuckerberg's words, "kind of sucks."

He notes, "One of the biggest inefficiencies in buying virtual goods is all the friction of having to take your credit card out, so having one store of [virtual currency] that you can use everywhere is both good for users and good for all the apps."

According to Zuckerberg, Facebook plans on "pouring all the money that we make on Credits back into things like different offers or cards that people can buy in stores, to lubricate the economy so people will buy more stuff in apps." And once consumers open their minds and wallets to shopping in apps, that opens up a whole lot of ecommerce opportunities for marketers. Furthermore, there could also be exciting opportunities to leverage Facebook Credits through fan reward and interaction programs, which have already proven quite popular among users.

2 Responses to “Zuckerberg dissected, part 2: Facebook Credits as an equalizer”

  1. Keith Pape says:

    hey lori,

    just thinking out loud and it seems like the itunes/app store system is already doing this pretty well, and in spite of this, it's taking a long time for facebook to get this rolling. something just seems fishy in their continual slow development of this system, and I'm unfortunately feeling very certain that when it really does roll out, it'll break a lot of work we've put into other apps, as they are notorious for making massive changes in their own systems that doesn't take into account work that is already out there. (deprecate your code and API facebook - don't just hose us after a lot of hard work)

  2. All very good points, Keith. It's incredibly useful hearing from the folks on the front lines.

    Anyone else out there have some insights into what Facebook Credits could mean for existing apps?

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