Facebook: Don’t Sell Credits, Let Top Users Trickle Down the Wealth


Facebook is so worried about Twitter that they are creating monetary incentives to keep people on Facebook to check their statuses.  Mashable provides great coverage, as always:

Facebook Credits seem to (be) Facebook’s baby steps into the world of virtual currency. Right now, users can only give credits to friends for sharing great posts or having a status people like. However, it isn’t a far stretch for credits to be the medium in which people pay for things on Facebook applications or even pay for things on other websites via Facebook Connect. Imagine connecting to Amazon and buying a new mouse with a couple thousand credits.

But seriously, will anyone buy these to give to their friends?  Facebook has struggled with monetization of gifts for friends, and this is no time for users, particularly in Facebook’s demographic, to be spending money frivolously.

Rather than paying for credits, which seems to be unrealistic, Facebook should study its data to find the best creators of content and provide them with free credits to get the virutal economy in information rolling.  Giving credits to the best content creators will allow them to “trickle-down” the credits to those they recognize as providing great content.

Great Content Recognizes Great Content

Let Great Content Providers Trickle-Down the Facebook Wealth

Existing creators of good content rewarding others who can create good content will provide Facebook with much more relevant, and therefore more financially valuable, data.  By selling the credits, not only will the program look silly and likely fail, the data created by the program would not be as valuable as allowing the best users to highlight where others are doing the right thing.

Posted on April 9, 2009 at 12:06 pm by Ben Foster · Permalink
In: Content, Facebook · Tagged with: , , ,

3 Responses

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  1. Written by Chris Brooks
    on April 9, 2009 at 9:23 pm
    Permalink

    Great information and very thought provoking. In the early years I never thought Facebook would go this route. How times have changed. I think you bring up a valuable point about data.

    Raw data has little value. The value is in the application of the data. Credits and other gimmicks like that won’t keep people on Facebook. I believe that Facebook should get back to its roots and refocus on their original market. College students. This market is largely untapped in many ways and Facebook can still capitalize on many aspects of it, but using credits isn’t one of them.

    It will be interesting to see what all comes of this, what are your thoughts Ben?

    Chris
    @ChrisBrooks07
    http://www.successmarketingandselling.com

  2. Written by Chris Brooks
    on April 9, 2009 at 3:23 pm
    Permalink

    Great information and very thought provoking. In the early years I never thought Facebook would go this route. How times have changed. I think you bring up a valuable point about data.

    Raw data has little value. The value is in the application of the data. Credits and other gimmicks like that won’t keep people on Facebook. I believe that Facebook should get back to its roots and refocus on their original market. College students. This market is largely untapped in many ways and Facebook can still capitalize on many aspects of it, but using credits isn’t one of them.

    It will be interesting to see what all comes of this, what are your thoughts Ben?

    Chris
    @ChrisBrooks07
    http://www.successmarketingandselling.com

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